(GRAPHIC OMITTED) DECLARATIONS
CHUBB GROUP OF INSURANCE COMPANIES FINANCIAL INSTITUTION INVESTMENT
15 MOUNTAIN VIEW ROAD, COMPANY ASSET PROTECTION BOND
WARREN, NEW JERSEY 07059
NAME OF ASSURED (including its SUBSIDIARIES):Bond Number: 81948005
FEDERATED INVESTORS, INC.
FEDERAL INSURANCE COMPANY
Incorporated under the laws of
Indiana a stock insurance company
herein called the
Company
1001 Liberty Avenue
Pittsburgh, PA 15222 Capital Center, 251 North
Illinois, Suite 1100
Indianapolis, IN 46204-1927
ITEM 1. BOND PERIOD: from 12:01 a.m. on October 1, 2005
to 12:01 a.m. on October 1, 2006
ITEM 2. LIMITS OF LIABILITY--DEDUCTIBLE AMOUNTS:
If "Not Covered" is inserted below opposite any specified INSURING
CLAUSE, such INSURING CLAUSE and any other reference shall be deemed
to be deleted. THERE SHALL BE NO DEDUCTIBLE APPLICABLE TO ANY LOSS
UNDER INSURING CLAUSE 1. SUSTAINED BY ANY INVESTMENT COMPANY.
INSURING CLAUSE LIMIT OF LIABILITYDEDUCTIBLE
AMOUNT
1. Employee $15,000,000 $0
2. On Premises $15,000,000 $250,000
3. In Transit $15,000,000 $250,000
4. Forgery or Alteration $15,000,000 $250,000
5. Extended Forgery $15,000,000 $250,000
6. Counterfeit Money $15,000,000 $250,000
7. Threats to Person $15,000,000 $250,000
8. Computer System $15,000,000 $250,000
9. Voice Initiated Funds
Transfer Instruction $1,000,000 $250,000
10 Uncollectible Items
of Deposit $1,000,000 $250,000
11. Audit Expense $250,000 $100,000
ITEM 3. THE LIABILITY OF THE COMPANY IS ALSO SUBJECT TO THE TERMS OF
THE FOLLOWING ENDORSEMENTS EXECUTED SIMULTANEOUSLY HEREWITH:
1 - 6.
IN WITNESS WHEREOF, THE COMPANY has caused this bond to be signed by its
authorized officers, but it shall not be valid unless also signed by an
authorized representative of the Company.
/S/ Authorized Signature /S/ Authorized Signature
Secretary President
Countersigned by
/S/ Authorized Signature
Authorized Representative
ICAP Bond (5-98) - Federal
Form 17-02-1421 (Ed. 5-98)
(GRAPHICS OMITTED THROUGHOUT DOCUMENT WHERE THEY APPEAR IN ORIGINAL DOCUMENT)
The Company, in consideration of payment of the
required premium, and in reliance on the APPLICATION
and all other statements made and information furnished
to the COMPANY by the ASSURED, and all subject
DECLARATIONS made a part of this Bond and to all other
terms and conditions of this Bond, agrees to pay the
ASSURED for:
INSURING CLAUSES
Employee 1. Loss resulting directly from LARCENY OR EMBEZZLEMENT
committed by any Employee, alone or in collusion with
others.
On Premises 2. Loss of PROPERTY resulting directly from robbery,
burglary, false pretenses, common law or statutory
larceny, misplacement, mysterious unexplainable
disappearance, damage, destruction or removal, from the
possession, custody or control of the ASSURED, while
such PROPERTY is lodged or deposited at
premises located anywhere.
In Transit 3. Loss of PROPERTY resulting directly from common law or
statutory larceny, misplacement, mysterious
unexplainable disappearance, damage or
destruction, while the PROPERTY is in transit anywhere:
a. in an armored motor vehicle, including loading and unloading
thereof,
b. in the custody of a natural person acting as a messenger of the
ASSURED, or
c. in the custody of a Transportation Company and being transported in
a conveyance other than an armored motor vehicle provided, however,
that covered Property transported in such manner is limited to the
following:
(1) written records,
(2) securities issued in registered form, which are not endorsed or are
restrictively endorsed, or
(3) negotiable instruments not payable to bearer, which are not endorsed
or are restrictively endorsed.
Coverage under this INSURING CLAUSE begins immediately on the receipt of
such PROPERTY by the natural person or TRANSPORTATION COMPANY and ends
immediately on delivery to the premises of the addressee or to any
representative of the addressee located anywhere.
ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98
Insuring Clauses
(continued)
Forgery Or Alteration
4. Loss resulting directly from:
a. FORGERY on, or fraudulent material alteration of, any bills
of exchange, checks, drafts, acceptances, certificates of
deposits, promissory notes, due bills, money orders, orders
upon public treasuries, letters of credit, other written
promises, orders or directions to pay sums certain in money,
or receipts for the withdrawal of Property, or
b. transferring, paying or delivering any funds or other
PROPERTY, or establishing any credit or giving any value in
reliance on any written instructions, advices or
applications directed to the ASSURED authorizing or
acknowledging the transfer, payment, delivery or receipt of
funds or other PROPERTY, which instructions, advices or
applications fraudulently purport to bear the handwritten
signature of any customer of the ASSURED, or shareholder or
subscriber to shares of an INVESTMENT COMPANY, or of any
financial institution or EMPLOYEE but which instructions,
advices or applications either bear a FORGERY or have been
fraudulently materially altered without the knowledge and
consent of such customer, shareholder, subscriber, financial
institution or EMPLOYEE;
excluding, however, under this INSURING CLAUSE any loss covered
under INSURING CLAUSE 5. of this Bond, whether or not coverage
for INSURING CLAUSE 5. is provided for in the DECLARATIONS of
this Bond.
For the purpose of this INSURING CLAUSE, a mechanically
reproduced facsimile signature is treated the same as a
handwritten signature.
Extended Forgery
5. Loss resulting directly from the ASSURED having, in good
faith, and in the ordinary course of business, for its own
account or the account of others in any capacity:
a. acquired, accepted or received, accepted or received, sold
or delivered, or given value, extended credit or assumed
liability, in reliance on any original Securities, documents
or other written instruments which prove to:
(1) bear a FORGERY or a fraudulently material alteration,
(2) have been lost or stolen, or
(3) be COUNTERFEIT, or
b. guaranteed in writing or witnessed any signatures on any
transfer, assignment, bill of sale, power of attorney,
guarantee, endorsement or other obligation upon or in
connection with any SECURITIES, DOCUMENTS OR OTHER WRITTEN
INSTRUMENTS.
Actual physical possession, and continued actual physical possession if
taken as collateral, of such SECURITIES, DOCUMENTS OR OTHER WRITTEN
INSTRUMENTS by an EMPLOYEE, CUSTODIAN, or a Federal or State chartered
deposit institution of the ASSURED is a condition precedent to the ASSURED
having relied on such items. Release or return of such collateral is an
acknowledgment by the ASSURED that it no longer relies on such collateral.
ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98)
Insuring Clauses
Extended Forgery
(continued)
For the purpose of this INSURING CLAUSE, a mechanically reproduced facsimile
signature is treated the same as a handwritten signature.
Counterfeit Money
6. Loss resulting directly from the receipt by the ASSURED in
good faith of any COUNTERFEIT money.
Threats To Person
7. Loss resulting directly from surrender of PROPERTY away from
an office of the ASSURED as a result of a threat
communicated to the ASSURED to do bodily harm to an EMPLOYEE
as defined in Section 1.e. (1), (2) and (5), a RELATIVE or
invitee of such EMPLOYEE, or a resident of the household of
such Employee, who is, or allegedly is, being held captive
provided, however, that prior to the surrender of such
PROPERTY:
a. the EMPLOYEE who receives the threat has made a
reasonable effort to notify an officer of the ASSURED
who is not involved in such threat, and
b. the ASSURED has made a reasonable effort to notify the
Federal Bureau of Investigation and local law
enforcement authorities concerning such threat.
It is agreed that for purposes of this INSURING CLAUSE, any
EMPLOYEE of the ASSURED, as set forth in the preceding
paragraph, shall be deemed to be an ASSURED hereunder, but
only with respect to the surrender of money, securities and
other tangible personal property in which such Employee has
a legal or equitable interest.
Computer System
8. Loss resulting directly from fraudulent:
a. entries of data into, or
b. changes of data elements or programs within,
a COMPUTER SYSTEM, provided the fraudulent entry or
change causes:
(1) funds or other property to be transferred, paid or
delivered,
(2) an account of the ASSURED or of its customer to be
added, deleted, debited or credited, or
(3) an unauthorized account or a fictitious account to be
debited or credited.
ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98)
Insuring Clauses
(continued)
Voice Initiated Funds
Transfer Instruction
9. Loss resulting directly from VOICE INITIATED FUNDS
TRANSFER INSTRUCTION directed to the ASSURED
authorizing the transfer of dividends or redemption
proceeds of INVESTMENT COMPANY shares from a CUSTOMER'S
account, provided such VOICE INITIATED FUNDS TRANSFER
INSTRUCTION was:
a. received at the ASSURED'S offices by those EMPLOYEES of
the ASSURED specifically authorized to receive the
VOICE INITIATED FUNDS TRANSFER INSTRUCTION,
b. made by a person purporting to be a CUSTOMER, and
c. made by said person for the purpose of causing the
ASSURED or CUSTOMER to sustain a loss or making an
improper personal financial gain for such person or any
other person.
In order for coverage to apply under this INSURING CLAUSE,
all VOICE INITIATED FUNDS TRANSFER INSTRUCTIONs must be
received and processed in accordance with the Designated
Procedures outlined in the APPLICATION furnished to the
COMPANY.
Uncollectible Items of Deposit
10.Loss resulting directly from the ASSURED having credited
an account of a customer, shareholder or subscriber on
the faith of any ITEMS OF DEPOSIT which prove to be
uncollectible, provided that the crediting of such
account causes:
a. redemptions or withdrawals to be permitted,
b. shares to be issued, or
c. dividends to be paid,
from an account of an INVESTMENT COMPANY.
In order for coverage to apply under this INSURING CLAUSE,
the ASSURED must hold ITEMS OF DEPOSIT for the minimum
number of days stated in the APPLICATION before permitting
any redemptions or withdrawals, issuing any shares or paying
any dividends with respect to such ITEMS OF DEPOSIT.
ITEMS OF DEPOSIT shall not be deemed uncollectible until the
ASSURED'S standard collection procedures have failed.
Audit Expense
11. Expense incurred by the ASSURED for that part of the
cost of audits or examinations required by any
governmental regulatory authority or self-regulatory
organization to be conducted by such authority,
organization or their appointee by reason of the
discovery of loss sustained by the ASSURED and covered
by this Bond.
ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98)
GENERAL AGREEMENTS
Additional Companies
Included As Assured
A. If more than one corporation, or INVESTMENT COMPANY, or
any combination of them is included as the ASSURED
herein:
(1) The total liability of the COMPANY under this Bond for
loss or losses sustained by any one or more or all of
them shall not exceed the limit for which the COMPANY
would be liable under this Bond if all such loss were
sustained by any one of them.
(2) Only the first named ASSURED shall be deemed to be the
sole agent of the others for all purposes under this
Bond, including but not limited to the giving or
receiving of any notice or proof required to be given
and for the purpose of effecting or accepting any
amendments to or termination of this Bond. The COMPANY
shall furnish each INVESTMENT COMPANY with a copy of
the Bond and with any amendment thereto, together with
a copy of each formal filing of claim by any other
named ASSURED and notification of the terms of the
settlement of each such claim prior to the execution of
such settlement.
(3) The COMPANY shall not be responsible for the proper
application of any payment made hereunder to the first
named ASSURED.
(4) Knowledge possessed or discovery made by any partner,
director, trustee, officer or supervisory employee of
any ASSURED shall constitute knowledge or discovery by
all the ASSUREDS for the purposes of this Bond.
(5) If the first named ASSURED ceases for any reason to be
covered under this Bond, then the ASSURED next named on
the APPLICATION shall thereafter be considered as the
first named ASSURED for the purposes of this Bond.
Representations Made By
Assured
B. The ASSURED represents that all information it has
furnished in the APPLICATION for this Bond or otherwise
is complete, true and correct. Such APPLICATION and
other information constitute part of this Bond.
The ASSURED must promptly notify the COMPANY of any change
in any fact or circumstance which materially affects the
risk assumed by the COMPANY under this Bond.
Any intentional misrepresentation, omission, concealment or
incorrect statement of a material fact, in the APPLICATION
or otherwise, shall be grounds for recision of this Bond.
ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98)
General Agreements
(continued)
Additional Offices Or
Employees - Consolidation,
Merger Or Purchase Or
Acquisition Of Assets Or
Liabilities - Notice To
Company
C. If the ASSURED, other than an INVESTMENT COMPANY, while
this Bond is in force, merges or consolidates with, or
purchases or acquires assets or liabilities of another
institution, the ASSURED shall not have the coverage
afforded under this Bond for loss which has:
(1) occurred or will occur on premises, or
(2) been caused or will be caused by an employee, or
(3) arisen or will arise out of the assets or
liabilities, of such institution, unless the
ASSURED:
a. gives the COMPANY written notice of the proposed
consolidation, merger or purchase or acquisition of assets
or liabilities prior to the proposed effective date of such
action, and
b. obtains the written consent of the COMPANY to extend some or
all of the coverage provided by this Bond to such additional
exposure, and
c. on obtaining such consent, pays to the COMPANY an additional
premium.
Change of Control-
Notice to Company
D When the ASSURED learns of a change in control (other than
in an INVESTMENT COMPANY), as set forth in Section 2(a) (9)
of the Investment Company Act of 1940, the ASSURED shall
within sixty (60) days give written notice to the COMPANY
setting forth:
(1) the names of the transferors and transferees (or the names
of the beneficial owners if the voting securities are
registered in another name),
(2) the total number of voting securities owned by the
transferors and the transferees (or the beneficial owners),
both immediately before and after the transfer, and
(3) the total number of outstanding voting securities.
Failure to give the required notice shall result in
termination of coverage for any loss involving a transferee,
to be effective on the date of such change in control.
Court Costs
and Attorneys' Fees
E. The COMPANY will indemnify the ASSURED for court costs and
reasonable attorneys' fees incurred and paid by the ASSURED
in defense, whether or not successful, whether or not fully
litigated on the merits and whether or not settled, of any
claim, suit or legal proceeding with respect to which the
ASSURED would be entitled to recovery under this Bond.
However, with respect to INSURING CLAUSE 1., this Section
shall only apply in the event that:
(1) an EMPLOYEE admits to being guilty of LARCENY OR
EMBEZZLEMENT,
(2) an EMPLOYEE is adjudicated to be guilty of LARCENY OR
EMBEZZLEMENT, or
ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98)
General Agreements
Court Costs and Attorneys' Fees
(continued)
(3) in the absence of 1 or 2 above, an arbitration panel agrees,
after a review of an agreed statement of facts between the
COMPANY and the ASSURED, that an EMPLOYEE would be found
guilty of LARCENY OR EMBEZZLEMENT if such EMPLOYEE were
prosecuted.
The ASSURED shall promptly give notice to the COMPANY of any
such suit or legal proceeding and at the request of the
COMPANY shall furnish copies of all pleadings and pertinent
papers to the COMPANY. The COMPANY may, at its sole option,
elect to conduct the defense of all or part of such legal
proceeding. The defense by the COMPANY shall be in the name
of the ASSURED through attorneys selected by the COMPANY.
The ASSURED shall provide all reasonable information and
assistance as required by the COMPANY for such defense.
If the COMPANY declines to defend the ASSURED, no settlement
without the prior written consent of the COMPANY nor
judgment against the ASSURED shall determine the existence,
extent or amount of coverage under this Bond.
If the amount demanded in any such suit or legal proceeding
is within the DEDUCTIBLE AMOUNT, if any, the COMPANY shall
have no liability for court costs and attorney's fees
incurred in defending all or part of such suit or legal
proceeding.
If the amount demanded in any such suit or legal proceeding
is in excess of the LIMIT OF LIABILITY stated in ITEM 2. of
the DECLARATIONS for the applicable INSURING CLAUSE, the
COMPANY'S liability for court costs and attorney's fees
incurred in defending all or part of such suit or legal
proceedings is limited to the proportion of such court costs
and attorney's fees incurred that the LIMIT OF LIABILITY
stated in ITEM 2. of the DECLARATIONS for the applicable
INSURING CLAUSE bears to the total of the amount demanded in
such suit or legal proceeding.
If the amount demanded is any such suit or legal proceeding
is in excess of the DEDUCTIBLE AMOUNT, if any, but within
the LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS
for the applicable INSURING CLAUSE, the COMPANY'S liability
for court costs and attorney's fees incurred in defending
all or part of such suit or legal proceedings shall be
limited to the proportion of such court costs or attorney's
fees that the amount demanded that would be payable under
this Bond after application of the DEDUCTIBLE AMOUNT, bears
to the total amount demanded.
Amounts paid by the COMPANY for court costs and attorneys'
fees shall be in addition to the LIMIT OF LIABILITY stated
in ITEM 2. of the DECLARATIONS.
ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98)
CONDITIONS AND LIMITATIONS
Definitions
1. As used in this Bond:
a. COMPUTER SYSTEM means a computer and all input, output,
processing, storage, off-line media libraries, and
communication facilities which are connected to the computer
and which are under the control and supervision of the
operating system(s) or application(s) software used by the
ASSURED.
b. COUNTERFEIT means an imitation of an actual valid original
which is intended to deceive and be taken as the original.
c. CUSTODIAN means the institution designated by an INVESTMENT
COMPANY to maintain possession and control of its assets.
d. CUSTOMER means an individual, corporate, partnership, trust
customer, shareholder or subscriber of an INVESTMENT COMPANY
which has a written agreement with the ASSURED for VOICE
INITIATED FUNDS TRANSFER INSTRUCTION.
e. EMPLOYEE means:
(1) an officer of the ASSURED,
(2) a natural person while in the regular service of the ASSURED
at any of the ASSURED'S premises and compensated directly by
the ASSURED through its payroll system and subject to the
United States Internal Revenue Service Form W-2 or
equivalent income reporting plans of other countries, and
whom the ASSURED has the right to control and direct both as
to the result to be accomplished and details and means by
which such result is accomplished in the performance of such
service,
(3) a guest student pursuing studies or performing duties in any
of the ASSURED'S premises,
(4) an attorney retained by the ASSURED and an employee of such
attorney while either is performing legal services for the
ASSURED,
(5) a natural person provided by an employment contractor to
perform employee duties for the ASSURED under the ASSURED'S
supervision at any of the ASSURED'S premises,
(6) an employee of an institution merged or consolidated with
the ASSURED prior to the effective date of this Bond,
(7) a director or trustee of the ASSURED, but only while
performing acts within the scope of the customary and usual
duties of any officer or other employee of the ASSURED or
while acting as a member of any committee duly elected or
appointed to examine or audit or have custody of or access
to PROPERTY of the ASSURED, or
ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98)
CONDITIONS AND LIMITATIONS
Definitions
(continued)
(8) each natural person, partnership or corporation authorized
by written agreement with the ASSURED to perform services as
electronic data processor of checks or other accounting
records related to such checks but only while such person,
partnership or corporation is actually performing such
services and not:
a. creating, preparing, modifying or maintaining the ASSURED'S
computer software or programs, or
b. acting as transfer agent or in any other agency capacity in
issuing checks, drafts or securities for the ASSURED,
(9) any partner, officer or employee of an investment advisor,
an underwriter (distributor), a transfer agent or
shareholder accounting recordkeeper, or an administrator,
for an INVESTMENT COMPANY while performing acts coming
within the scope of the customary and usual duties of an
officer or employee of an INVESTMENT COMPANY or acting as a
member of any committee duly elected or appointed to
examine, audit or have custody of or access to PROPERTY of
an INVESTMENT COMPANY.
