Federated Funds
 
 
Fidelity Bond Filing
 
 

 
 

 
 
Contents of Submission:
 
 
1)           Copy of the Financial Institution Investment Company AssetProtection Bond (“Bond”) received on November 6, 2008 for filingas required by Rule 17g-1(g)(B)(i);
 
 
2)           Copy of the resolutions of a majority of the disinteresteddirectors and of the Executive Committee of the Funds’ Board,respectively, approving the amount, type, form and coverage of the Bond, and the portion of the premium to be paid by such company as required by Rule 17g-1(g)(B)(ii);
 
 
3)           Copy of a statement showing the amount of the single insured bondwhich each investment company would have provided and maintainedhad it not been named as an insured under a joint insured bond;
 
 
4)           As required by Rule 17g-1(g)(B)(iv), the period for whichpremiums have been paid is October 1, 2008 to October 1, 2009;and
 
 
5)           Copy of the agreement and amendments, thereto between theinvestment company and all of the other named insureds asrequired by Rule 17g-1(g)(B)(v).*
 
 

 
 
* Incorporated by reference to the Fidelity Bond filing submitted on December 12, 2007.
 
 

 
 

 

 
 
 
 
        Chubb Group of Insurance Companies    DECLARATIONS         
                        FINANCIAL INSTITUTION INVESTMENT 
        15 Mountain View Road, Warren, New Jersey 07059        COMPANY ASSET PROTECTION BOND 
 
 
 NAME OF ASSURED (including its Subsidiaries):        Bond Number: 81948005         
 
 FEDERATED INVESTORS, INC.                         
                        FEDERAL INSURANCE COMPANY 
 
 1001 LIBERTY AVENUE                Incorporated under the laws of Indiana     
 PITTSBURGH, PA 15222                a stock insurance company herein called the COMPANY 
                        Capital Center, 251 North Illinois, Suite 1100 
                        Indianapolis, IN 46204-1927         
 
 
 
 
 
 
 
 
 
 
 ITEM 1.     BOND PERIOD:    from    12:01 a.m. on    October 1, 2008             
                 to    12:01 a.m. on    October 1, 2009             
 
 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.         
 
                                DEDUCTIBLE 
     INSURING CLAUSE               LIMIT OF LIABILITY       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 
    12.       Extended Computer Systems           $ 15,000,000    $ 250,000 
    13.     Telefacsimile Instruction Fraud             $ 15,000,000    $ 250,000 
    14.     Unauthorized Signature               $ 15,000,000    $ 250,000 
 
ITEM 3.    THE LIABILITY OF THE COMPANY IS ALSO SUBJECT TO THE TERMS OF THE FOLLOWING 
    ENDORSEMENTS EXECUTED SIMULTANEOUSLY HEREWITH:         
 
        1 – 14                             
 
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.             


ICAP Bond (5-98) - Federal   
Form 17-02-1421 (Ed. 5-98)  Page 1 of 1 

    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 subject to the 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)  Page 1 of 19 

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)  Page 2 of 19 

Insuring Clauses                 
 
 
Extended Forgery        For the purpose of this INSURING CLAUSE, a mechanically reproduced facsimile 
(continued)        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)  Page 3 of 19 

Insuring Clauses             
(continued)             
 
 
Voice Initiated Funds    9.    Loss resulting directly from Voice Initiated Funds Transfer Instruction directed 
Transfer Instruction        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    10.    Loss resulting directly from the ASSURED having credited an account of a 
Deposit        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)  Page 4 of 19 

General Agreements             
 
 
Additional Companies    A.    If more than one corporation, or Investment Company, or any combination of 
Included As Assured        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. 
 
 
 
 
 
Representation Made By    B.    The ASSURED represents that all information it has furnished in the 
Assured        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)  Page 5 of 19 

General Agreements             
(continued)             
 
 
Additional Offices Or    C.    If the ASSURED, other than an Investment Company, while this Bond is in force, 
Employees - Consolidation,        merges or consolidates with, or purchases or acquires assets or liabilities of 
Merger Or Purchase Or        another institution, the ASSURED shall not have the coverage afforded under this 
Acquisition Of Assets Or        Bond for loss which has: 
Liabilities - Notice To        (1)    occurred or will occur on premises, or 
Company             
        (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 -    D.    When the ASSURED learns of a change in control (other than in an Investment 
Notice To Company        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    E.    The COMPANY will indemnify the ASSURED for court costs and reasonable 
Attorneys’ Fees        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)  Page 6 of 19 

General Agreements         
 
 
Court Costs And    (3)       in the absence of 1 or 2 above, an arbitration panel agrees, after a review of 
Attorneys’ Fees           an agreed statement of facts between the COMPANY and the ASSURED, 
(continued)           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)  Page 7 of 19 

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)  Page 8 of 19 

Conditions And             
Limitations             
 
 
Definitions    (8)    each natural person, partnership or corporation authorized by written 
(continued)        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)  Page 9 of 19 

Conditions And         
Limitations         
 
 
Definitions    f.    Forgery means the signing of the name of another natural person with the 
(continued)        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)  Page 10 of 19 

Conditions And             
Limitations             
 
 
Definitions        m.    Subsidiary means any organization that, at the inception date of this Bond, 
(continued)            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 -    2.    This bond does not directly or indirectly cover: 
Applicable to All Insuring        a.    loss not reported to the COMPANY in writing within sixty (60) days after 
Clauses            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)  Page 11 of 19 

Conditions And                     
Limitations                     
 
 
General Exclusions -        h.    loss resulting from dishonest acts by any member of the Board of Directors 
Applicable to All Insuring            or Board of Trustees of the ASSURED who is not an Employee, acting 
Clauses            alone or in collusion with others; 
(continued)        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. 
 