The term EMPLOYEE shall not include any partner, officer or
employee of a transfer agent, shareholder accounting
recordkeeper or administrator:
a. which is not an "affiliated person" (as defined in Section
2(a) of the Investment Company Act of 1940) of an INVESTMENT
COMPANY or of the investment advisor or underwriter
(distributor) of such INVESTMENT COMPANY, or
b. which is a "bank" (as defined in Section 2(a) of the
Investment Company Act of 1940).
This Bond does not afford coverage in favor of the employers
of persons as set forth in e. (4), (5) and (8) above, and
upon payment to the ASSURED by the COMPANY resulting
directly from Larceny or EMBEZZLEMENT committed by any of
the partners, officers or employees of such employers,
whether acting alone or in collusion with others, an
assignment of such of the ASSURED'S rights and causes of
action as it may have against such employers by reason of
such acts so committed shall, to the extent of such payment,
be given by the ASSURED to the COMPANY, and the ASSURED
shall execute all papers necessary to secure to the COMPANY
the rights provided for herein.
Each employer of persons as set forth in e.(4), (5) and (8)
above and the partners, officers and other employees of such
employers shall collectively be deemed to be one person for
all the purposes of this Bond; excepting, however, the fifth
paragraph of Section 13.
Independent contractors not specified in e.(4), (5) or (8)
above, intermediaries, agents, brokers or other
representatives of the same general character shall not be
considered EMPLOYEES.
ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98)
CONDITIONS AND LIMITATIONS
Definitions
(continued)
f. FORGERY means the signing of the name of another natural
person with the intent to deceive but does not mean a
signature which consists in whole or in part of one's own
name, with or without authority, in any capacity for any
purpose.
g. INVESTMENT COMPANY means any investment company registered
under the Investment Company Act of 1940 and listed under
the NAME OF ASSURED on the DECLARATIONS.
h. ITEMS OF DEPOSIT means one or more checks or drafts drawn
upon a financial institution in the United States of
America.
i. LARCENY OR EMBEZZLEMENT means larceny or embezzlement as
defined in Section 37 of the Investment Company Act of 1940.
j. PROPERTY means money, revenue and other stamps; securities;
including any note, stock, treasury stock, bond, debenture,
evidence of indebtedness, certificate of deposit,
certificate of interest or participation in any
profit-sharing agreement, collateral trust certificate,
preorganization certificate or subscription, transferable
share, investment contract, voting trust certificate,
certificate of deposit for a security, fractional undivided
interest in oil, gas, or other mineral rights, any interest
or instruments commonly known as a security under the
Investment Company Act of 1940, any other certificate of
interest or participation in, temporary or interim
certificate for, receipt for, guarantee of, or warrant or
right to subscribe to or purchase any of the foregoing;
bills of exchange; acceptances; checks; withdrawal orders;
money orders; travelers' letters of credit; bills of lading;
abstracts of title; insurance policies, deeds, mortgages on
real estate and/or upon chattels and interests therein;
assignments of such policies, deeds or mortgages; other
valuable papers, including books of accounts and other
records used by the ASSURED in the conduct of its business
(but excluding all electronic data processing records); and,
all other instruments similar to or in the nature of the
foregoing in which the ASSURED acquired an interest at the
time of the ASSURED'S consolidation or merger with, or
purchase of the principal assets of, a predecessor or which
are held by the ASSURED for any purpose or in any capacity
and whether so held gratuitously or not and whether or not
the ASSURED is liable therefor.
k. RELATIVE means the spouse of an EMPLOYEE or partner of the
ASSURED and any unmarried child supported wholly by, or
living in the home of, such Employee or partner and being
related to them by blood, marriage or legal guardianship.
l. SECURITIES, DOCUMENTS OR OTHER WRITTEN INSTRUMENTS means
original (including original counterparts) negotiable or
non- negotiable instruments, or assignments thereof, which
in and of themselves represent an equitable interest,
ownership, or debt and which are in the ordinary course of
business transferable by delivery of such instruments with
any necessary endorsements or assignments. ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98)
CONDITIONS AND LIMITATIONS
Definitions
(continued)
m. SUBSIDIARY means any organization that, at the inception
date of this Bond, is named in the APPLICATION or is created
during the BOND PERIOD and of which more than fifty percent
(50%) of the outstanding securities or voting rights
representing the present right to vote for election of
directors is owned or controlled by the ASSURED either
directly or through one or more of its subsidiaries.
n. TRANSPORTATION COMPANY means any organization which provides
its own or its leased vehicles for transportation or which
provides freight forwarding or air express services.
o. VOICE INITIATED ELECTION means any election concerning
dividend options available to INVESTMENT COMPANY
shareholders or subscribers which is requested by voice over
the telephone.
p. VOICE INITIATED REDEMPTION means any redemption of shares
issued by an INVESTMENT COMPANY which is requested by voice
over the telephone.
q. VOICE INITIATED FUNDS TRANSFER INSTRUCTION means any VOICE
INITIATED REDEMPTION or VOICE INITIATED ELECTION.
For the purposes of these definitions, the singular includes
the plural and the plural includes the singular, unless
otherwise indicated.
General Exclusions -
Applicable to All Insuring
Clauses
2. This bond does not directly or indirectly cover:
a. loss not reported to the COMPANY in writing within sixty
(60) days after termination of this Bond as an entirety;
b. loss due to riot or civil commotion outside the United
States of America and Canada, or any loss due to military,
naval or usurped power, war or insurrection. This Section
2.b., however, shall not apply to loss which occurs in
transit in the circumstances recited in INSURING CLAUSE 3.,
provided that when such transit was initiated there was no
knowledge on the part of any person acting for the ASSURED
of such riot, civil commotion, military, naval or usurped
power, war or insurrection;
c. loss resulting from the effects of nuclear fission or fusion
or radioactivity;
d. loss of potential income including, but not limited to,
interest and dividends not realized by the ASSURED or by any
customer of the ASSURED;
e. damages of any type for which the ASSURED is legally liable,
except compensatory damages, but not multiples thereof,
arising from a loss covered under this Bond;
f. costs, fees and expenses incurred by the ASSURED in
establishing the existence of or amount of loss under this
Bond, except to the extent covered under INSURING CLAUSE
11.;
g. loss resulting from indirect or consequential loss of any
nature;
ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98)
CONDITIONS AND LIMITATIONS
General Exclusions -
Applicable to All Insuring
Clauses
(continued)
h. loss resulting from dishonest acts by any member of the
Board of Directors or Board of Trustees of the ASSURED who
is not an Employee, acting alone or in collusion with
others;
i. loss, or that part of any loss, resulting solely from any
violation by the ASSURED or by any Employee:
(1) of any law regulating:
a. the issuance, purchase or sale of securities,
b. securities transactions on security or commodity
exchanges or the over the counter market,
c. investment companies,
d. investment advisors, or
(2) of any rule or regulation made pursuant to any such
law; or
j. loss of confidential information, material or data;
k. loss resulting from voice requests or instructions received
over the telephone, provided however, this Section 2.k.
shall not apply to INSURING CLAUSE 7. or 9.
NANCY
Specific Exclusions -
Applicable To All Insuring
Clauses Except Insuring
Clause 1.
3. This Bond does not directly or indirectly cover:
a. loss caused by an Employee, provided, however, this Section
3.a. shall not apply to loss covered under INSURING CLAUSE
2. or 3. which results directly from misplacement,
mysterious unexplainable disappearance, or damage or
destruction of Property;
b. loss through the surrender of property away from premises of
the ASSURED as a result of a threat:
(1) to do bodily harm to any natural person, except loss of
Property in transit in the custody of any person acting
as messenger of the ASSURED, provided that when such
transit was initiated there was no knowledge by the
ASSURED of any such threat, and provided further that
this Section 3.b. shall not apply to INSURING CLAUSE
7., or
(2) to do damage to the premises or Property of the
ASSURED;
c. loss resulting from payments made or withdrawals from any
account involving erroneous credits to such account;
d. loss involving Items of Deposit which are not finally paid
for any reason provided however, that this Section 3.d.
shall not apply to INSURING CLAUSE 10.;
e. loss of property while in the mail;
ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98)
CONDITIONS AND LIMITATIONS
Specific Exclusions -
Applicable To All Insuring
Clauses Except Insuring
Clause 1.
(continued)
f. loss resulting from the failure for any reason of a
financial or depository institution, its receiver or other
liquidator to pay or deliver funds or other PROPERTY to the
ASSURED provided further that this Section 3.f. shall not
apply to loss of PROPERTY resulting directly from robbery,
burglary, misplacement, mysterious unexplainable
disappearance, damage, destruction or removal from the
possession, custody or control of the ASSURED.
g. loss of PROPERTY while in the custody of a TRANSPORTATION
COMPANY, provided however, that this Section 3. g. shall not
apply to INSURING CLAUSE 3.;
h. loss resulting from entries or changes made by a natural
person with authorized access to a COMPUTER SYSTEM who acts
in good faith on instructions, unless such instructions are
given to that person by a software contractor or its
partner, officer, or employee authorized by the ASSURED to
design, develop, prepare, supply, service, write or
implement programs for the ASSURED's COMPUTER SYSTEM; or
i. loss resulting directly or indirectly from the input of data
into a COMPUTER SYSTEM terminal, either on the premises of
the customer of the ASSURED or under the control of such a
customer, by a customer or other person who had authorized
access to the customer's authentication mechanism.
Specific Exclusions -
Applicable To All Insuring
Clauses Except Insuring
Clauses 1., 4., And 5.
4. THIS BOND DOES NOT DIRECTLY OR INDIRECTLY COVER:
a. loss resulting from the complete or partial non- payment of
or default on any loan whether such loan was procured in
good faith or through trick, artifice, fraud or false
pretenses; provided, however, this Section 4.a. shall not
apply to INSURING CLAUSE 8.;
b. loss resulting from forgery or any alteration;
c. loss involving a counterfeit provided, however, this Section
4.c. shall not apply to INSURING CLAUSE 5. or 6.
Limit Of Liability/Non-
Reduction And Non-
Accumulation Of Liability
5. At all times prior to termination of this Bond, this Bond
shall continue in force for the limit stated in the
applicable sections of ITEM 2. of the DECLARATIONS,
notwithstanding any previous loss for which the COMPANY may
have paid or be liable to pay under this Bond provided,
however, that the liability of the COMPANY under this Bond
with respect to all loss resulting from:
a. any one act of burglary, robbery or hold-up, or attempt
thereat, in which no EMPLOYEE is concerned or implicated, or
b. any one unintentional or negligent act on the part of any
one person resulting in damage to or destruction or
misplacement of PROPERTY, or
c. all acts, other than those specified in a. above, of any one
person, or
ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98)
CONDITIONS AND LIMITATIONS
Limit Of Liability/Non-
Reduction And Non-
Accumulation Of Liability
d. any one casualty or event other than those specified in a.,
b., or c. (continued) above,
shall be deemed to be one loss and shall be limited to the
applicable LIMIT OF LIABILITY stated in ITEM 2. of the
DECLARATIONS of this Bond irrespective of the total amount of
such loss or losses and shall not be cumulative in amounts from
year to year or from period to period.
All acts, as specified in c. above, of any one person which
i. directly or indirectly aid in any way wrongful acts of any
other person or persons, or
ii. permit the continuation of wrongful acts of any other person
or persons whether such acts are committed with or without
the knowledge of the wrongful acts of the person so aided,
and whether such acts are committed with or without the
intent to aid such other person, shall be deemed to be one
loss with the wrongful acts of all persons so aided.
Discovery
6. This Bond applies only to loss first discovered by an
officer of the ASSURED during the BOND PERIOD. Discovery
occurs at the earlier of an officer of the ASSURED being
aware of:
a. facts which may subsequently result in a loss of a type
covered by this Bond, or
b. an actual or potential claim in which it is alleged that the
ASSURED is liable to a third party,
regardless of when the act or acts causing or contributing to
such loss occurred, even though the amount of loss does not
exceed the applicable DEDUCTIBLE AMOUNT, or the exact amount or
details of loss may not then be known.
Notice To Company -
Proof - Legal Proceedings
Against Company
7. a. The ASSURED shall give the COMPANY notice thereof at the
earliest practicable moment, not to exceed sixty (60) days
after discovery of loss, in an amount that is in excess of
50% of the applicable DEDUCTIBLE AMOUNT, as stated in ITEM
2. of the DECLARATIONS.
b. The ASSURED shall furnish to the COMPANY proof of loss, duly
sworn to, with full particulars within six (6) months after
such discovery.
c. Securities listed in a proof of loss shall be identified by
certificate or bond numbers, if issued with them.
d. Legal proceedings for the recovery of any loss under this
Bond shall not be brought prior to the expiration of sixty
(60) days after the proof of loss is filed with the COMPANY
or after the expiration of twenty- four (24) months from the
discovery of such loss.
e. This Bond affords coverage only in favor of the ASSURED. No
claim, suit, action or legal proceedings shall be brought
under this Bond by anyone other than the ASSURED.
ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98)
CONDITIONS AND LIMITATIONS
Notice To Company -
Proof - Legal Proceedings
Against Company
(continued)
f. Proof of loss involving Voice Initiated Funds Transfer
Instruction shall include electronic recordings of such
instructions.
Deductible Amount
8. The COMPANY shall not be liable under any INSURING CLAUSES
of this Bond on account of loss unless the amount of such
loss, after deducting the net amount of all reimbursement
and/or recovery obtained or made by the ASSURED, other than
from any Bond or policy of insurance issued by an insurance
company and covering such loss, or by the COMPANY on account
thereof prior to payment by the COMPANY of such loss, shall
exceed the DEDUCTIBLE AMOUNT set forth in ITEM 3. of the
DECLARATIONS, and then for such excess only, but in no event
for more than the applicable LIMITS OF LIABILITY stated in
ITEM 2. of the DECLARATIONS.
There shall be no deductible applicable to any loss under
INSURING CLAUSE 1. sustained by any INVESTMENT COMPANY.
Valuation
9. BOOKS OF ACCOUNT OR OTHER RECORDS
The value of any loss of PROPERTY consisting of books of
account or other records used by the ASSURED in the conduct
of its business shall be the amount paid by the ASSURED for
blank books, blank pages, or other materials which replace
the lost books of account or other records, plus the cost of
labor paid by the ASSURED for the actual transcription or
copying of data to reproduce such books of account or other
records.
The value of any loss of PROPERTY other than books of
account or other records used by the ASSURED in the conduct
of its business, for which a claim is made shall be
determined by the average market value of such PROPERTY on
the business day immediately preceding discovery of such
loss provided, however, that the value of any Property
replaced by the ASSURED with the consent of the COMPANY and
prior to the settlement of any claim for such PROPERTY shall
be the actual market value at the time of replacement.
In the case of a loss of interim certificates, warrants,
rights or other securities, the production of which is
necessary to the exercise of subscription, conversion,
redemption or deposit privileges, the value of them shall be
the market value of such privileges immediately preceding
their expiration if said loss is not discovered until after
their expiration. If no market price is quoted for such
PROPERTY or for such privileges, the value shall be fixed by
agreement between the parties.
OTHER PROPERTY
The value of any loss of PROPERTY, other than as stated
above, shall be the actual cash value or the cost of
repairing or replacing such Property with Property of like
quality and value, whichever is less.
ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98)
CONDITIONS AND LIMITATIONS
(continued)
Securities Settlement
10. In the event of a loss of securities covered under this
Bond, the COMPANY may, at its sole discretion, purchase
replacement securities, tender the value of the securities
in money, or issue its indemnity to effect replacement
securities.
The indemnity required from the ASSURED under the terms of
this Section against all loss, cost or expense arising from
the replacement of securities by the COMPANY'S indemnity
shall be:
a. for securities having a value less than or equal to the
applicable DEDUCTIBLE AMOUNT - one hundred (100%) percent;
b. for securities having a value in excess of the DEDUCTIBLE
AMOUNT but within the applicable LIMIT OF LIABILITY - the
percentage that the DEDUCTIBLE AMOUNT bears to the value of
the securities;
c. for securities having a value greater than the applicable
LIMIT OF LIABILITY - the percentage that the DEDUCTIBLE
AMOUNT and portion in excess of the applicable LIMIT OF
LIABILITY bears to the value of the securities.
The value referred to in Section 10.a., b., and c. is the value
in accordance with Section 9, VALUATION, regardless of the value
of such securities at the time the loss under the COMPANY'S
indemnity is sustained.
The COMPANY is not required to issue its indemnity for any
portion of a loss of securities which is not covered by this
Bond; however, the COMPANY may do so as a courtesy to the ASSURED
and at its sole discretion.
The ASSURED shall pay the proportion of the Company's premium
charge for the Company's indemnity as set forth in Section 10.a.,
b., and c. No portion of the LIMIT OF LIABILITY shall be used as
payment of premium for any indemnity purchased by the ASSURED to
obtain replacement securities.
Subrogation - Assignment -
Recovery
11. In the event of a payment under this Bond, the COMPANY shall
be subrogated to all of the ASSURED'S rights of recovery against
any person or entity to the extent of such payment. On request,
the ASSURED shall deliver to the COMPANY an assignment of the
ASSURED'S rights, title and interest and causes of action against
any person or entity to the extent of such payment. Recoveries,
whether effected by the COMPANY or by the ASSURED, shall be
applied net of the expense of such recovery in the following
order:
a. first, to the satisfaction of the ASSURED'S loss which would
otherwise have been paid but for the fact that it is in
excess of the applicable LIMIT OF LIABILITY,
b. second, to the COMPANY in satisfaction of amounts paid in
settlement of the ASSURED'S claim,
c. third, to the ASSURED in satisfaction of the applicable
DEDUCTIBLE AMOUNT, and
ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98)
CONDITIONS AND LIMITATIONS
Subrogation - Assignment -
Recovery
(continued)
d. fourth, to the ASSURED in satisfaction of any loss suffered
by the ASSURED which was not covered under this Bond.
Recovery from reinsurance or indemnity of the COMPANY shall
not be deemed a recovery under this section.
Cooperation of
Assured
12. At the COMPANY'S request and at reasonable times and places
designated by the COMPANY, the ASSURED shall:
a. submit to examination by the COMPANY and subscribe to the
same under oath,
b. produce for the COMPANY'S examination all pertinent records,
and
c. cooperate with the COMPANY in all matters pertaining to the
loss.
The ASSURED shall execute all papers and render assistance to
secure to the COMPANY the rights and causes of action provided
for under this Bond. The ASSURED shall do nothing after loss to
prejudice such rights or causes of action.
Termination
13. If the Bond is for a sole ASSURED, it shall not be
terminated unless written notice shall have been given by
the acting party to the affected party and to the Securities
and Exchange Commission, Washington, D.C., not less than
sixty (60) days prior to the effective date of such
termination.
If the Bond is for a joint ASSURED, it shall not be
terminated unless written notice shall have been given by
the acting party to the affected party, and by the COMPANY
to all ASSURED Investment Companies and to the Securities
and Exchange Commission, Washington, D.C., not less than
sixty (60) days prior to the effective date of such
termination.
This Bond will terminate as to any one ASSURED, other than
an INVESTMENT COMPANY:
a. immediately on the taking over of such ASSURED by a receiver
or other liquidator or by State or Federal officials, or
b. immediately on the filing of a petition under any State or
Federal statute relative to bankruptcy or reorganization of
the ASSURED, or assignment for the benefit of creditors of
the ASSURED, or
c. immediately upon such ASSURED ceasing to exist, whether
through merger into another entity, disposition of all of
its assets or otherwise.
The COMPANY shall refund the unearned premium computed at short
rates in accordance with the standard short rate cancellation
tables if terminated by the ASSURED or pro rata if terminated for
any other reason.
ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98)
CONDITIONS AND LIMITATIONS
Termination
(continued)
If any partner, director, trustee, or officer or supervisory
employee of an ASSURED not acting in collusion with an Employee
learns of any dishonest act committed by such Employee at any
time, whether in the employment of the ASSURED or otherwise,
whether or not such act is of the type covered under this Bond,
and whether against the ASSURED or any other person or entity,
the ASSURED:
a. shall immediately remove such Employee from a position that
would enable such Employee to cause the ASSURED to suffer a
loss covered by this Bond; and
b. within forty-eight (48) hours of learning that an Employee
has committed any dishonest act, shall notify the COMPANY,
of such action and provide full particulars of such
dishonest act.
The COMPANY may terminate coverage as respects any Employee sixty
(60) days after written notice is received by each ASSURED
Investment Company and the Securities and Exchange Commission,
Washington, D.C. of its desire to terminate this Bond as to such
Employee.
Other Insurance
14. Coverage under this Bond shall apply only as excess over any
valid and collectible insurance, indemnity or suretyship obtained
by or on behalf of:
a. the ASSURED,
b. a TRANSPORTATION COMPANY, or
c. another entity on whose premises the loss occurred or which
employed the person causing the loss or engaged the
messenger conveying the PROPERTY involved.
Conformity
15. If any limitation within this Bond is prohibited by any law
controlling this Bond's construction, such limitation shall
be deemed to be amended so as to equal the minimum period of
limitation provided by such law.
Change or Modification
16. This Bond or any instrument amending or affecting this Bond
may not be changed or modified orally. No change in or
modification of this Bond shall be effective except when
made by written endorsement to this Bond signed by an
authorized representative of the COMPANY.
If this Bond is for a sole ASSURED, no change or
modification which would adversely affect the rights of the
ASSURED shall be effective prior to sixty (60) days after
written notice has been furnished to the Securities and
Exchange Commission, Washington, D.C., by the acting party.
If this Bond is for a joint ASSURED, no charge or
modification which would adversely affect the rights of the
ASSURED shall be effective prior to sixty (60) days after
written notice has been furnished to all insured INVESTMENT
COMPANIES and to the Securities and Exchange Commission,
Washington, D.C., by the COMPANY.
ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98)
FEDERAL INSURANCE COMPANY
Endorsement No.: 1
Bond Number: 81948005
NAME OF ASSURED: FEDERATED INVESTORS, INC.
DELETING VALUATION-OTHER PROPERTY ENDORSEMENT
It is agreed that this Bond is amended by deleting in its entirety the paragraph
titled Other Property in Section 9., Valuation.
This Endorsement applies to loss discovered after 12:01 a.m. on October 1, 2005.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
Date: October 21, 2005 By /S/ Authorized Signature
Authorized Representative
ICAP Bond
Form 17-02-2437 (Rev. 1-01)
FEDERAL INSURANCE COMPANY
Endorsement No.: 2
Bond Number: 81948005
NAME OF ASSURED: FEDERATED INVESTORS, INC.
NAME OF ASSURED ENDORSEMENT
It is agreed that the NAME OF ASSURED in the DECLARATIONS is amended to read as
follows:
Federated Investors, Inc.
Capital Preservation Fund
Cash Trust Series, Inc.
Government Cash Series
Municipal Cash Series
Prime Cash Series
Treasury Cash Series
Cash Trust Series II
Municipal Cash Series II
Treasury Cash Series II
Edward Jones Money Market Fund
Federated Intermediate Govt. Fund (formerly Federated Limited Duration Govt.
Fund, Inc.)
Federated American Leaders Fund, Inc.
Federated Adjustable Rate Securities Fund
Federated Core Trust
High Yield Bond Portfolio
Federated Mortgage Core Portfolio
Federated Government Pool
Federated Prime Pool
Federated Core Trust II, LP
Emerging Markets Fixed Income Core Fund
Capital Appreciation Core Fund
Market Plus Core Fund
ICAP Bond
Form 17-02-0949 (Rev. 1-97)
Federated Equity Funds
Federated Capital Appreciation Fund
Federated Kaufmann Fund
Federated Technology Fund
Federated Mid Cap Growth Strategies Fund
Federated Large Cap Growth Fund
Federated Market Opportunity Fund
Federated Kaufmann Small Cap Fund
Federated Strategic Value Fund
Federated Equity Income Fund, Inc.
Federated Fixed Income Securities, Inc.
Federated Limited Term Municipal Fund
Federated Municipal Ultrashort Fund
Federated Strategic Income Fund
Federated GNMA Trust
Federated Government Income Securities, Inc.
Federated High Income Bond Fund, Inc.
Federated High Yield Trust
Federated Income Securities Trust
Federated Capital Income Fund
Federated Intermediate Corporate Bond Fund
Federated Short Term Income Fund
Federated Fund for U.S. Government Securities
Federated Muni & Stock Advantage Fund
Federated Income Trust
Federated Index Trust
Federated Max-Cap Index Fund
Federated Mid-Cap Index Fund
Federated Mini-Cap Index Fund
Federated Institutional Trust
Federated Government Ultrashort Duration Fund
Federated Institutional High Yield Bond Fund
Federated Intermediate Government/Corporate Fund
Federated Insurance Series
Federated American Leaders Fund II
Federated Capital Appreciation Fund II
Federated Equity Income Fund II
Federated Fund for U.S. Government Securities II
Federated Mid Cap Growth Strategies Fund II
Federated High Income Bond Fund 11
ICAP Bond
Form 17-02-0949 (Rev. 1-97)
Federated International Equity Fund II
Federated Kaufmann Fund II
Federated Prime Money Fund II
Federated Quality Bond Fund II
Federated Total Return Bond Fund II
Federated Capital Income Fund II
Federated International Funds PLC
Federated High Income Advantage Fund
Federated Short-Term Euro Fund
Federated Short-Term U.S. Government Sec. Fund
Federated Short-Term U.S. Prime Fund
Federated Short-Term U.S. Treasury Sec. Fund
Federated U.S. Bond Fund
Federated International Series, Inc.
Federated International Bond Fund
Federated International Equity Fund
Federated Investment Series Fund, Inc.
Federated Bond Fund
Federated Managed Allocation Portfolios
Federated Growth Allocation Fund
Federated Moderate Allocation Fund
Federated Conservative Allocation Fund
Federated Municipal High Yield Advantage Fund, Inc.
Federated Municipal Securities Fund, Inc.
Federated Municipal Securities Income Trust
Federated California Municipal Income Fund
Federated Michigan Intermediate Municipal Trust
Federated New York Municipal Income Fund
Federated North Carolina Municipal Income Fund
Federated Ohio Municipal Income Fund
Federated Pennsylvania Municipal Income Fund
Federated Vermont Municipal Income Fund
Federated Premier Intermediate Municipal Income Fund
Federated Premier Municipal Income Fund
Federated Short-Term Municipal Trust
Federated Stock and Bond Fund, Inc.
Federated Stock Trust
Federated Strategic Investment Series Fund, L.P.
Federated Enhanced Reserves Fund
Federated Enhanced Reserves Rated Fund
Federated Total Return Series, Inc.
Federated Mortgage Fund
ICAP Bond
Form 17-02-0949 (Rev. 1-97)
Federated Total Return Bond Fund
Federated Ultrashort Bond Fund
Federated U.S. Government Bond Fund
Federated U.S. Government Securities Fund: 1-3 Years
Federated U.S. Government Securities Fund: 2-5 Years
Federated Total Return Government Bond Fund
Federated Unit Trust
Domestic Equity Portfolio (Europa-Aktien)
European Stock and Bond Portfolio (Profutur)
High Quality, Domestic Bond Portfolio (Euro-Renten)
High Quality, Intn'l Bond Portfolio (Inter-Renten)
International Equity Portfolio (Inter-Aktien)
Short-Term Bond Portfolio (Euro-Kurzlaufer)
Federated World Investment Series, Inc.
Federated European Equity Fund
Federated Global Equity Fund
Federated International Value Fund
Federated International Capital Appreciation Fund
Federated International High Income Fund
Federated International Small Company Fund
Federated Global Value Fund
Intermediate Municipal Trust
Federated Intermediate Municipal Trust
Money Market Obligations Trust
Alabama Municipal Cash Trust
Arizona Municipal Cash Trust
Automated Cash Management Trust
Automated Government Cash Reserves
Automated Government Money Trust
Automated Treasury Cash Reserves
California Municipal Cash Trust
Connecticut Municipal Cash Trust
Federated Capital Reserves Fund
Federated Master Trust
Federated Government Reserves Fund
Federated Municipal Trust
Federated Short-Term U.S. Government Trust
Federated Tax-Free Trust
Florida Municipal Cash Trust
Georgia Municipal Cash Trust
Government Obligations Fund
Government Obligations Tax Managed Fund
Liberty U.S. Government Money Market Trust
Liquid Cash Trust
Maryland Municipal Cash Trust
Massachusetts Municipal Cash Trust
Michigan Municipal Cash Trust
Minnesota Municipal Cash Trust
ICAP Bond
Form 17-02-0949 (Rev. 1-97)
Money Market Management, Inc.
Money Market Trust
Municipal Obligations Fund
New Jersey Municipal Cash Trust
New York Municipal Cash Trust
North Carolina Municipal Cash Trust
Ohio Municipal Cash Trust
Pennsylvania Municipal Cash Trust
Prime Cash Obligations Fund
Prime Management Obligations Fund
Prime Obligations Fund
Prime Value Obligations Fund
Tax-Free Instruments Trust
Tax-Free Obligations Fund
Treasury Obligations Fund
Trust for Government Cash Reserves
Trust for Short-Term U.S. Government Securities
Trust for U.S. Treasury Obligations
U.S. Treasury Cash Reserves
Virginia Municipal Cash Trust
This Endorsement applies to loss discovered after 12:01 a.m. on October 1, 2005.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
Date: October 21, 2005 By /S/ Authorized Signature
Authorized Representative
ICAP Bond
Form 17-02-0949 (Rev. 1-97)
FEDERAL INSURANCE COMPANY
Endorsement No.: 3
Bond Number: 81948005
NAME OF ASSURED: FEDERATED INVESTORS, INC.
NON-CUMULATIVE ENDORSEMENT
It is agreed that in the event of a loss covered under this Bond and also
covered under FEDERAL INSURANCE COMPANY'S Bond No. 81948105 issued to FEDERATED
INVESTORS, INC., the SINGLE LOSS LIMIT OF LIABILITY under this Bond shall be
reduced by any payment under Bond No. 81948105 and only the remainder, if any,
shall be applicable to such loss hereunder.
Name and Address of Assured:
FEDERATED INVESTORS, INC.
1001 Liberty Avenue
Pittsburgh, PA 15222
/S/ John A. Barrett
Signature of Assured's Representative
INSURANCE RISK MGR.
Position Title
11/16/05
Date
This Endorsement applies to loss discovered after 12:01 a.m. on October 1, 2005.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
Date: October 21, 2005 By /S/ Authorized Signature
Authorized Representative
ICAP Bond
Form 17-02-0955 (Rev. 1-97)
FEDERAL INSURANCE COMPANY
Endorsement No.: 4
Bond Number: 81948005
NAME OF ASSURED: FEDERATED INVESTORS, INC.
AMENDED ACQUISITION ENDORSEMENT
It is agreed that this Bond is amended as follows:
1. By adding to General Agreements, Section C., Additional Offices Or
Employees-Consolidation, Merger Or Purchase Or Acquisition Of Assets Or
Liabilities-Notice To Company, the following:
If the ASSURED, other than an INVESTMENT COMPANY, while this Bond is in
force, newly creates any investment company registered under the
Investment Company Act of 1940, the ASSURED shall not have the coverage
afforded under this Bond for such newly created investment company unless
the ASSURED: (a) gives the COMPANY written notice of such creation not
more than thirty (30) days after the INTERIM REPORTING PERIOD during which
such investment company is created; (b) provides any other information as
required by the COMPANY; and (c) pays the COMPANY any additional premium
required.
2. INTERIM REPORTING PERIOD means the period from 10/1/2005 to 1/1/2006, and
each 90 day period thereafter until the expiration of the BOND PERIOD.
3. This endorsement shall not modify or change the applicable LIMITS OF
LIABILITY stated in ITEM 2. of the DECLARATIONS of this Bond irrespective
of the total number of newly created investment companies registered under
the Investment Company Act of 1940 and reported to the COMPANY in
accordance with the terms and conditions of this endorsement.
This Endorsement applies to loss discovered after 12:01 a.m. on October 1, 2005.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
Date: October 21, 2005 By /S/ Authorized Signature
Authorized Representative
ICAP Bond
Form DFIFEDINVEST (Ed. 4-05)
FEDERAL INSURANCE COMPANY
Endorsement No.: 5
Bond Number: 81948005
NAME OF ASSURED: FEDERATED INVESTORS, INC.
NON-REGISTERED FUNDS ENDORSEMENT
It is agreed that this Bond is amended as follows by deleting in its entirety
from Section 1., Definitions, the definition of INVESTMENT COMPANY and
substituting the following:
g. INVESTMENT COMPANY means any investment company listed under the NAME OF
ASSURED on the DECLARATIONS.
This Endorsement applies to loss discovered after 12:01 a.m. on October 1, 2005.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
Date: October 21, 2005 By /S/ Authorized Signature
Authorized Representative
ICAP Bond
Form 17-02-5650 (Ed. 11-03)
Effective date ofthis endorsement: October 1, 2005FEDERAL INSURANCE COMPANY
Endorsement No.: 6
To be attached to and form a part of
Number: 81948005
Issued to: FEDERATED INVESTORS, INC.
COMPLIANCE WITH APPLICABLE TRADE SANCTION LAWS RIDER
It is agreed that this insurance does not apply to the extent that trade or
economic sanctions or other laws or regulations prohibit the coverage provided
by this insurance.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
Date: October 21, 2005 By /S/ Authorized Signature
Authorized Representative
Form 14-02-9228 (Ed. 4/2004)
FEDERAL INSURANCE COMPANY
Endorsement No.: 7
Bond Number: 81948005
NAME OF ASSURED: FEDERATED INVESTORS, INC.
DELETE AN ENDORSEMENT
It is agreed that this Bond is amended by deleting Endorsement Number(s) 2 in
its entirety.
This Endorsement applies to loss discovered after 12:01 a.m. on October 24,
2005.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
Date: March 7, 2006 By /S/ Authorized Signature
Authorized Representative
ICAP Bond
Form 17-02-5647 (Ed. 11-03)
Chubb & Son, div. of Federal Insurance Company as manager
of the member insurers of the Chubb Group of Insurance Companies
POLICYHOLDER
DISCLOSURE NOTICE OF
TERRORISM INSURANCE COVERAGE
(FOR POLICIES WITH NO TERRORISM EXCLUSION OR SUBLIMIT)
You are hereby notified that, under the Terrorism Risk Insurance Act of 2002
(the "Act") effective November 26, 2002, this policy makes available to you
insurance for losses arising out of certain acts of international terrorism.
Terrorism is defined as any act certified by the Secretary of the Treasury, in
concurrence with the Secretary of State and the Attorney General of the United
States, to be an act of terrorism; to be a violent act or an act that is
dangerous to human life, property or infrastructure; to have resulted in damage
within the United States, or outside the United States in the case of an air
carrier or vessel or the premises of a United States Mission; and to have been
committed by an individual or individuals acting on behalf of any foreign person
or foreign interest, as part of an effort to coerce the civilian population of
the United States or to influence the policy or affect the conduct of the United
States Government by coercion.
You should know that the insurance provided by your policy for losses caused by
acts of terrorism is partially reimbursed by the United States under the formula
set forth in the Act. Under this formula, the United States pays 90% of covered
terrorism losses that exceed the statutorily established deductible to be paid
by the insurance company providing the coverage. The portion of your policy's
annual premium that is attributable to insurance for such acts of terrorism is:
$ -0-.
If you have any questions about this notice, please contact your agent or
broker.
Form 10-02-1281 (Ed. 1/2003)
FEDERAL INSURANCE COMPANY
Endorsement No.: 8
Bond Number: 81948005
NAME OF ASSURED: FEDERATED INVESTORS, INC.
NAME OF ASSURED ENDORSEMENT
It is agreed that the NAME OF ASSURED in the DECLARATIONS is amended to read as
follows:
Federated Investors, Inc.
Capital Preservation Fund
Cash Trust Series, Inc.
Government Cash Series
Municipal Cash Series
Prime Cash Series
Treasury Cash Series
Cash Trust Series II
Municipal Cash Series II
Treasury Cash Series II
Edward Jones Money Market Fund
Federated Intermediate Govt. Fund (formerly Federated Limited Duration Govt.
Fund, Inc.)
Federated American Leaders Fund, Inc.
Federated Adjustable Rate Securities Fund
Federated Core Trust
High Yield Bond Portfolio
Federated Mortgage Core Portfolio
Federated Government Pool
Federated Prime Pool
Federated Inflation-Protected Securities Core Fund
Federated Core Trust II, LP
Emerging Markets Fixed Income Core Fund
Capital Appreciation Core Fund
Market Plus Core Fund
ICAP Bond
Form 17-02-0949 (Rev. 1-97)
Federated Equity Funds
Federated Capital Appreciation Fund
Federated Kaufmann Fund
Federated Technology Fund
Federated Mid Cap Growth Strategies Fund
Federated Large Cap Growth Fund
Federated Market Opportunity Fund
Federated Kaufmann Small Cap Fund
Federated Strategic Value Fund
Federated Equity Income Fund, Inc.
Federated Fixed Income Securities, Inc.
Federated Limited Term Municipal Fund
Federated Municipal Ultrashort Fund
Federated Strategic Income Fund
Federated GNMA Trust
Federated Government Income Securities, Inc.
Federated High Income Bond Fund, Inc.
Federated High Yield Trust
Federated Income Securities Trust
Federated Capital Income Fund
Federated Intermediate Corporate Bond Fund
Federated Short Term Income Fund
Federated Fund for U.S. Government Securities
Federated Muni & Stock Advantage Fund
Federated Income Trust
Federated Index Trust
Federated Max-Cap Index Fund
Federated Mid-Cap Index Fund
Federated Mini-Cap Index Fund
Federated Institutional Trust
Federated Government Ultrashort Duration Fund
Federated Institutional High Yield Bond Fund
Federated Intermediate Government/Corporate Fund
Federated Insurance Series
Federated American Leaders Fund II
Federated Capital Appreciation Fund II
Federated Equity Income Fund II
Federated Fund for U.S. Government Securities II
Federated Mid Cap Growth Strategies Fund II
ICAP Bond
Form 17-02-0949 (Rev. 1-97)
Federated High Income Bond Fund II
Federated International Equity Fund II
Federated Kaufmann Fund II
Federated Prime Money Fund II
Federated Quality Bond Fund II
Federated Total Return Bond Fund II
Federated Capital Income Fund II
Federated International Funds PLC
Federated High Income Advantage Fund
Federated Short-Term Euro Fund
Federated Short-Term U.S. Government Sec. Fund
Federated Short-Term U.S. Prime Fund
Federated Short-Term U.S. Treasury Sec. Fund
Federated U.S. Bond Fund
Federated International Series, Inc.
Federated International Bond Fund
Federated International Equity Fund
Federated Investment Series Fund, Inc.
Federated Bond Fund
Federated Managed Allocation Portfolios
Federated Growth Allocation Fund
Federated Moderate Allocation Fund
Federated Conservative Allocation Fund
Federated Municipal High Yield Advantage Fund, Inc.
Federated Municipal Securities Fund, Inc.
Federated Municipal Securities Income Trust
Federated California Municipal Income Fund
Federated Michigan Intermediate Municipal Trust
Federated New York Municipal Income Fund
Federated North Carolina Municipal Income Fund
Federated Ohio Municipal Income Fund
Federated Pennsylvania Municipal Income Fund
Federated Vermont Municipal Income Fund
Federated Premier Intermediate Municipal Income Fund
Federated Premier Municipal Income Fund
Federated Short-Term Municipal Trust
Federated Stock and Bond Fund, Inc.
Federated Stock Trust
Federated Strategic Investment Series Fund, L.P.
Federated Enhanced Reserves Fund
Federated Enhanced Reserves Rated Fund
ICAP Bond
Form 17-02-0949 (Rev. 1-97)
Federated Total Return Series, Inc.
Federated Mortgage Fund
Federated Total Return Bond Fund
Federated Ultrashort Bond Fund
Federated U.S. Government Bond Fund
Federated U.S. Government Securities Fund: 1-3 Years
Federated U.S. Government Securities Fund: 2-5 Years
Federated Total Return Government Bond Fund
Federated Unit Trust
Domestic Equity Portfolio (Europa-Aktien)
European Stock and Bond Portfolio (Profutur)
High Quality, Domestic Bond Portfolio (Euro-Renten)
High Quality, Intn'l Bond Portfolio (Inter-Renten)
International Equity Portfolio (Inter-Aktien)
Short-Term Bond Portfolio (Euro-Kurzlaufer)
Federated World Investment Series, Inc.
Federated European Equity Fund
Federated Global Equity Fund
Federated International Value Fund
Federated International Capital Appreciation Fund
Federated International High Income Fund
Federated International Small Company Fund
Federated Global Value Fund
Intermediate Municipal Trust
Federated Intermediate Municipal Trust
Money Market Obligations Trust
Alabama Municipal Cash Trust
Arizona Municipal Cash Trust
Automated Cash Management Trust
Automated Government Cash Reserves
Automated Government Money Trust
Automated Treasury Cash Reserves
California Municipal Cash Trust
Connecticut Municipal Cash Trust
Federated Capital Reserves Fund
Federated Master Trust
Federated Government Reserves Fund
Federated Municipal Trust
Federated Short-Term U.S. Government Trust
Federated Tax-Free Trust
Florida Municipal Cash Trust
Georgia Municipal Cash Trust
Government Obligations Fund
Government Obligations Tax Managed Fund
Liberty U.S. Government Money Market Trust
Liquid Cash Trust
Maryland Municipal Cash Trust
Massachusetts Municipal Cash Trust
ICAP Bond
Form 17-02-0949 (Rev. 1-97)
Michigan Municipal Cash Trust
Minnesota Municipal Cash Trust
Money Market Management, Inc.
Money Market Trust
Municipal Obligations Fund
New Jersey Municipal Cash Trust
New York Municipal Cash Trust
North Carolina Municipal Cash Trust
Ohio Municipal Cash Trust
Pennsylvania Municipal Cash Trust
Prime Cash Obligations Fund
Prime Management Obligations Fund
Prime Obligations Fund
Prime Value Obligations Fund
Tax-Free Instruments Trust
Tax-Free Obligations Fund
Treasury Obligations Fund
Trust for Government Cash Reserves
Trust for Short-Term U.S. Government Securities
Trust for U.S. Treasury Obligations
U.S. Treasury Cash Reserves
Virginia Municipal Cash Trust
This Endorsement applies to loss discovered after 12:01 a.m. on October 24,
2005.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
Date: March 7, 2006 By /S/ Authorized Signature
Authorized Representative
ICAP Bond
Form 17-02-0949 (Rev. 1-97)
FEDERAL INSURANCE COMPANY
Endorsement No.: 9
Bond Number: 81948005
NAME OF ASSURED: FEDERATED INVESTORS, INC.
DELETE AN ENDORSEMENT
It is agreed that this Bond is amended by deleting Endorsement Number(s) 8 in
its entirety.
This Endorsement applies to loss discovered after 12:01 a.m. on December 9,
2005.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
Date: March 7, 2006 By /S/ Authorized Signature
Authorized Representative
ICAP Bond
Form17-02-5647(Ed.11-03)
FEDERAL INSURANCE COMPANY
Endorsement No.: 10
Bond Number: 81948005
NAME OF ASSURED: FEDERATED INVESTORS, INC.
NAME OF ASSURED ENDORSEMENT
It is agreed that the NAME OF ASSURED in the DECLARATIONS is amended to read as
follows:
Federated Investors, Inc.
Capital Preservation Fund
Cash Trust Series, Inc.
Government Cash Series
Municipal Cash Series
Prime Cash Series
Treasury Cash Series
Cash Trust Series II
Municipal Cash Series II
Treasury Cash Series II
Edward Jones Money Market Fund
Federated Intermediate Govt. Fund (formerly Federated Limited Duration Govt.
Fund, Inc.)
Federated American Leaders Fund, Inc.
Federated Adjustable Rate Securities Fund
Federated Core Trust
High Yield Bond Portfolio
Federated Mortgage Core Portfolio
Federated Government Pool
Federated Prime Pool
Federated Inflation-Protected Securities Core Fund
Federated Core Trust II, LP
Emerging Markets Fixed Income Core Fund
Capital Appreciation Core Fund
Market Plus Core Fund
ICAP Bond
Form 17-02-0949 (Rev. 1-97)
Federated Equity Funds
Federated Capital Appreciation Fund
Federated Kaufmann Fund
Federated Technology Fund
Federated Mid Cap Growth Strategies Fund
Federated Large Cap Growth Fund
Federated Market Opportunity Fund
Federated Kaufmann Small Cap Fund
Federated Strategic Value Fund
Federated Equity Income Fund, Inc.
Federated Fixed Income Securities, Inc.
Federated Limited Term Municipal Fund
Federated Municipal Ultrashort Fund
Federated Strategic Income Fund
Federated GNMA Trust
Federated Government Income Securities, Inc.
Federated High Income Bond Fund, Inc.
Federated High Yield Trust
Federated Income Securities Trust
Federated Capital Income Fund
Federated Intermediate Corporate Bond Fund
Federated Short Term Income Fund
Federated Fund for U.S. Government Securities
Federated Muni & Stock Advantage Fund
Federated Income Trust
Federated Index Trust
Federated Max-Cap Index Fund
Federated Mid-Cap Index Fund
Federated Mini-Cap Index Fund
Federated Institutional Trust
Federated Government Ultrashort Duration Fund
Federated Institutional High Yield Bond Fund
Federated Intermediate Government/Corporate Fund
Federated Insurance Series
Federated American Leaders Fund II
Federated Capital Appreciation Fund II
Federated Equity Income Fund II
Federated Fund for U.S. Government Securities II
Federated Mid Cap Growth Strategies Fund II
ICAP Bond
Form 17-02-0949 (Rev. 1-97)
Federated High Income Bond Fund II
Federated International Equity Fund II
Federated Kaufmann Fund II
Federated Prime Money Fund II
Federated Quality Bond Fund II
Federated Total Return Bond Fund II
Federated Capital Income Fund II
Federated International Funds PLC
Federated High Income Advantage Fund
Federated Short-Term Euro Fund
Federated Short-Term U.S. Government Sec. Fund
Federated Short-Term U.S. Prime Fund
Federated Short-Term U.S. Treasury Sec. Fund
Federated U.S. Bond Fund
Federated International Series, Inc.
Federated International Bond Fund
Federated International Equity Fund
Federated Investment Series Fund, Inc.
Federated Bond Fund
Federated Managed Allocation Portfolios
Federated Growth Allocation Fund
Federated Moderate Allocation Fund
Federated Conservative Allocation Fund
Federated Municipal High Yield Advantage Fund, Inc.
Federated Municipal Securities Fund, Inc.
Federated Municipal Securities Income Trust
Federated California Municipal Income Fund
Federated Michigan Intermediate Municipal Trust
Federated New York Municipal Income Fund
Federated North Carolina Municipal Income Fund
Federated Ohio Municipal Income Fund
Federated Pennsylvania Municipal Income Fund
Federated Vermont Municipal Income Fund
Federated Premier Intermediate Municipal Income Fund
Federated Premier Municipal Income Fund
Federated Short-Term Municipal Trust
Federated Stock and Bond Fund, Inc.
Federated Stock Trust
Federated Strategic Investment Series Fund, LP.
Federated Enhanced Reserves Fund
Federated Enhanced Reserves Rated Fund
ICAP Bond
Form 17-02-0949 (Rev. 1-97)
Federated Total Return Series, Inc.
Federated Mortgage Fund
Federated Total Return Bond Fund
Federated Ultrashort Bond Fund
Federated U.S. Government Bond Fund
Federated U.S. Government Securities Fund: 1-3 Years
Federated U.S. Government Securities Fund: 2-5 Years
Federated Total Return Government Bond Fund
Federated Unit Trust
Domestic Equity Portfolio (Europa-Aktien)
European Stock and Bond Portfolio (Profutur)
High Quality, Domestic Bond Portfolio (Euro-Renten)
High Quality, Intn'l Bond Portfolio (Inter-Renten)
International Equity Portfolio (Inter-Aktien)
Short-Term Bond Portfolio (Euro-Kurzlaufer)
Federated World Investment Series, Inc.
Federated European Equity Fund
Federated Global Equity Fund
Federated International Value Fund
Federated International Capital Appreciation Fund
Federated International High Income Fund
Federated International Small Company Fund
Federated Global Value Fund
Intermediate Municipal Trust
Federated Intermediate Municipal Trust
Money Market Obligations Trust
Alabama Municipal Cash Trust
Arizona Municipal Cash Trust
Automated Cash Management Trust
Automated Government Cash Reserves
Automated Government Money Trust
Automated Treasury Cash Reserves
California Municipal Cash Trust
Connecticut Municipal Cash Trust
Federated Capital Reserves Fund
Federated Master Trust
Federated Government Reserves Fund
Federated Municipal Trust
Federated Short-Term U.S. Government Trust
Federated Tax-Free Trust
Florida Municipal Cash Trust
Georgia Municipal Cash Trust
Government Obligations Fund
Government Obligations Tax Managed Fund
Liberty U.S. Government Money Market Trust
Liquid Cash Trust
Maryland Municipal Cash Trust
ICAP Bond
Form 17-02-0949 (Rev. 1-97)
Michigan Municipal Cash Trust
Minnesota Municipal Cash Trust
Money Market Management, Inc.
Money Market Trust
Municipal Obligations Fund
New Jersey Municipal Cash Trust
New York Municipal Cash Trust
North Carolina Municipal Cash Trust
Ohio Municipal Cash Trust
Pennsylvania Municipal Cash Trust
Prime Cash Obligations Fund
Prime Management Obligations Fund
Prime Obligations Fund
Prime Value Obligations Fund
Tax-Free Instruments Trust
Tax-Free Obligations Fund
Treasury Obligations Fund
Trust for Short-Term U.S. Government Securities
Trust for U.S. Treasury Obligations
U.S. Treasury Cash Reserves
Virginia Municipal Cash Trust
This Endorsement applies to loss discovered after 12:01 a.m. on December 9,
2005.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
Date: March 7, 2006 By /S/ Authorized Signature
Authorized Representative
ICAP Bond
Form 17-02-0949 (Rev. 1-97)
FEDERAL INSURANCE COMPANY
Endorsement No.: 11
Bond Number: 81948005
NAME OF ASSURED: FEDERATED INVESTORS, INC.
DELETE AN ENDORSEMENT
It is agreed that this Bond is amended by deleting Endorsement Number(s) 10 in
its entirety.
This Endorsement applies to loss discovered after 12:01 a.m. on December 20,
2005.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
Date: March 7, 2006 By /S/ Authorized Signature
Authorized Representative
ICAP Bond
Form 17-02-5647 (Ed. 11-03)
FEDERAL INSURANCE COMPANY
Endorsement No.: 12
Bond Number: 81948005
NAME OF ASSURED: FEDERATED INVESTORS, INC.
NAME OF ASSURED ENDORSEMENT
It is agreed that the NAME OF ASSURED in the DECLARATIONS is amended to read as
follows:
Federated Investors, Inc.
Capital Preservation Fund
Cash Trust Series, Inc.
Government Cash Series
Municipal Cash Series
Prime Cash Series
Treasury Cash Series
Cash Trust Series II
Municipal Cash Series II
Treasury Cash Series II
Edward Jones Money Market Fund
Federated Intermediate Govt. Fund (formerly Federated Limited Duration Govt.
Fund, Inc.)
Federated American Leaders Fund, Inc.
Federated Adjustable Rate Securities Fund
Federated Core Trust
High Yield Bond Portfolio
Federated Mortgage Core Portfolio
Federated Government Pool
Federated Prime Pool
Federated Inflation-Protected Securities Core Fund
Federated Core Trust II, LP
Emerging Markets Fixed Income Core Fund
Capital Appreciation Core Fund
Market Plus Core Fund
ICAP Bond
Form 17-02-0949 (Rev. 1-97)
Federated Equity Funds
Federated Capital Appreciation Fund
Federated Kaufmann Fund
Federated Technology Fund
Federated Mid Cap Growth Strategies Fund
Federated Large Cap Growth Fund
Federated Market Opportunity Fund
Federated Kaufmann Small Cap Fund
Federated Strategic Value Fund
Federated Equity Income Fund, Inc.
Federated Fixed Income Securities, Inc.
Federated Limited Term Municipal Fund
Federated Municipal Ultrashort Fund
Federated Strategic Income Fund
Federated GNMA Trust
Federated Government Income Securities, Inc.
Federated High Income Bond Fund, Inc.
Federated High Yield Trust
Federated Income Securities Trust
Federated Capital Income Fund
Federated Intermediate Corporate Bond Fund
Federated Short Term Income Fund
Federated Fund for U.S. Government Securities
Federated Muni & Stock Advantage Fund
Federated Income Trust
Federated Index Trust
Federated Max-Cap Index Fund
Federated Mid-Cap Index Fund
Federated Mini-Cap Index Fund
Federated Institutional Trust
Federated Government Ultrashort Duration Fund
Federated Institutional High Yield Bond Fund
Federated Intermediate Government/Corporate Fund
Federated Insurance Series
Federated American Leaders Fund II
Federated Capital Appreciation Fund II
Federated Equity Income Fund II
Federated Fund for U.S. Government Securities II
Federated Mid Cap Growth Strategies Fund II
ICAP Bond
Form 17-02-0949 (Rev. 1-97)
Federated High Income Bond Fund II
Federated International Equity Fund II
Federated Kaufmann Fund II
Federated Prime Money Fund II
Federated Quality Bond Fund II
Federated Total Return Bond Fund II
Federated Capital Income Fund II
Federated International Funds PLC
Federated High Income Advantage Fund
Federated Short-Term Euro Fund
Federated Short-Term U.S. Government Sec. Fund
Federated Short-Term U.S. Prime Fund
Federated Short-Term U.S. Treasury Sec. Fund
Federated U.S. Bond Fund
Federated International Series, Inc.
Federated International Bond Fund
Federated International Equity Fund
Federated Investment Series Fund, Inc.
Federated Bond Fund
Federated Managed Allocation Portfolios
Federated Growth Allocation Fund
Federated Moderate Allocation Fund
Federated Conservative Allocation Fund
Federated Balanced Allocation Fund
Federated Municipal High Yield Advantage Fund, Inc.
Federated Municipal Securities Fund, Inc.
Federated Municipal Securities Income Trust
Federated California Municipal Income Fund
Federated Michigan Intermediate Municipal Trust
Federated New York Municipal Income Fund
Federated North Carolina Municipal Income Fund
Federated Ohio Municipal Income Fund
Federated Pennsylvania Municipal Income Fund
Federated Vermont Municipal Income Fund
Federated Premier Intermediate Municipal Income Fund
Federated Premier Municipal Income Fund
Federated Short-Term Municipal Trust
Federated Stock and Bond Fund, Inc.
Federated Stock Trust
Federated Strategic Investment Series Fund, L.P.
Federated Enhanced Reserves Fund
Federated Enhanced Reserves Rated Fund
ICAP Bond
Form 17-02-0949 (Rev. 1-97)
Federated Total Return Series, Inc.
Federated Mortgage Fund
Federated Total Return Bond Fund
Federated Ultrashort Bond Fund
Federated U.S. Government Bond Fund
Federated U.S. Government Securities Fund: 1-3 Years
Federated U.S. Government Securities Fund: 2-5 Years
Federated Total Return Government Bond Fund
Federated Unit Trust
Domestic Equity Portfolio (Europa-Aktien)
European Stock and Bond Portfolio (Profutur)
High Quality, Domestic Bond Portfolio (Euro-Renten)
High Quality, Intn'l Bond Portfolio (Inter-Renten)
International Equity Portfolio (Inter-Aktien)
Short-Term Bond Portfolio (Euro-Kurzlaufer)
Federated World Investment Series, Inc.
Federated European Equity Fund
Federated Global Equity Fund
Federated International Value Fund
Federated International Capital Appreciation Fund
Federated International High Income Fund
Federated International Small Company Fund
Federated Global Value Fund
Intermediate Municipal Trust
Federated Intermediate Municipal Trust
Money Market Obligations Trust
Alabama Municipal Cash Trust
Arizona Municipal Cash Trust
Automated Cash Management Trust
Automated Government Cash Reserves
Automated Government Money Trust
Automated Treasury Cash Reserves
California Municipal Cash Trust
Connecticut Municipal Cash Trust
Federated Capital Reserves Fund
Federated Master Trust
Federated Government Reserves Fund
Federated Municipal Trust
Federated Short-Term U.S. Government Trust
Federated Tax-Free Trust
Florida Municipal Cash Trust
Georgia Municipal Cash Trust
Government Obligations Fund
Government Obligations Tax Managed Fund
Liberty U.S. Government Money Market Trust
Liquid Cash Trust
Maryland Municipal Cash Trust
Massachusetts Municipal Cash Trust
ICAP Bond
Form 17-02-0949 (Rev. 1-97)
Massachusetts Municipal Cash Trust
Michigan Municipal Cash Trust
Minnesota Municipal Cash Trust
Money Market Management, Inc.
Money Market Trust
Municipal Obligations Fund
New Jersey Municipal Cash Trust
New York Municipal Cash Trust
North Carolina Municipal Cash Trust
Ohio Municipal Cash Trust
Pennsylvania Municipal Cash Trust
Prime Cash Obligations Fund
Prime Management Obligations Fund
Prime Obligations Fund
Prime Value Obligations Fund
Tax-Free Instruments Trust
Tax-Free Obligations Fund
Treasury Obligations Fund
Trust for Short-Term U.S. Government Securities
Trust for U.S. Treasury Obligations
U.S. Treasury Cash Reserves
Virginia Municipal Cash Trust
This Endorsement applies to loss discovered after 12:01 a.m. on December 20,
2005.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
Date: March 7, 2006 By /S/ Authorized Signature
Authorized Representative
ICAP Bond
Form 17-02-0949 (Rev. 1-97)
FEDERAL INSURANCE COMPANY
Endorsement No.: 13
Bond Number: 81948005
NAME OF ASSURED: FEDERATED INVESTORS, INC.
DELETE AN ENDORSEMENT
It is agreed that this Bond is amended by deleting Endorsement Number(s) 12 in
its entirety.
This Endorsement applies to loss discovered after 12:01 a.m. on March 1, 2006.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
Date: May 8, 2006 By /S/ Authorized Signature
Authorized Representative
ICAP Bond
Form 17-02-5647 (Ed. 11-03)
FEDERAL INSURANCE COMPANY
Endorsement No.: 14
Bond Number: 81948005
NAME OF ASSURED: FEDERATED INVESTORS, INC.
NAME OF ASSURED ENDORSEMENT
It is agreed that the NAME OF ASSURED in the DECLARATIONS is amended to read as
follows:
Federated Investors, Inc.
Capital Preservation Fund
Cash Trust Series, Inc.
Government Cash Series
Municipal Cash Series
Prime Cash Series
Treasury Cash Series
Cash Trust Series II
Municipal Cash Series II
Treasury Cash Series II
Edward Jones Money Market Fund
Federated Intermediate Govt. Fund (formerly Federated Limited Duration Govt.
Fund, Inc.)
Federated American Leaders Fund, Inc.
Federated Adjustable Rate Securities Fund
Federated Core Trust
High Yield Bond Portfolio
Federated Mortgage Core Portfolio
Federated Government Pool
Federated Prime Pool
Federated Inflation-Protected Securities Core Fund
Federated Core Trust II, LP
Emerging Markets Fixed Income Core Fund
Capital Appreciation Core Fund
Market Plus Core Fund
ICAP Bond
Form 17-02-0949 (Rev. 1-97)
Federated Equity Funds
Federated Capital Appreciation Fund
Federated Kaufmann Fund
Federated Technology Fund
Federated Mid Cap Growth Strategies Fund
Federated Large Cap Growth Fund
Federated Market Opportunity Fund
Federated Kaufmann Small Cap Fund
Federated Strategic Value Fund
Federated Equity Income Fund, Inc.
Federated Fixed Income Securities, Inc.
Federated Limited Term Municipal Fund
Federated Municipal Ultrashort Fund
Federated Strategic Income Fund
Federated GNMA Trust
Federated Government Income Securities, Inc.
Federated High Income Bond Fund, Inc.
Federated High Yield Trust
Federated Income Securities Trust
Federated Capital Income Fund
Federated Intermediate Corporate Bond Fund
Federated Short Term Income Fund
Federated Fund for U.S. Government Securities
Federated Muni & Stock Advantage Fund
Federated Income Trust
Federated Index Trust
Federated Max-Cap Index Fund
Federated Mid-Cap Index Fund
Federated Mini-Cap Index Fund
Federated Institutional Trust
Federated Government Ultrashort Duration Fund
Federated Institutional High Yield Bond Fund
Federated Intermediate Government/Corporate Fund
Federated Insurance Series
Federated American Leaders Fund II
Federated Capital Appreciation Fund II
Federated Equity Income Fund II
Federated Fund for U.S. Government Securities II
Federated Mid Cap Growth Strategies Fund II
ICAP Bond
Form 17-02-0949 (Rev. 1-97)
Federated High Income Bond Fund II
Federated International Equity Fund II
Federated Kaufmann Fund II
Federated Prime Money Fund II
Federated Quality Bond Fund II
Federated Total Return Bond Fund II
Federated Capital Income Fund II
Federated Market Opportunity Fund II
Federated International Funds PLC
Federated High Income Advantage Fund
Federated Short-Term Euro Fund
Federated Short-Term U.S. Government Sec. Fund
Federated Short-Term U.S. Prime Fund
Federated Short-Term U.S. Treasury Sec. Fund
Federated U.S. Bond Fund
Federated International Series, Inc.
Federated International Bond Fund
Federated International Equity Fund
Federated Investment Series Fund, Inc.
Federated Bond Fund
Federated Managed Allocation Portfolios
Federated Growth Allocation Fund
Federated Moderate Allocation Fund
Federated Conservative Allocation Fund
Federated Balanced Allocation Fund
Federated Municipal High Yield Advantage Fund, Inc.
Federated Municipal Securities Fund, Inc.
Federated Municipal Securities Income Trust
Federated California Municipal Income Fund
Federated Michigan Intermediate Municipal Trust
Federated New York Municipal Income Fund
Federated North Carolina Municipal Income Fund
Federated Ohio Municipal Income Fund
Federated Pennsylvania Municipal Income Fund
Federated Vermont Municipal Income Fund
Federated Premier Intermediate Municipal Income Fund
Federated Premier Municipal Income Fund
Federated Short-Term Municipal Trust
Federated Stock and Bond Fund, Inc.
Federated Stock Trust
Federated Strategic Investment Series Fund, L.P.
Federated Enhanced Reserves Fund
Federated Enhanced Reserves Rated Fund
ICAP Bond
Form 17-02-0949 (Rev. 1-97)
Federated Total Return Series, Inc.
Federated Mortgage Fund
Federated Total Return Bond Fund
Federated Ultrashort Bond Fund
Federated U.S. Government Bond Fund
Federated U.S. Government Securities Fund: 1-3 Years
Federated U.S. Government Securities Fund: 2-5 Years
Federated Total Return Government Bond Fund
Federated Unit Trust
Domestic Equity Portfolio (Europa-Aktien)
European Stock and Bond Portfolio (Profutur)
High Quality, Domestic Bond Portfolio (Euro-Renten)
High Quality, Intn'l Bond Portfolio (Inter-Renten)
International Equity Portfolio (Inter-Aktien)
Short-Term Bond Portfolio (Euro-Kurzlaufer)
Federated World Investment Series, Inc.
Federated European Equity Fund
Federated Global Equity Fund
Federated International Value Fund
Federated International Capital Appreciation Fund
Federated International High Income Fund
Federated International Small Company Fund
Federated Global Value Fund
Intermediate Municipal Trust
Federated Intermediate Municipal Trust
Money Market Obligations Trust
Alabama Municipal Cash Trust
Arizona Municipal Cash Trust
Automated Cash Management Trust
Automated Government Cash Reserves
Automated Government Money Trust
Automated Treasury Cash Reserves
California Municipal Cash Trust
Connecticut Municipal Cash Trust
Federated Capital Reserves Fund
Federated Master Trust
Federated Government Reserves Fund
Federated Municipal Trust
Federated Short-Term U.S. Government Trust
Federated Tax-Free Trust
Florida Municipal Cash Trust
Georgia Municipal Cash Trust
Government Obligations Fund
Government Obligations Tax Managed Fund
Liberty U.S. Government Money Market Trust
Liquid Cash Trust
ICAP Bond
Form 17-02-0949 (Rev. 1-97)
Maryland Municipal Cash Trust
Massachusetts Municipal Cash Trust
Michigan Municipal Cash Trust
Minnesota Municipal Cash Trust
Money Market Management, Inc.
Money Market Trust
Municipal Obligations Fund
New Jersey Municipal Cash Trust
New York Municipal Cash Trust
North Carolina Municipal Cash Trust
Ohio Municipal Cash Trust
Pennsylvania Municipal Cash Trust
Prime Cash Obligations Fund
Prime Management Obligations Fund
Prime Obligations Fund
Prime Value Obligations Fund
Tax-Free Instruments Trust
Tax-Free Obligations Fund
Treasury Obligations Fund
Trust for Short-Term U.S. Government Securities
Trust for U.S. Treasury Obligations
U.S. Treasury Cash Reserves
Virginia Municipal Cash Trust
This Endorsement applies to loss discovered after 12:01 a.m. on March 1, 2006.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
Date: May 8, 2006 By /S/ Authorized Signature
Authorized Representative
ICAP Bond
Form 17-02-0949 (Rev. 1-97)
FEDERAL INSURANCE COMPANY
Endorsement No.: 15
Bond Number: 81948005
NAME OF ASSURED: FEDERATED INVESTORS, INC.
DELETE AN ENDORSEMENT
It is agreed that this Bond is amended by deleting Endorsement Number(s) 14 in
its entirety.
This Endorsement applies to loss discovered after 12:01 a.m. on March 7, 2006.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
Date: May 8, 2006 By /S/ Authorized Signature
Authorized Representative
ICAP Bond
Form 17-02-5647 (Ed. 11-03)
FEDERAL INSURANCE COMPANY
Endorsement No.: 16
Bond Number: 81948005
NAME OF ASSURED: FEDERATED INVESTORS, INC.
NAME OF ASSURED ENDORSEMENT
It is agreed that the NAME OF ASSURED in the DECLARATIONS is amended to read as
follows:
Federated Investors, Inc.
Capital Preservation Fund
Cash Trust Series, Inc.
Government Cash Series
Municipal Cash Series
Prime Cash Series
Treasury Cash Series
Cash Trust Series II
Municipal Cash Series II
Treasury Cash Series II
Edward Jones Money Market Fund
Federated Intermediate Govt. Fund (formerly Federated Limited Duration Govt.
Fund, Inc.)
Federated American Leaders Fund, Inc.
Federated Adjustable Rate Securities Fund
Federated Core Trust
High Yield Bond Portfolio
Federated Mortgage Core Portfolio
Federated Government Pool
Federated Prime Pool
Federated Inflation-Protected Securities Core Fund
Federated Core Trust II, LP
Emerging Markets Fixed Income Core Fund
Capital Appreciation Core Fund
Market Plus Core Fund
ICAP Bond
Form 17-02-0949 (Rev. 1-97)
Federated Equity Funds
Federated Capital Appreciation Fund
Federated Kaufmann Fund
Federated Technology Fund
Federated Mid Cap Growth Strategies Fund
Federated Large Cap Growth Fund
Federated Market Opportunity Fund
Federated Kaufmann Small Cap Fund
Federated Strategic Value Fund
Federated Equity Income Fund, Inc.
Federated Fixed Income Securities, Inc.
Federated Limited Term Municipal Fund
Federated Municipal Ultrashort Fund
Federated Strategic Income Fund
Federated GNMA Trust
Federated Government Income Securities, Inc.
Federated High Income Bond Fund, Inc.
Federated High Yield Trust
Federated Income Securities Trust
Federated Capital Income Fund
Federated Intermediate Corporate Bond Fund
Federated Short Term Income Fund
Federated Fund for U.S. Government Securities
Federated Muni & Stock Advantage Fund
Federated Income Trust
Federated Index Trust
Federated Max-Cap Index Fund
Federated Mid-Cap Index Fund
Federated Mini-Cap Index Fund
Federated Institutional Trust
Federated Government Ultrashort Duration Fund
Federated Institutional High Yield Bond Fund
Federated Intermediate Government/Corporate Fund
Federated Insurance Series
Federated American Leaders Fund II
Federated Capital Appreciation Fund II
Federated Equity Income Fund II
Federated Fund for U.S. Government Securities II
Federated Mid Cap Growth Strategies Fund II
ICAP Bond
Form 17-02-0949 (Rev. 1-97)
Federated High Income Bond Fund II
Federated International Equity Fund II
Federated Kaufmann Fund II
Federated Prime Money Fund II
Federated Quality Bond Fund II
Federated Total Return Bond Fund II
Federated Capital Income Fund II
Federated Market Opportunity Fund II
Federated International Funds PLC
Federated High Income Advantage Fund
Federated Short-Term Euro Fund
Federated Short-Term U.S. Government Sec. Fund
Federated Short-Term U.S. Prime Fund
Federated Short-Term U.S. Treasury Sec. Fund
Federated U.S. Bond Fund
Federated International Series, Inc.
Federated International Bond Fund
Federated International Equity Fund
Federated Investment Series Fund, Inc.
Federated Bond Fund
Federated Managed Allocation Portfolios
Federated Growth Allocation Fund
Federated Moderate Allocation Fund
Federated Conservative Allocation Fund
Federated Balanced Allocation Fund
Federated Target ETF Fund 2015
Federated Target ETF Fund 2025
Federated Target ETF Fund 2035
Federated Municipal High Yield Advantage Fund, Inc.
Federated Municipal Securities Fund, Inc.
Federated Municipal Securities Income Trust
Federated California Municipal Income Fund
Federated Michigan Intermediate Municipal Trust
Federated New York Municipal Income Fund
Federated North Carolina Municipal Income Fund
Federated Ohio Municipal Income Fund
Federated Pennsylvania Municipal Income Fund
Federated Vermont Municipal Income Fund
Federated Premier Intermediate Municipal Income Fund
Federated Premier Municipal Income Fund
Federated Short-Term Municipal Trust
Federated Stock and Bond Fund, Inc.
Federated Stock Trust
ICAP Bond
Form 17-02-0949 (Rev. 1-97)
Federated Strategic Investment Series Fund, L.P.
Federated Enhanced Reserves Fund
Federated Enhanced Reserves Rated Fund
Federated Total Return Series, Inc.
Federated Mortgage Fund
Federated Total Return Bond Fund
Federated Ultrashort Bond Fund
Federated U.S. Government Bond Fund
Federated U.S. Government Securities Fund: 1-3 Years
Federated U.S. Government Securities Fund: 2-5 Years
Federated Total Return Government Bond Fund
Federated Unit Trust
Domestic Equity Portfolio (Europa-Aktien)
European Stock and Bond Portfolio (Profutur)
High Quality, Domestic Bond Portfolio (Euro-Renten)
High Quality, Intn'l Bond Portfolio (Inter-Renten)
International Equity Portfolio (Inter-Aktien)
Short-Term Bond Portfolio (Euro-Kurzlaufer)
Federated World Investment Series, Inc.
Federated European Equity Fund
Federated Global Equity Fund
Federated International Value Fund
Federated International Capital Appreciation Fund
Federated International High Income Fund
Federated International Small Company Fund
Federated Global Value Fund
Intermediate Municipal Trust
Federated Intermediate Municipal Trust
Money Market Obligations Trust
Alabama Municipal Cash Trust
Arizona Municipal Cash Trust
Automated Cash Management Trust
Automated Government Cash Reserves
Automated Government Money Trust
Automated Treasury Cash Reserves
California Municipal Cash Trust
Connecticut Municipal Cash Trust
Federated Capital Reserves Fund
Federated Master Trust
Federated Government Reserves Fund
Federated Municipal Trust
Federated Short-Term U.S. Government Trust
Federated Tax-Free Trust
Florida Municipal Cash Trust
Georgia Municipal Cash Trust
Government Obligations Fund
ICAP Bond
Form 17-02-0949 (Rev. 1-97)
Government Obligations Tax Managed Fund
Liberty U.S. Government Money Market Trust
Liquid Cash Trust
Maryland Municipal Cash Trust
Massachusetts Municipal Cash Trust
Michigan Municipal Cash Trust
Minnesota Municipal Cash Trust
Money Market Management, Inc.
Money Market Trust
Municipal Obligations Fund
New Jersey Municipal Cash Trust
New York Municipal Cash Trust
North Carolina Municipal Cash Trust
Ohio Municipal Cash Trust
Pennsylvania Municipal Cash Trust
Prime Cash Obligations Fund
Prime Management Obligations Fund
Prime Obligations Fund
Prime Value Obligations Fund
Tax-Free Instruments Trust
Tax-Free Obligations Fund
Treasury Obligations Fund
Trust for Short-Term U.S. Government Securities
Trust for U.S. Treasury Obligations
U.S. Treasury Cash Reserves
Virginia Municipal Cash Trust
This Endorsement applies to loss discovered after 12:01 a.m. on March 7, 2006.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
Date: May 8, 2006 By /S/ Authorized Signature
Authorized Representative
ICAP Bond
Form 17-02-0949 (Rev. 1-97)
FEDERAL INSURANCE COMPANY
Endorsement No.: 17
Bond Number: 81948005
NAME OF ASSURED: FEDERATED INVESTORS, INC.
DELETE AN ENDORSEMENT
It is agreed that this Bond is amended by deleting Endorsement Number(s) 16 in
its entirety.
This Endorsement applies to loss discovered after 12:01 a.m. on March 31, 2006.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
Date: May 8, 2006 By /S/ Authorized Signature
Authorized Representative
ICAP Bond
Form 17-02-5647 (Ed. 11-03)
FEDERAL INSURANCE COMPANY
Endorsement No.: 18
Bond Number: 81948005
NAME OF ASSURED: FEDERATED INVESTORS, INC.
NAME OF ASSURED ENDORSEMENT
It is agreed that the NAME OF ASSURED in the DECLARATIONS is amended to read as
follows:
Federated Investors, Inc.
Capital Preservation Fund
Cash Trust Series, Inc.
Government Cash Series
Municipal Cash Series
Prime Cash Series
Treasury Cash Series
Cash Trust Series II
Municipal Cash Series II
Treasury Cash Series II
Edward Jones Money Market Fund
Federated Intermediate Govt. Fund (formerly Federated Limited Duration Govt.
Fund, Inc.)
Federated American Leaders Fund, Inc.
Federated Adjustable Rate Securities Fund
Federated Core Trust
High Yield Bond Portfolio
Federated Mortgage Core Portfolio
Federated Government Pool
Federated Prime Pool
Federated Inflation-Protected Securities Core Fund
Federated Core Trust II, LP
Emerging Markets Fixed Income Core Fund
Capital Appreciation Core Fund
Market Plus Core Fund
ICAP Bond
Form 17-02-0949 (Rev. 1-97)
Federated Equity Funds
Federated Capital Appreciation Fund
Federated Kaufmann Fund
Federated Technology Fund
Federated Mid Cap Growth Strategies Fund
Federated Large Cap Growth Fund
Federated Market Opportunity Fund
Federated Kaufmann Small Cap Fund
Federated Strategic Value Fund
Federated Equity Income Fund, Inc.
Federated Fixed Income Securities, Inc.
Federated Limited Term Municipal Fund
Federated Municipal Ultrashort Fund
Federated Strategic Income Fund
Federated GNMA Trust
Federated Government Income Securities, Inc.
Federated High Income Bond Fund, Inc.
Federated High Yield Trust
Federated Income Securities Trust
Federated Capital Income Fund
Federated Intermediate Corporate Bond Fund
Federated Short Term Income Fund
Federated Fund for U.S. Government Securities
Federated Muni & Stock Advantage Fund
Federated Income Trust
Federated Index Trust
Federated Max-Cap Index Fund
Federated Mid-Cap Index Fund
Federated Mini-Cap Index Fund
Federated Institutional Trust
Federated Government Ultrashort Duration Fund
Federated Institutional High Yield Bond Fund
Federated Intermediate Government/Corporate Fund
Federated Insurance Series
Federated American Leaders Fund II
Federated Capital Appreciation Fund II
Federated Equity Income Fund II
Federated Fund for U.S. Government Securities II
Federated Mid Cap Growth Strategies Fund II
ICAP Bond
Form 17-02-0949 (Rev. 1-97)
Federated High Income Bond Fund II
Federated International Equity Fund II
Federated Kaufmann Fund II
Federated Prime Money Fund II
Federated Quality Bond Fund II
Federated Total Return Bond Fund II
Federated Capital Income Fund II
Federated Market Opportunity Fund II
Federated International Funds PLC
Federated High Income Advantage Fund
Federated Short-Term Euro Fund
Federated Short-Term U.S. Government Sec. Fund
Federated Short-Term U.S. Prime Fund
Federated Short-Term U.S. Treasury Sec. Fund
Federated U.S. Bond Fund
Federated International Series, Inc.
Federated International Bond Fund
Federated International Equity Fund
Federated Investment Series Fund, Inc.
Federated Bond Fund
Federated Managed Allocation Portfolios
Federated Growth Allocation Fund
Federated Moderate Allocation Fund
Federated Conservative Allocation Fund
Federated Balanced Allocation Fund
Federated Target ETF Fund 2015
Federated Target ETF Fund 2025
Federated Target ETF Fund 2035
Federated Municipal High Yield Advantage Fund, Inc.
Federated Municipal Securities Fund, Inc.
Federated Municipal Securities Income Trust
Federated California Municipal Income Fund
Federated Michigan Intermediate Municipal Trust
Federated New York Municipal Income Fund
Federated North Carolina Municipal Income Fund
Federated Ohio Municipal Income Fund
Federated Pennsylvania Municipal Income Fund
Federated Vermont Municipal Income Fund
Federated Premier Intermediate Municipal Income Fund
Federated Premier Municipal Income Fund
Federated Short-Term Municipal Trust
Federated Stock and Bond Fund, Inc.
Federated Stock Trust
ICAP Bond
Form 17-02-0949 (Rev. 1-97)
Federated Strategic Investment Series Fund, L.P.
Federated Enhanced Reserves Fund
Federated Enhanced Reserves Rated Fund
Federated Total Return Series, Inc.
Federated Mortgage Fund
Federated Total Return Bond Fund
Federated Ultrashort Bond Fund
Federated U.S. Government Bond Fund
Federated U.S. Government Securities Fund: 1-3 Years
Federated U.S. Government Securities Fund: 2-5 Years
Federated Total Return Government Bond Fund
Federated Unit Trust
Domestic Equity Portfolio (Europa-Aktien)
European Stock and Bond Portfolio (Profutur)
High Quality, Domestic Bond Portfolio (Euro-Renten)
High Quality, Intn'l Bond Portfolio (Inter-Renten)
International Equity Portfolio (Inter-Aktien)
Short-Term Bond Portfolio (Euro-Kurzlaufer)
Federated World Investment Series, Inc.
Federated International Value Fund
Federated International Capital Appreciation Fund
Federated International High Income Fund
Federated International Small Company Fund
Intermediate Municipal Trust
Federated Intermediate Municipal Trust
Money Market Obligations Trust
Alabama Municipal Cash Trust
Arizona Municipal Cash Trust
Automated Cash Management Trust
Automated Government Cash Reserves
Automated Government Money Trust
Automated Treasury Cash Reserves
California Municipal Cash Trust
Connecticut Municipal Cash Trust
Federated Capital Reserves Fund
Federated Master Trust
Federated Government Reserves Fund
Federated Municipal Trust
Federated Short-Term U.S. Government Trust
Federated Tax-Free Trust
Florida Municipal Cash Trust
Georgia Municipal Cash Trust
Government Obligations Fund
Government Obligations Tax Managed Fund
Liberty U.S. Government Money Market Trust
Liquid Cash Trust
ICAP Bond
Form 17-02-0949 (Rev. 1-97)
Maryland Municipal Cash Trust
Massachusetts Municipal Cash Trust
Michigan Municipal Cash Trust
Minnesota Municipal Cash Trust
Money Market Management, Inc.
Money Market Trust
Municipal Obligations Fund
New Jersey Municipal Cash Trust
New York Municipal Cash Trust
North Carolina Municipal Cash Trust
Ohio Municipal Cash Trust
Pennsylvania Municipal Cash Trust
Prime Cash Obligations Fund
Prime Management Obligations Fund
Prime Obligations Fund
Prime Value Obligations Fund
Tax-Free Instruments Trust
Tax-Free Obligations Fund
Treasury Obligations Fund
Trust for Short-Term U.S. Government Securities
Trust for U.S. Treasury Obligations
U.S. Treasury Cash Reserves
Virginia Municipal Cash Trust
This Endorsement applies to loss discovered after 12:01 a.m. on March 31, 2006.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
Date: May 8, 2006 By /S/ Authorized Signature
Authorized Representative
ICAP Bond
Form 17-02-0949 (Rev. 1-97)
FEDERAL INSURANCE COMPANY
Endorsement No.: 19
Bond Number: 81948005
NAME OF ASSURED: FEDERATED INVESTORS, INC.
DELETE AN ENDORSEMENT
It is agreed that this Bond is amended by deleting Endorsement Number(s) 18 in
its entirety.
This Endorsement applies to loss discovered after 12:01 a.m. on June 12, 2006.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
Date: August 15, 2006 By /S/ Authorized Signature
Authorized Representative
ICAP Bond
Form 17-02-5647 (Ed. 11-03)
FEDERAL INSURANCE COMPANY
Endorsement No.: 20
Bond Number: 81948005
NAME OF ASSURED: FEDERATED INVESTORS, INC.
NAME OF ASSURED ENDORSEMENT
It is agreed that the NAME OF ASSURED in the DECLARATIONS is amended to read as
follows:
Federated Investors, Inc.
Capital Preservation Fund
Cash Trust Series, Inc.
Government Cash Series
Municipal Cash Series
Prime Cash Series
Treasury Cash Series
Cash Trust Series II
Municipal Cash Series II
Treasury Cash Series II
Edward Jones Money Market Fund
Federated Intermediate Govt. Fund (formerly Federated Limited Duration Govt.
Fund, Inc.)
Federated American Leaders Fund, Inc.
Federated Adjustable Rate Securities Fund
Federated Core Trust
High Yield Bond Portfolio
Federated Mortgage Core Portfolio
Federated Government Pool
Federated Prime Pool
Federated Inflation-Protected Securities Core Fund
Federated Core Trust II, LP
Emerging Markets Fixed Income Core Fund
Capital Appreciation Core Fund
Market Plus Core Fund
ICAP Bond
Form 17-02-0949 (Rev. 1-97)
Federated Equity Funds
Federated Capital Appreciation Fund
Federated Kaufmann Fund
Federated Technology Fund
Federated Mid Cap Growth Strategies Fund
Federated Large Cap Growth Fund
Federated Market Opportunity Fund
Federated Kaufmann Small Cap Fund
Federated Strategic Value Fund
Federated Equity Income Fund, Inc.
Federated Fixed Income Securities, Inc.
Federated Limited Term Municipal Fund
Federated Municipal Ultrashort Fund
Federated Strategic Income Fund
Federated GNMA Trust
Federated Government Income Securities, Inc.
Federated High Income Bond Fund, Inc.
Federated High Yield Trust
Federated Income Securities Trust
Federated Capital Income Fund
Federated Intermediate Corporate Bond Fund
Federated Short Term Income Fund
Federated Fund for U.S. Government Securities
Federated Muni & Stock Advantage Fund
Federated Income Trust
Federated Index Trust
Federated Max-Cap Index Fund
Federated Mid-Cap Index Fund
Federated Mini-Cap Index Fund
Federated Institutional Trust
Federated Government Ultrashort Duration Fund
Federated Institutional High Yield Bond Fund
Federated Intermediate Government/Corporate Fund
Federated Insurance Series
Federated American Leaders Fund II
Federated Capital Appreciation Fund II
Federated Equity Income Fund II
Federated Fund for U.S. Government Securities II
Federated Mid Cap Growth Strategies Fund II
ICAP Bond
Form 17-02-0949 (Rev. 1-97)
Federated High Income Bond Fund II
Federated International Equity Fund II
Federated Kaufmann Fund II
Federated Prime Money Fund II
Federated Quality Bond Fund II
Federated Capital Income Fund II
Federated Market Opportunity Fund II
Federated International Funds PLC
Federated High Income Advantage Fund
Federated Short-Term Euro Fund
Federated Short-Term U.S. Government Sec. Fund
Federated Short-Term U.S. Prime Fund
Federated Short-Term U.S. Treasury Sec. Fund
Federated U.S. Bond Fund
Federated International Series, Inc.
Federated International Bond Fund
Federated International Equity Fund
Federated Investment Series Fund, Inc.
Federated Bond Fund
Federated Managed Allocation Portfolios
Federated Growth Allocation Fund
Federated Moderate Allocation Fund
Federated Conservative Allocation Fund
Federated Balanced Allocation Fund
Federated Target ETF Fund 2015
Federated Target ETF Fund 2025
Federated Target ETF Fund 2035
Federated Municipal High Yield Advantage Fund, Inc.
Federated Municipal Securities Fund, Inc.
Federated Municipal Securities Income Trust
Federated California Municipal Income Fund
Federated Michigan Intermediate Municipal Trust
Federated New York Municipal Income Fund
Federated North Carolina Municipal Income Fund
Federated Ohio Municipal Income Fund
Federated Pennsylvania Municipal Income Fund
Federated Vermont Municipal Income Fund
Federated Premier Intermediate Municipal Income Fund
Federated Premier Municipal Income Fund
Federated Short-Term Municipal Trust
Federated Stock and Bond Fund, Inc.
Federated Stock Trust
ICAP Bond
Form 17-02-0949 (Rev. 1-97)
Federated Strategic Investment Series Fund, L.P.
Federated Enhanced Reserves Fund
Federated Enhanced Reserves Rated Fund
Federated Total Return Series, Inc.
Federated Mortgage Fund
Federated Total Return Bond Fund
Federated Ultrashort Bond Fund
Federated U.S. Government Bond Fund
Federated U.S. Government Securities Fund: 1-3 Years
Federated U.S. Government Securities Fund: 2-5 Years
Federated Total Return Government Bond Fund
Federated Unit Trust
Domestic Equity Portfolio (Europa-Aktien)
European Stock and Bond Portfolio (Profutur)
High Quality, Domestic Bond Portfolio (Euro-Renten)
High Quality, Intn'l Bond Portfolio (Inter-Renten)
International Equity Portfolio (Inter-Aktien)
Short-Term Bond Portfolio (Euro-Kurzlaufer)
Federated World Investment Series, Inc.
Federated International Value Fund
Federated International Capital Appreciation Fund
Federated International High Income Fund
Federated International Small Company Fund
Intermediate Municipal Trust
Federated Intermediate Municipal Trust
Money Market Obligations Trust
Alabama Municipal Cash Trust
Arizona Municipal Cash Trust
Automated Cash Management Trust
Automated Government Cash Reserves
Automated Government Money Trust
Automated Treasury Cash Reserves
California Municipal Cash Trust
Connecticut Municipal Cash Trust
Federated Capital Reserves Fund
Federated Master Trust
Federated Government Reserves Fund
Federated Municipal Trust
Federated Short-Term U.S. Government Trust
Federated Tax-Free Trust
Florida Municipal Cash Trust
Georgia Municipal Cash Trust
Government Obligations Fund
Government Obligations Tax Managed Fund
Liberty U.S. Government Money Market Trust
Liquid Cash Trust
Maryland Municipal Cash Trust
ICAP Bond
Form 17-02-0949 (Rev. 1-97)
Massachusetts Municipal Cash Trust
Michigan Municipal Cash Trust
Minnesota Municipal Cash Trust
Money Market Management, Inc.
Municipal Obligations Fund
New Jersey Municipal Cash Trust
New York Municipal Cash Trust
North Carolina Municipal Cash Trust
Ohio Municipal Cash Trust
Pennsylvania Municipal Cash Trust
Prime Cash Obligations Fund
Prime Management Obligations Fund
Prime Obligations Fund
Prime Value Obligations Fund
Tax-Free Instruments Trust
Tax-Free Obligations Fund
Treasury Obligations Fund
Trust for U.S. Treasury Obligations
U.S. Treasury Cash Reserves
Virginia Municipal Cash Trust
Federated Managed Pool Series
Federated Corporate Bond Strategy Portfolio
This Endorsement applies to loss discovered after 12:01 a.m. on June 12, 2006.
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.
Date: August 15, 2006 By /S/ Authorized Signature
Authorized Representative
ICAP Bond
Form 17-02-0949 (Rev. 1-97)
AIG AMERICAN INTERNATIONAL COMPANIES(REGISTERED)
NATIONAL UNION FIRE INSURANCE COMPANY OF PITTSBURGH, PA.
A Capital Stock Company
175 Water Street
New York, New York 10038
FOLLOW FORM BOND
DECLARATIONS
BOND NUMBER:494-10-00
ITEM 1. NAMED INSURED: FEDERATED INVESTORS INC
ADDRESS: 1001 LIBERTY AVENUE, SUITE 2100
PITTSBURGH, PA 15222-3727
ITEM 2. BOND PERIOD: FROM October 1, 2005 TO October 1, 2006 AT
12:01 A.M. Standard Time at the Address of the Named Insured shown
above
ITEM 3. LIMIT OF LIABILITY: $10,000,000 EXCESS OF: $15,000,000
IN THE AGGREGATE OF: none
ITEM 4. SCHEDULE OF UNDERLYING EXCESS POLICIES (HEREIN COLLECTIVELY THE
"UNDERLYING PROGRAM"):
PRIMARY POLICY ("HEREIN "PRIMARY POLICY)
POLICY NO. SINGLE LOSS LIMIT AGGREGATE LIMIT DEDUCTIBLE POLICY PERIOD
81948005 $15,000,000 none $250,000 10/01/2005 to
Chubb Group of 10/01/2005
Insurance Companies
UNDERLYING EXCESS POLICY(IES)
POLICY NO. SINGLE LOSS LIMIT AGGREGATE LIMIT ATTACHMENT POLICY PERIOD
N/A
ITEM 5. RIDERS ATTACHED:
#1, #2, #3, #4, #5, #6 & #7
BY: /S/ Authorized Signature
AUTHORIZED REPRESENTATIVE
63675 (03/03)
- 1 -
POLICYHOLDER DISCLOSURE STATEMENT
UNDER
TERRORISM RISK INSURANCE ACT OF 2002
You are hereby notified that under the federal Terrorism Risk Insurance
Act of 2002 (the "Act") effective November 26, 2002, you now have a right to
purchase insurance coverage for losses arising out of an Act of Terrorism, which
is defined in the Act as an act certified by the Secretary of the Treasury (i)
to be an act of terrorism, (ii) to be a violent act or an act that is dangerous
to (A) human life; (B) property or (C) infrastructure, (iii) to have resulted in
damage within the United States, or outside of the United States in case of an
air carrier or vessel or the premises of a U.S. mission and (iv) to have been
committed by an individual or individuals acting on behalf of any foreign person
or foreign interest, as part of an effort to coerce the civilian population of
the United States or to influence the policy or affect the conduct of the
United States Government by coercion. You should read the Act for a complete
description of its coverage. The Secretary's decision to certify or not to
certify an even as an Act of Terrorism and thus covered by this law is final and
not subject to review. There is a $100 billion dollar annual cap on all losses
resulting from Acts of Terrorism above which no coverage will be provided under
this policy and under the Act unless Congress makes some other determination.
For your information, coverage provided by this policy for losses caused
by an Act of Terrorism may be partially reimbursed by the United States under a
formula established by the Act. Under this formula the United States pays 90%
of terrorism losses covered by this law exceeding a statutorily established
deductible that must be met by the insurer, and which deductible is based on a
percentage of the insurer's direct earned premiums for the year preceding the
Acts of Terrorism.
COPY OF DISCLOSURE SENT WITH ORIGINAL QUOTE
Insured Name: FEDERATED INVESTORS INC
Policy Number: 494-10-00
Policy Period Effective Date From: OCTOBER 1, 2005 To: OCTOBER 1, 2006
81285 (1/03)
NATIONAL UNION FIRE INSURANCE COMPANY
OF PITTSBURGH, PA
A Capital Stock Company
175 Water Street
New York, New York 10038
FOLLOW FORM BOND
Various provisions in this bond restrict coverage. Read the entire bond
carefully to determine rights, duties and what is and is not covered.
Throughout this bond, the words "you" and "your" refer to the Named Insured as
shown in Item 1 of the Declarations. The words "we", "us" and "our" refer to
the Company providing this insurance.
In consideration of the payment of the premium and in reliance upon the
statements in the Declarations and in the Application, we agree with you to
provide coverage as follows:
INSURING AGREEMENT
I. COVERAGE
A. We will pay on your behalf the Ultimate Net Loss in excess of the
Underlying Bond as shown in Item 4 of the Declarations, but only up
to an amount not exceeding our Limit of Liability as shown in Item 3
of the Declarations and only after the issuers of the Underlying
Bond have paid or have been held liable to pay the full amount of
limits of insurance of the Underlying Bond. Except for the terms,
definitions, conditions and exclusions of this bond, the coverage
provided by this bond shall follow the terms, definitions,
conditions and exclusions of the Underlying Bond as shown in Item 4
of the Declarations.
B. The Limit of Liability shown in Item 3 of the Declarations states
the most we will pay regardless of the number of Insureds, claims
made or suits brought or persons or organizations making claims or
bringing suits.
II. DEFINITIONS
A. Ultimate Net Loss
The term "Ultimate Net Loss" means the amount payable in settlement
of the loss of the Insured after making deductions for all
recoveries and for other valid and collectible bonds, excepting
however the Underlying Bond shown in Item 4 of the Declarations.
63675 (03/03)
1
III. CONDITIONS
A. Maintenance of Limit of Liability of Underlying Bond
The limit of liability of the Underlying Bond shall be maintained in
full force and effect during the period of this bond. Under no
circumstances, including but not limited to bankruptcy, insolvency
or inability to pay at the issue of the Underlying Bond, will we
drop down and replace the Underlying Bond or assume any obligation
of the Underlying Bond.
If you fail to comply with this requirement, we will only be liable
to the same extent that we would have been had you fully complied
with this requirement.
B. Cancellation
1. You may cancel this bond. You must mail or deliver advance
written notice to us stating when the cancellation is to take
effect.
2. We may cancel this bond. If we cancel because of non-payment
of premium, we must mail or deliver to you not less than ten
(10) days advance written notice stating when the cancellation
is to take effect. If we cancel for any other reason, we must
mail or deliver to you not less than ninety (90) days advance
written notice stating when the cancellation is to take
effect. Mailing that notice to you at your mailing address
shown in Item 1 of the Declarations will be sufficient to
prove notice.
3. The bond period will end on the day and hour stated in the
cancellation notice.
4. If we cancel, earned premium will be calculated pro rata based
on the time this bond was in force.
5. If you cancel, earned premium will be calculated based on
short rate tables.
6. The first Named Insured in Item 1 of the Declarations shall
act on behalf of all other Insureds with respect to the giving
and receiving of notice of cancellation and the receipt of any
refund that may become payable under this bond.
7. Any of these provisions that conflict with a law that controls
the cancellation of the insurance in this bond is changed by
this statement to comply with that law.
2
63675 (03/03)
C. Cancellation of Underlying Bond
This bond is canceled upon cancellation of the Underlying Bond. You
must promptly notify us of the cancellation of the Underlying Bond.
Such notice must be made when you send a notice of cancellation of
the Underlying Bond to, or when you receive such notice from, the
issuer of the Underlying Bond.
D. Changes to Underlying Bond
You must promptly notify us of any changes to the Underlying Bond
which are made after its inception date. Any changes made to the
Underlying Bond after its inception shall not affect the terms and
conditions of this bond, which shall continue to apply as though no
change had been made to the Underlying Bond.
E. Notice of Claim or Loss
You must notify us in writing as soon as practicable when you become
aware of any claim or loss under the Underlying Bond or any bond
which may give rise to any claim or loss under this bond.
F. Payment of Premium
The first Named Insured shown in Item 1 of the Declarations shall be
responsible for payment of all premiums when due.
IN WITNESS WHEREOF, we have caused this bond to be executed and attested,
but this bond shall not be valid unless countersigned by one of our duly
authorized representatives, where required by law.
/S/ Authorized Signature /S/ Authorized Signature
SECRETARY PRESIDENT
3
63675 (03/03)
RIDER # 1
This endorsement, effective 12:01 am October 1, 2005 forms a part of
Policy number 494-10-00
issued to FEDERATED INVESTORS INC
By National Union Fire Insurance Company of Pittsburgh, Pa.
PENNSYLVANIA CANCELLATION/NONRENEWAL
AMENDATORY ENDORSEMENT
Wherever used in this endorsement: 1) "we", "us", "our", and "Insurer" mean the
insurance company which issued this policy; and 2) "you", "your", "named
Insured", "First Named Insured", and "Insured" mean the Named Corporation, Named
Organization, Named Sponsor, Named Insured, or Insured stated in the
Declarations page; and 3) "Other Insured(s)" means all other persons or entities
afforded coverage under the policy.
Cancellation/Nonrenewal
The cancellation provision of this policy is amended as follows:
Cancelling a policy midterm is prohibited except if:
1) A condition material to insurability has changed substantially;
2) Loss of reinsurance or a substantial decrease in reinsurance has
occurred;
3) Material misrepresentation by the Insured;
4) Policy was obtained through fraud;
5) The Insured has failed to pay a premium when due;
6) The Insured has requested cancellation;
7) Material failure to comply with terms;
8) Other reasons that the commissioner may approve.
Notice Requirements for Midterm Cancellation and Nonrenewal
Notice shall be mailed by registered or first class mail by the Insurer directly
to the named Insured. Written notice will be forwarded directly to the named
Insured at least sixty (60) days in advance of the termination date unless one
or more of the following exists:
1) The Insured has made a material misrepresentation which affects the
insurability of the risk, in which case the prescribed written
notice of cancellation shall be forwarded directly to the named
Insured at least fifteen (15) days in advance of the effective date
of termination.
2) The Inured has failed to pay a premium when due, whether the premium
is payable directly to the Insurer or its agents or indirectly under
a premium finance plan or extension of credit, in which case the
prescribed written notice of cancellation shall be forwarded
directly to the Named Insured at least fifteen (15) days in advance
of the effective date of termination.
RIDER 001
1
52165 (11/96)
Rider #1 (continued)
3) The policy was cancelled by the named Insured, in which case written
notice of cancellation shall not be required and coverage shall be
terminated on the date requested by the Insured. Nothing in these
three sections shall restrict the Insurer's right to rescind an
insurance policy ab initio upon discovery that the policy was
obtained through fraudulent statements, omissions or concealment of
fact material to the acceptance of the risk or to the hazard assumed
by the Insurer.
The notice shall be clearly labeled "Notice of Cancellation" or "Notice of
Nonrenewal". A midterm cancellation or nonrenewal notice shall state the
specific reasons for the cancellation or nonrenewal. The reasons shall identify
the condition or loss experience which caused the midterm cancellation or
nonrenewal. The notice shall provide sufficient information or data for the
Insured to correct the deficiency.
A midterm cancellation or nonrenewal notice shall state that, at the Insured's
request, the Insurer shall provide loss information to the Insured for at least
three years or the period of time during which the Insurer has provided coverage
to the Insured, whichever is less. Loss information on the Insured shall
consist of the following:
1) Information on closed claims, including date and description or
occurrence, and any amount of payments, if any;
2) Information on open claims, including date and description or
occurrence, amount of payment, if any, and amount or reserves, if
any;
3) Information on notices of occurrence, including date and description
of occurrence and amount of reserves, if any.
The Insured's written request for loss information must be made within ten (10)
days of the Insured's receipt of the midterm cancellation or nonrenewal notice.
The Insurer shall have thirty (30) days from the date of receipt of the
Insured's written request to provide the requested information.
Notice of Increase in Premium
The Insurer shall provide not less than sixty (60) days notice of intent to
increase the Insured's renewal premium with thirty (30) days notice of an
estimate of the renewal premium. The notice of renewal premium increase will be
mail or delivered to the Insured's last known address. If notice is mailed, it
will be by registered or first class mail.
Return of Unearned Premium
Cancellation Initiated by Insurer - Unearned premium must be returned to the
Insured not later than ten (10) business days after the effective date of
termination.
Cancellation Initiated by Insured - Unearned premium must be returned to the
Insured not later than thirty (30) days after effective date of termination.
ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS SHALL REMAIN UNCHANGED.
/S/ Authorized Signature
AUTHORIZED REPRESENTATIVE
RIDER 001
2
52165 (11/96)
RIDER # 2
This rider, effective 12:01 am October 1, 2005 forms a part of
bond number 494-10-00
issued to FEDERATED INVESTORS INC
By National Union Fire Insurance Company of Pittsburgh, Pa.
RELIANCE UPON OTHER CARRIER'S APPLICATION
In granting coverage under this policy, it is agreed that the INSURER has relied
upon the statements and representations contained in the below referenced
application (including materials submitted thereto and, if such application is a
renewal application, all such previous policy applications, and their
attachments and materials, for which this policy is a renewal or succeeds in
time) as being accurate and complete. It is further understood and agreed that
the ORGANIZATION and the INSUREDS warrant and represent to the INSURER that the
statements and representations made in such application were accurate on the
date such representations and statements were so given and that in connection
therewith the INSUREDS hereby reaffirm each and every statement made in our
application to Chubb Group of Insurance Companies as accurate as of October 1,
2005 as if it was made to the INSURER on such date. All such statements and
representations shall be deemed to be material to the risk assumed by the
INSURER, are the basis of this policy and are to be considered as incorporated
into this policy.
TYPE OF POLICY APPLICATION
Investment Company Asset protection Bond
CARRIER
Chubb Group of Insurance Companies
DATE SIGNED
June 28, 2005
ALL OTHER TERMS, CONDITIONS AND LIMITATIONS REMAIN UNCHANGED.
/S/ Authorized Signature
AUTHORIZED REPRESENTATIVE
RIDER 2
RIDER 001
- 1 -
RIDER # 3
This rider, effective 12:01 am October 1, 2005 forms a part of
bond number 494-10-00
issued to FEDERATED INVESTORS INC
By National Union Fire Insurance Company of Pittsburgh, Pa.
DROP DOWN RIDER
It is agreed that:
1. It is a condition of the attached bond that the underlying bond(s) shall
be maintained in full effect in the amount of $15,000,000 during the
period of the attached bond except for any reduction in the Aggregate
Limit(s) of Liability contained therein solely by payment of claims.
2. If, by reason of the payment of any claim or claims, by Underwriters
during the period of the attached bond which reduces the Aggregate
Limit(s) of Liability of the underlying bond, the attached bond shall
apply excess of the reduced Aggregate Limit(s) of Liability of the
underlying bond. In the event of the exhaustion of the underlying
limit(s), the attached bond shall continue in force as primary insurance,
and the Deductible set forth in the Schedule of the primary bond shall
apply to the attached bond.
3. However, in the event of any reinstatement of the underlying Aggregate
Limit(s) of Liability, the attached bond shall apply as excess of the
reinstated underlying Aggregate Limit(s) of Liability.
4. Nothing herein contained shall be held to vary, alter, waive or extend any
of the terms, limitations, conditions or agreements of the attached bond
other than as above stated.
/S/ Authorized Signature
AUTHORIZED REPRESENTATIVE
RIDER 3
RIDER 001
- 1 -
RIDER # 4
This endorsement, effective 12:01 am October 1, 2005 forms a part of
bond number 494-10-00
issued to FEDERATED INVESTORS INC
By National Union Fire Insurance Company of Pittsburgh, Pa.
THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.
TERRORISM EXCLUSION ENDORSEMENT
In consideration of the premium charged, it is hereby understood and agreed that
this insurance does not apply to any loss, injury, damage, claim or suit,
arising directly or indirectly as a result of a certified "act of terrorism"
defined by Section 102. Definitions., of the Terrorism Risk Insurance Act of
2002 and any revisions or amendments.
Wherever used in this endorsement: 1) "INSURER" means the insurance company
which issued this policy; and 2) "INSURED" means the Named Employer, Named
Corporation, Named Sponsor, Named Organization, Named Entity, Named Insured or
Insured stated in Item 1. of the Declarations.
For purposes of this endorsements and in compliance with the Terrorism Risk
Insurance Act of 2002, an "act of terrorism" shall mean:
(1) Act of Terrorism -
(A) Certification. - The term "act of terrorism" means any act that is
certified by the Secretary of the Treasury of the United States of
America, in concurrence with the Secretary of State, and the
Attorney General of the United States of America -
(i) to be an act of terrorism;
(ii) to be a violent act or an act that is dangerous to -
(I) human life;
(II) property; or
(III) infrastructure;
(iii) to have resulted in damage within the United States of
America, or outside of the United States of America in
the case of -
(I) an air carrier or vessel described in paragraph
(5)(B); [for the convenience of this endorsement,
paragraph (5)(B) reads: occurs to an air carrier
(as defined in Section 40102 of title 49,
United States Code) to a United States flag
vessel (or a vessel based principally in the
United States of America, on which United States
income tax is paid and whose insurance coverage
is subject to regulation in the Untied States of
America), regardless of where the loss occurs, or
at the premises of any United States of America
mission]; or
(II) the premises of a United States of America
mission; and
(iv) to have been committed by an individual or individuals
acting on behalf of any foreign person or foreign
interest, as part of an effort to coerce the civilian
population of the United States of America or to
influence the policy or affect the conduct of the
United States Government by coercion.
RIDER 004
81316 (2/03) Page 1 of 2 NU of 81127
(B) Limitation. - No act shall be certified by the Secretary as an act
of terrorism if -
(i) the act is committed as part of the course of a war
declared by the Congress, except that this clause shall
not apply with respect to any coverage for workers'
compensation; or
(ii) property and casualty insurance losses resulting from
the act, in the aggregate, do not exceed $5,000,000.
(C) Determinations Final. - Any certification of, or determination not
to certify, an act as an act of terrorism under this paragraph shall
be final, and shall not be subject to judicial review.
(D) Nondelegation. - The Secretary may not delegate or designate to any
other officer, employee, or person, any determination under this
paragraph of whether, during the effective period of the Program, an
act of terrorism has occurred.
For the purposes of this endorsement, the Insured: 1) acknowledges that it has
received a Policyholder Disclosure Statement Under Terrorism Risk Insurance Act
of 2002; 2) has elected not to purchase insurance coverage for losses arising
out of an Act of Terrorism; 3) has not paid any premium for such coverage; and
4) has affirmatively authorized the Insurer to attach this exclusion.
ALL OTHER TERMS, CONDITIONS AND LIMITATIONS REMAIN UNCHANGED.
/S/ Authorized Signature
AUTHORIZED REPRESENTATIVE
END 004
81316 (2/03) Page 2 of 2 NU of 81127
RIDER # 5
This endorsement, effective 12:01 am October 1, 2005 forms a part of
bond number 494-10-00
issued to FEDERATED INVESTORS INC
By National Union Fire Insurance Company of Pittsburgh, Pa.
TRIA PREMIUM ENDORSEMENT
It is agreed that:
1. The premium for coverage pursuant to the Terrorism Risk Insurance Act of
2002 ("TRIA Coverage") charged for the attached policy for the policy
period is Not applicable, TRIA coverage rejected by insured.
2. Any coverage provided for losses caused by an act of terrorism as defined
by TRIA (TRIA Losses) may be partially reimbursed by the United States
under a formula established by TRIA as follows: 90% of TRIA Losses in
excess of the insurer deductible mandated by TRIA, the deductible to be
based on a percentage of the insurer's direct earned premiums for the year
preceding the act of terrorism.
3. A copy of the TRIA disclosure sent with the original quote is attached
hereto.
ALL OTHER TERMS, CONDITIONS AND LIMITATIONS REMAIN UNCHANGED.
/S/ Authorized Signature
AUTHORIZED REPRESENTATIVE
END 005
81856 (3/03) Page 1 of 1
END 004
- 1 -
RIDER # 6
This rider, effective 12:01 am October 1, 2005 forms a part of
bond number 494-10-00
issued to FEDERATED INVESTORS INC
By National Union Fire Insurance Company of Pittsburgh, Pa.
OFAC ENDORSEMENT
In consideration of the premium charged, it is hereby understood and agreed that
payment of loss under this policy shall only be made in full compliance with all
United States of America economic or trade sanction law or regulation,
including, but not limited to, sanction laws and regulations administered and
enforced by the U.S. Treasury Department's Office of Foreign Assets Control
("OFAC").
ALL OTHER TERMS, CONDITIONS AND LIMITATIONS REMAIN UNCHANGED.
/S/ Authorized Signature
AUTHORIZED REPRESENTATIVE
RIDER 6
END 004
- 1 -
RIDER # 7
This rider, effective 12:01 am October 1, 2005 forms a part of
bond number 494-10-00
issued to FEDERATED INVESTORS INC
By National Union Fire Insurance Company of Pittsburgh, Pa.
FORMS INDEX ENDORSEMENT
The contents of the Policy is comprised of the following forms:
FORM NUMBER EDITION DATE FORM TITLE
63674 10/95 FOLLOW FORM BOND - DEC PAGE
81285 01/03 TRIA DEC DISCLOSURE FORM
63675 03/03 FOLLOW FORM BOND - GUTS
52165 11/96 PENNSYLVANIA AMENDATORY -
CANCELLATION/NONRENEWAL
MNSCPT RELIANCE UPON OTHER CARRIER'S
APPLICATION
MNSCPT DROP DOWN RIDER
81316 02/03 TERRORISM EXCLUSION ENDORSEMENT
81856 03/03 TRIA PREMIUM ENDORSEMENT
87435 05/05 OFAC ENDORSEMENT
78859 10/01 FORMS INDEX ENDORSEMENT
/S/ Authorized Signature
AUTHORIZED REPRESENTATIVE
RIDER 7
- 1 -
CNA Declarations
EXCESS INSURANCE POLICY
CUSTOMER NUMBER 87215 DATE ISSUED 02/10/2006
POLICY NUMBER 267920149 COVERAGE PROVIDED BY PRODUCER NUMBER 730023
Continental Casualty Company
(herein called `Underwriter')
NAME INSURED AND ADDRESS PRODUCER NAME AND ADDRESS
Item 1. Federated Investors, Inc. Marsh, Inc.
(herein called `Insured') Kyung Kim
1001 Liberty Avenue 1166 Avenue of the Americas
Pittsburgh, PA 15222 New York, NY 10036
Item 2. Policy Period: from 12:01 a.m. on 10/1/2005 to 12:01 a.m. on
10/1/2006 standard time.
Item 3. Single Loss Limit of Liability: $8,333,333
Item 4. Underlying Insurance:
Primary
Underlying Insurer Policy Number Single Loss Limit of Liability Deductible
Federal Insurance Company 8194-80-05 $15,000,000 $250,000
Excess
Underlying Insurer Policy Number Single Loss Limit of Liability
National Union Fire Insurance 004941000 $10,000,000 excess of $15,000,000
Company of Pittsburgh, PA
Item 5. Notice of claim should be sent to the Underwriter at:
CNA Global Specialty Lines
Fidelity Bonding
40 Wall Street
New York NY 10005
Item 6. The liability of the Underwriter is subject to the terms of the
following riders attached hereto:
SR-5261b Ed. 10/87 Cosurety Rider
PRO9499 Ed. 06/04 Trade and Economic Sanctions Endorsement
Item 7. The Insured by acceptance of this policy gives notice to the
Underwriter terminating or canceling prior policy(ies) no(s).
N/A, such termination or cancelation to be effective as of the time
this policy becomes effective.
G-131502-A
Ed. 6/98 Page 1 of 2
IN WITNESS WHEREOF, the Underwriter has caused this policy to be signed by its
Chairman and Secretary, at Chicago, Illinois, but the same shall not be binding
upon the Underwriter unless countersigned by a duly authorized representative of
the Underwriter.
Countersigned by /S/ Authorized Signature
Authorized Representative
/S/ Authorized Signature /S/ Authorized Signature
Secretary Chairman of the Board
G-131502-A
Ed. 6/98 Page 2 of 2
CNA
In consideration of the payment of the premium and in reliance upon all
statements made and information provided to the Underwriter by the Insured and
subject to the provisions of this policy, the Underwriter and the Insured agree
as follows:
INSURING AGREEMENT
The Underwriter agrees to indemnify the Insured for loss which exceeds the
Underlying Insurance if such loss is properly payable thereunder, or would be,
except for exhaustion of the Underlying Insurance, provided that such loss is
reported to the Underwriter during the Policy period or within 30 days following
expiration or cancelation of this policy.
GENERAL AGREEMENTS
1. NOTICE OF LOSS TO THE UNDERWRITER OR LEGAL PROCEEDINGS
At the earliest practicable moment after discovery of loss also reported to the
Primary Underlying Insurer, the Insured shall give the Underwriter written
notice thereof. Within six (6) months after such discovery, the Insured shall
furnish the Underwriter proof of loss, duly sworn, with full particulars; and,
if requested by the Underwriter, copies of proof loss presented to the Primary
Underlying Insurer.
Legal proceedings for the recovery of any loss hereunder shall not be brought
prior to the expiration of sixty (60) days after the proof of loss if filed with
the Underwriter or after the expiration of twenty-four (24) months from
discovery of such loss. If any limitation embodied herein is prohibited by any
law controlling the construction thereof, such limitation will be deemed to be
amended so as to equal the minimum period of limitation permitted by such law.
CONDITIONS AND LIMITATIONS
1. UNDERLYING COVERAGE
This policy is subject to all terms and conditions of the Primary Underlying
Insurance (except premium, limit of liability and any other provision set forth
in this policy). However, should any provision of this policy conflict with any
provision of any Underlying Insurance, then the provisions of this policy shall
control. All Underlying Insurance in effect at the inception of this policy
shall be maintained in full effect during the Policy Period. If the Underlying
Insurance is amended or modified during the Policy Period, the Underwriter shall
be given written notice as required by the Primary Underlying Insurance and
premium hereunder shall be adjusted as appropriate. Failure to comply with the
foregoing shall not void this policy; however, in the event of such failure, the
Underwriter shall only be liable to the same extent as if the Underlying
Insurance remained in full force and with the terms and conditions agreed to by
the Underwriter.
2. DROP DOWN PROVISION
If payment, by the Underlying Insurer(s) for loss reduces or exhausts the
Underlying Insurance Aggregate Limit of Liability, the amount of Underlying
Insurance shall correspondingly be reduced, but never below the Primary
Insurer's Deductible/Retention Amount; and this policy shall respond to the loss
in excess of that reduced amount.
Failure of an Underlying Insurer to make payment due to insolvency or for any
other reason shall not reduce the Underlying Insurance and this policy shall
continue to respond only to loss in excess of that unreduced amount.
Form # G-131499-A Page 1 of 2
3. AGGREGATE LIMIT OF LIABILITY
The Underwriter's total liability for all Single Loss shall not cumulatively
exceed the Aggregate Limit of Liability set forth in Item 3 of the Declarations.
Each payment made under the terms of this policy shall reduce the unpaid portion
of the Aggregate Limit of Liability until it is exhausted, except when a loss is
settled by indemnity in lieu of payment. Upon exhaustion of the Aggregate Limit
of Liability by such payment, the Underwriter shall have no further liability
for loss regardless of when discovered and whether or not previously reported to
the Underwriter.
The unpaid portion of the Aggregate Limit of Liability shall not be increased or
reinstated by any recovery. The unpaid portion of the Aggregate Limit of
Liability shall not carry forward to loss discovered after the expiration of the
Policy Period.
4. SINGLE LOSS LIMIT OF LIABILITY
The Underwriter's liability for any Single Loss shall not exceed the Single Loss
Limit of Liability set forth in Item 3 of the Declarations.
5. CANCELATION
This policy cancels in its entirety upon the earliest occurrence of any of the
following:
a. 60 days after the receipt by an Insured of a written notice from the
Underwriter of its decision to cancel this policy;
b. immediately upon the receipt by the Underwriter of a written notice from
the Insured of its decision to cancel this policy;
c. immediately upon the appointment of a trustee, receiver, or liquidator of
any Insured, or the taking over of any Insured by State or Federal
officials;
d. immediately upon the dissolution or takeover of an Insured;
e. immediately upon the exhaustion of the Aggregate Limit of Liability;
f. immediately upon the expiration of the Policy Period; or
g. immediately upon the cancelation, termination or non-renewal of the Primary
Underlying Insurance.
6. CONFORMITY
If any limitation embodied in this policy is prohibited by any law controlling
the construction hereof, such limitation shall be deemed to be amended as to
equal the minimum limitation provided by such law.
7. CHANGE OR MODIFICATION
This policy or any amendment affecting same may not be changed or modified
orally. No change in or modification of this policy shall be effective except
when made by written endorsement to this policy duly executed by the
Underwriter.
/S/ Authorized Signature /S/ Authorized Signature
Secretary Chairman of the Board
Form # G-131499-A Page 2 of 2
COSURETY RIDER
It is agreed that:
1. The term "Underwriter" as used in the attached bond shall be construed to
mean, unless otherwise specified in this rider, all the Companies executing
the attached bond.
2. Each of said Companies shall be liable only for such proportion of any
Single Loss under the attached bond as the amount underwritten by such
Company as specified in the Schedule forming a part hereof, bears to the
Aggregate Limit of Liability of the attached bond, but in no event shall any
of said Companies be liable for an amount greater than that underwritten by
it.
3. In the absence of a request from any of said Companies to pay premiums
directly to it, premiums for the attached bond may be paid to the Controlling
Company for the account of all of said Companies.
4. In the absence of a request from any of said Companies that notice of claim
and proof of loss be given to or filed directly with it, the giving of such
notice to and the filing of such proof with, the Controlling Company shall be
deemed in compliance with the conditions of the attached bond for the giving
of notice of loss and the filing of proof of loss, if given and filed in
accordance with the said conditions.
5. The Controlling Company may give notice in accordance with the terms of the
attached bond, terminating or canceling the attached bond as an entirety or
as to any Employee, and any notice so given shall terminate or cancel the
liability of all of said Companies as an entirety or as to such Employee, as
the case may be.
6. Any Company other than the Controlling Company may give notice in accordance
with the terms of the attached bond, terminating or canceling the entire
liability of such other Company under the attached bond or as to any
Employee.
7. In the absence of a request from any of said Companies that notice of
termination or cancelation by the Insured of the attached bond in its
entirety be given to or filed directly with it, the giving of such notice in
accordance with the terms of the attached bond to the Controlling Company
shall terminate or cancel the liability of all of said Companies as an
entirety. The Insured may terminate or cancel the entire liability of any
Company, other than the Controlling Company, under the attached bond by
giving notice of such termination or cancelation to such other Company, and
shall send copy of such notice to the Controlling Company.
This rider/endorsement, which forms part of and is for attachment to the
following described bond/policy issued by the designated Underwriter/Company
takes effect on the effective date of said bond/policy, unless another effective
date is shown below, at the hour stated in said bond/policy and expires
concurrently with said bond/policy.
Must be completed Complete only when this
rider/endorsement is not prepared
with the bond/policy or is not to be
effective with the bond/policy
Rider/Endorsement No. 1 Policy No. 267920149
Issued to:Effective date of this
rider/endorsement
CNA
Countersigned by ____________________
Authorized Representative
SR-5261b
(ED. 10/87) Page 1 of 2
8. In the event of the termination or cancelation of the attached bond as an
entirety, no Company shall be liable to the Insured for a greater
proportion of any return premium due the Insured than the amount
underwritten by such Company bears to the Aggregate Limit of Liability of
the attached bond.
9. In the event of the termination or cancelation of the attached bond as to
any Company, such Company alone shall be liable to the Insured for any
return premium due to the Insured on account of such termination or
cancelation. The termination or cancelation of the attached bond as to any
Company other than the Controlling Company shall not terminate, cancel or
otherwise affect the liability of the other Companies under the attached
bond.
Underwritten for the sum of $8,333,333 except as follows:
Controlling Company
Continental Casualty Company
By:
Underwritten for the sum of $8,333,333 except as follows:
Zurich Insurance Company
By:
Underwritten for the sum of $8,333,333 except as follows:
Travelers Insurance Company
By:
Accepted:
By:
COSURETY RIDER
FOR USE WITH ALL FORMS OF STANDARD BONDS.
REVISED TO OCTOBER, 1987.
This rider/endorsement, which forms part of and is for attachment to the
following described bond/policy issued by the designated Underwriter/Company
takes effect on the effective date of said bond/policy, unless another effective
date is shown below, at the hour stated in said bond/policy and expires
concurrently with said bond/policy.
Must be completed Complete only when this
rider/endorsement is not prepared
with the bond/policy or is not to be
effective with the bond/policy
Rider/Endorsement No. 1 Policy No. 267920149
Issued to:Effective date of this
rider/endorsement
CNA
Countersigned by ____________________
Authorized Representative
SR-5261b
(ED. 10/87) Page 2 of 2
CNA
TRADE AND ECONOMIC SANCTIONS ENDORSEMENT
In consideration of the premium paid, a new condition is added to the policy as
follows:
This policy does not provide coverage for INSUREDS, transaction or that part of
loss that is uninsurable under the laws or regulations of the United States
concerning trade or economic sanctions.
All other provisions of the Policy remain unchanged.
This endorsement, which forms a part of and is for attachment to the Policy
issued by the designated Insurers, takes effect on the effective date of said
Policy at the hour stated in said Policy and expires concurrently with said
Policy unless another effective date is shown below.
By Authorized Representative
(No signature is required issued with the Policy or if it is effective on the
Policy Effective Date)
PRO9499 (6-04) Policy No: 267920149
Page 1 Endorsement No: 2
Continental Casualty Company Effective Date:
COSURETY RIDER
It is agreed that:
1. The term "Underwriter" as used in the attached bond shall be construed to
mean, unless otherwise specified in this rider, all the Companies executing
the attached bond.
2. Each of said Companies shall be liable only for such proportion of any
Single Loss under the attached bond as the amount underwritten by such
Company as specified in the Schedule forming a part hereof, bears to the
Aggregate Limit of Liability of the attached bond, but in no event shall any
of said Companies be liable for an amount greater than that underwritten by
it.
3. In the absence of a request from any of said Companies to pay premiums
directly to it, premiums for the attached bond may be paid to the Controlling
Company for the account of all of said Companies.
4. In the absence of a request from any of said Companies that notice of claim
and proof of loss be given to or filed directly with it, the giving of such
notice to and the filing of such proof with, the Controlling Company shall be
deemed in compliance with the conditions of the attached bond for the giving
of notice of loss and the filing of proof of loss, if given and filed in
accordance with the said conditions.
5. The Controlling Company may give notice in accordance with the terms of the
attached bond, terminating or canceling the attached bond as an entirety or
as to any Employee, and any notice so given shall terminate or cancel the
liability of all of said Companies as an entirety or as to such Employee, as
the case may be.
6. Any Company other than the Controlling Company may give notice in accordance
with the terms of the attached bond, terminating or canceling the entire
liability of such other Company under the attached bond or as to any
Employee.
7. In the absence of a request from any of said Companies that notice of
termination or cancelation by the Insured of the attached bond in its
entirety be given to or filed directly with it, the giving of such notice in
accordance with the terms of the attached bond to the Controlling Company
shall terminate or cancel the liability of all of said Companies as an
entirety. The Insured may terminate or cancel the entire liability of any
Company, other than the Controlling Company, under the attached bond by
giving notice of such termination or cancelation to such other Company, and
shall send copy of such notice to the Controlling Company.
This rider/endorsement, which forms part of and is for attachment to the
following described bond/policy issued by the designated Underwriter/Company
takes effect on the effective date of said bond/policy, unless another effective
date is shown below, at the hour stated in said bond/policy and expires
concurrently with said bond/policy.
Must be completed Complete only when this
rider/endorsement is not prepared
with the bond/policy or is not to be
effective with the bond/policy
Rider/Endorsement No. 1 Policy No. 267920149
Issued to:Effective date of this
rider/endorsement
CNA
Countersigned by ____________________
Authorized Representative
SR-5261b
(ED. 10/87) Page 1 of 2
8. In the event of the termination or cancelation of the attached bond as an
entirety, no Company shall be liable to the Insured for a greater
proportion of any return premium due the Insured than the amount
underwritten by such Company bears to the Aggregate Limit of Liability of
the attached bond.
9. In the event of the termination or cancelation of the attached bond as to
any Company, such Company alone shall be liable to the Insured for any
return premium due to the Insured on account of such termination or
cancelation. The termination or cancelation of the attached bond as to any
Company other than the Controlling Company shall not terminate, cancel or
otherwise affect the liability of the other Companies under the attached
bond.
Underwritten for the sum of $8,333,333 except as follows:
Controlling Company
Continental Casualty Company
By:
Underwritten for the sum of $8,333,333 except as follows:
Zurich Insurance Company
By:
Underwritten for the sum of $8,333,333 except as follows:St. Paul Mercury
Insurance Co.
Travelers Insurance Company (name
crossed out)
/S/ Authorized Signature
490PB0898
Accepted:
By:
COSURETY RIDER
FOR USE WITH ALL FORMS OF STANDARD BONDS.
REVISED TO OCTOBER, 1987.
This rider/endorsement, which forms part of and is for attachment to the
following described bond/policy issued by the designated Underwriter/Company
takes effect on the effective date of said bond/policy, unless another effective
date is shown below, at the hour stated in said bond/policy and expires
concurrently with said bond/policy.
Must be completed Complete only when this
rider/endorsement is not prepared
with the bond/policy or is not to be
effective with the bond/policy
Rider/Endorsement No. 1 Policy No. 267920149
Issued to:Effective date of this
rider/endorsement
CNA
Countersigned by ____________________
Authorized Representative
SR-5261b
(ED. 10/87) Page 2 of 2
8. In the event of the termination or cancelation of the attached bond as an
entirety, no Company shall be liable to the Insured for a greater
proportion of any return premium due the Insured than the amount
underwritten by such Company bears to the Aggregate Limit of Liability of
the attached bond.
9. In the event of the termination or cancelation of the attached bond as to
any Company, such Company alone shall be liable to the Insured for any
return premium due to the Insured on account of such termination or
cancelation. The termination or cancelation of the attached bond as to any
Company other than the Controlling Company shall not terminate, cancel or
otherwise affect the liability of the other Companies under the attached
bond.
Underwritten for the sum of $8,333,333 except as follows:
Controlling Company
Continental Casualty Company
By:
Underwritten for the sum of $8,333,333 except as follows:
Zurich Insurance Company
By: /S/ Authorized Signature
FIB0005847-02
Underwritten for the sum of $8,333,333 except as follows:
Travelers Insurance Company
By:
Accepted:
By:
COSURETY RIDER
FOR USE WITH ALL FORMS OF STANDARD BONDS.
REVISED TO OCTOBER, 1987.
This rider/endorsement, which forms part of and is for attachment to the
following described bond/policy issued by the designated Underwriter/Company
takes effect on the effective date of said bond/policy, unless another effective
date is shown below, at the hour stated in said bond/policy and expires
concurrently with said bond/policy.
Must be completed Complete only when this
rider/endorsement is not prepared
with the bond/policy or is not to be
effective with the bond/policy
Rider/Endorsement No. 1 Policy No. 267920149
Issued to:Effective date of this
rider/endorsement
CNA
Countersigned by ____________________
Authorized Representative
SR-5261b
(ED. 10/87) Page 2 of 2
JOINT INSUREDS AGREEMENT
Capital Preservation Fund; Cash Trust Series, Inc.; Cash Trust Series II; Edward
Jones Money Market Fund; Federated American Leaders Fund, Inc.; Federated
Adjustable Rate Securities Fund; Federated Core Trust; Federated Core Trust II,
L.P.: Federated Equity Funds; Federated Equity Income Fund, Inc.; Federated
Fixed Income Securities, Inc.; Federated GNMA Trust; Federated Government Income
Securities, Inc.; Federated High Income Bond Fund, Inc.; Federated High Yield
Trust; Federated Income Securities Trust; Federated Income Trust; Federated
Index Trust; Federated Institutional Trust; Federated Insurance Series;
Federated Intermediate Government Fund, Inc.; Federated International Funds PLC;
Federated International Series, Inc.; Federated Investment Series Fund, Inc.;
Federated Managed Allocation Portfolios; Federated Municipal High Yield
Advantage Fund, Inc.; Federated Municipal Securities Fund, Inc.; Federated
Municipal Securities Income Trust; Federated Premier Intermediate Municipal
Income Fund; Federated Premier Municipal Income Fund; Federated Short-Term
Municipal Trust; Federated Stock and Bond Fund, Inc.; Federated Stock Trust;
Federated Strategic Investment Series Fund, L.P.; Federated Total Return Series,
Inc.; Federated Total Return Government Bond Fund; Federated U.S. Government
Bond Fund; Federated U.S. Government Securities Fund: 1-3 Years; Federated U.S.
Government Securities Fund: 2-5 Years; Federated World Investment Series, Inc.;
Intermediate Municipal Trust; Federated Unit Trust; Money Market Obligations
Trust; (hereinafter referred to as the "Parties") do hereby enter into this
Agreement to be effective August 17, 2005, and agree as follows:
W I T N E S E TH :
WHEREAS, the Parties have procured a joint insured fidelity bond program
from Continental Casualty Company, Federal Insurance Company, National Union
Fire Insurance Company of Pittsburgh, PA, The Travelers Casualty & Surety
Company of America and The Fidelity & Deposit Company of MD, which the parties
have approved in form and amount (hereinafter referred to as "the Bond");
WHEREAS, the Parties procured the Bond for the purpose of protecting their
respective assets against events of loss, theft or misappropriation by their
respective officers and employees; and
WHEREAS, the Parties hereto desire to enter into an agreement so as to be in
compliance with 17 CFR 270.17g-1(f).
NOW THEREFORE, the Parties hereto, intending to be legally bound hereby,
agree as follows:
1. In the event recovery is received under the Bond as a result of a loss
sustained by any registered management investment company that is named in the
Bond and one or more of the other Parties to the Bond, the registered investment
company shall receive an equitable and proportionate share of the recovery, at
least equal to the amount which it would have received had it provided and
maintained a single insured bond with the minimum coverage as provided, by 17
CFR 270.17g-1(d)(1).
2. Registered management investment companies, collective investment
funds, and investment companies exempt from registration under the Investment
Company Act of 1940, or series thereof, which become effective in the future,
and future established series of registered management investment companies,
collective investment funds, or investment companies exempt from registration
under the Investment Company Act of 1940, which are currently Parties, are
hereafter referred to as "Future Funds". Such Future Funds which are advised
and/or distributed and/or administered by companies which are subsidiaries or
affiliates of Federated Investors, Inc. may undertake action to become parties
to the Bond by executing a counterpart signature page to this Agreement.
3. This Agreement may be amended or modified by a written agreement
executed by the Parties.
4. This Agreement shall be construed and the provisions thereof
interpreted in accordance with the laws of Pennsylvania.
5. This Agreement constitutes the entire agreement among the parties
hereto and supersedes any prior agreement with respect to the subject hereof,
whether oral or written, among any or all of the parties.
IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be
executed in their names and on their behalf under their seals by and through
their duly authorized officers, as of the day and year first above written.
Cash Trust Series, Inc.
Cash Trust Series II
Edward Jones Money Market Fund
Federated American Leaders Fund, Inc.
Federated Adjustable Rate Securities Fund
Federated Core Trust
Federated Core Trust II, L.P.
Federated Equity Funds
Federated Equity Income Fund, Inc.
Federated Fixed Income Securities, Inc.
Federated GNMA Trust
Federated Government Income Securities, Inc.
Federated High Income Bond Fund, Inc.
Federated High Yield Trust
Federated Income Securities Trust
Federated Income Trust
Federated Index Trust
Federated Institutional Trust
Federated Insurance Series
Federated Intermediate Government Fund, Inc.
Federated International Series, Inc.
Federated Investment Series Funds, Inc.
Federated Managed Allocation Portfolios
Federated Municipal High Yield Advantage Fund, Inc.
Federated Municipal Securities Fund, Inc.
Federated Municipal Securities Income Trust
Federated Premier Intermediate Municipal Income Fund
Federated Premier Municipal Income Fund
Federated Short-Term Municipal Trust
Federated Stock and Bond Fund, Inc.
Federated Stock Trust
Federated Total Return Series, Inc.
Federated Total Return Government Bond Fund
Federated U.S. Government Bond Fund
Federated U.S. Government Securities Fund: 1-3 Years
Federated U.S. Government Securities Fund: 2-5 Years
Federated World Investment Series, Inc.
Intermediate Municipal Trust
Money Market Obligations Trust
/s/ John W. McGonigle
John W. McGonigle, Secretary
Capital Preservation Fund
/s/ Joseph M. Huber
Joseph M. Huber, Secretary
Federated International Funds PLC
Federated Unit Trust
/s/ C. Todd Gibson
C. Todd Gibson, Secretary
Federated Strategic Investment Series Fund, L.P.
/s/ Peter J. Germain
Peter J. Germain, Secretary
FEDERATED JOINT INSURED'S AGREEMENT
AMENDMENT #1
DATED JUNE 30, 2006
The entities designated below require that the Joint Insured's Agreement filed
with the Securities and Exchange Commission on August 17, 2005 be amended as
follows:
ENTITY NAME EFFECTIVE
DATE
Federated Managed Pool Series 6/12/2006
/s/ G. Andrew Bonnewell
G. Andrew Bonnewell, Secretary
RESOLUTIONS OF THE BOARD OF DIRECTORS
OF THE FEDERATED FUNDS LISTED
AS ADOPTED UNANIMOUSLY AT THEIR
GENERAL SESSION MEETING
NOVEMBER 14 - 17, 2005
AND RESPECTFULLY SUBMITTED BY JOHN W. MCGONIGLE, SECRETARY
RESOLVED, that the Board hereby approves coverage for FINS (IFMOF),
FIST (FRRBF) and FMAP (2015, 2025, 2035) under the joint
D&O/E&O Insurance Policy, "Side A" Policy and under the
joint Fidelity Bond that are currently in place for each
of FINS, FIST and FMAP.
RESOLVED, that the Board hereby ratifies the fidelity bond
coverage in the amount reviewed with the full Board
during these meetings.
FURTHER RESOLVED, that the Board hereby ratifies coverage in the
amount of $50,000,000 on behalf of the Federated Funds,
their directors and officers, for the combination of
insurance coverages reviewed with the full Board during
these Meetings;
FURTHER RESOLVED, that the Board hereby ratifies coverage to insure
the Federated Funds' directors and officers in the
amount of $50,000,000; and
FURTHER RESOLVED, that the Board ratifies a fidelity bond in the
amount, type, form and coverage reviewed at this
meeting, and ratifies the portion of the premium to be
paid by each of the Funds as set forth in the materials
provided at this meeting.
RESOLUTION OF THE BOARD OF DIRECTORS
OF THE FEDERATED FUNDS
AS ADOPTED UNANIMOUSLY AT THEIR
GENERAL SESSION MEETING
FEBRUARY 13-16, 2006
AND RESPECTFULLY SUBMITTED BY JOHN W. MCGONIGLE, SECRETARY
RESOLVED, that the Board hereby approves coverage for FIST (FFIOF)
under the joint D&O/E&O Insurance Policy, "Side A" Policy
and under the joint Fidelity Bond that are currently in
place for FIST.
RESOLUTION OF THE BOARD OF DIRECTORS
OF THE FEDERATED FUNDS
AS ADOPTED UNANIMOUSLY AT THEIR
GENERAL SESSION MEETING
MAY 16-19, 2006
AND RESPECTFULLY SUBMITTED BY JOHN W. MCGONIGLE, SECRETARY
RESOLVED, that the Board hereby approves coverage for MSIT (FMHYAF)
under the joint D&O/E&O Insurance Policy, "Side A" Policy
and under the joint Fidelity Bond that are currently in
place for MSIT.