 
 
 
 
Specific Exclusions -    3.    This Bond does not directly or indirectly cover: 
Applicable To All Insuring        a.    loss caused by an Employee, provided, however, this Section 3.a. shall not 
Clauses Except Insuring            apply to loss covered under INSURING CLAUSE 2. or 3. which results 
Clause 1.            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)  Page 12 of 19 

Conditions And                             
Limitations                             
 
 
Specific Exclusions -        f.    loss resulting from the failure for any reason of a financial or depository 
Applicable To All Insuring            institution, its receiver or other liquidator to pay or deliver funds or other 
Clauses Except Insuring            Property to the ASSURED provided further that this Section 3.f. shall not 
Clause 1.            apply to loss of Property resulting directly from robbery, burglary, 
(continued)            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 -    4.    This bond does not directly or indirectly cover:         
Applicable To All Insuring        a.    loss resulting from the complete or partial non-payment of or default on any 
Clauses Except Insuring            loan whether such loan was procured in good faith or through trick, artifice, 
Clauses 1., 4., And 5.            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-    5.    At all times prior to termination of this Bond, this Bond shall continue in force for 
Reduction And Non-        the limit stated in the applicable sections of ITEM 2. of the DECLARATIONS, 
Accumulation Of Liability        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)  Page 13 of 19 

Conditions And             
Limitations             
 
 
Limit Of Liability/Non-        d.    any one casualty or event other than those specified in a., b., or c. above, 
Reduction And Non-        shall be deemed to be one loss and shall be limited to the applicable LIMIT OF 
Accumulation Of Liability        LIABILITY stated in ITEM 2. of the DECLARATIONS of this Bond irrespective of 
(continued)        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 -    7.    a.    The ASSURED shall give the COMPANY notice thereof at the earliest 
Proof - Legal Proceedings            practicable moment, not to exceed sixty (60) days after discovery of loss, in 
Against Company            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)  Page 14 of 19 

Conditions And             
Limitations             
 
 
Notice To Company -        f.    Proof of loss involving Voice Initiated Funds Transfer Instruction shall 
Proof - Legal Proceedings            include electronic recordings of such instructions. 
Against Company             
(continued)             
 
 
 
 
 
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)  Page 15 of 19 

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 - 11.    In the event of a payment under this Bond, the COMPANY shall be subrogated to 
Recovery        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)  Page 16 of 19 

Conditions And             
Limitations             
 
 
Subrogation - Assignment -        d.    fourth, to the ASSURED in satisfaction of any loss suffered by the 
Recovery            ASSURED which was not covered under this Bond. 
(continued)        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)  Page 17 of 19 

Conditions And             
Limitations             
 
 
Termination        If any partner, director, trustee, or officer or supervisory employee of an 
(continued)        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. 

ICAP Bond (5-98)   
Form 17-02-1421 (Ed. 5-98)  Page 18 of 19 

Conditions And     
Limitations     
 
 
Change or Modification    If this Bond is for a joint ASSURED, no charge or modification which would 
(continued)    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)  Page 19 of 19 

 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 (the “Act”), effective 
December 26, 2007, this policy makes available to you insurance for losses arising out of 
certain acts of 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 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 85% of covered terrorism losses that 
exceed the statutorily established deductible to be paid by the insurance company 
providing the coverage. 
 
However, if aggregate insured losses attributable to terrorist acts certified under the Act 
exceed $100 billion in a Program Year (January 1 through December 31), the Treasury 
shall not make any payment for any portion of the amount of such losses that exceeds 
$100 billion. 

10-02-1281 (Ed. 1/2003)
 
If aggregate insured losses attributable to terrorist acts certified under the Act exceed 
$100 billion in a Program Year (January 1 through December 31) and we have met our 
insurer deductible under the Act, we shall not be liable for the payment of any portion of 
the amount of such losses that exceeds $100 billion, and in such case insured losses up 
to that amount are subject to pro rata allocation in accordance with procedures 
established by the Secretary of the Treasury. 
 
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. 

10-02-1281 (Ed. 1/2003)
 
                                                   IMPORTANT NOTICE TO POLICYHOLDERS 
 
 
 
                   All of the members of the Chubb Group of Insurance companies doing business in the United 
States (hereinafter “Chubb”) distribute their products through licensed insurance brokers and agents 
(“producers”). Detailed information regarding the types of compensation paid by Chubb to producers on 
US insurance transactions is available under the Producer Compensation link located at the bottom of 
the page at www.chubb.com, or by calling 1-866-588-9478. Additional information may be available 
from your producer. 
 
                   Thank you for choosing Chubb. 

10-02-1295 (ed. 6/2007)
 
                                                                                                         Important Notice: 
 
 
 
The SEC Requires Proof of Your Fidelity Insurance Policy 
 
Your company is now required to file an electronic copy of your fidelity insurance coverage 
(Chubb’s ICAP Bond policy) to the Securities and Exchange Commission (SEC), according to 
rules adopted by the SEC on June 12, 2006. 
 
Chubb is in the process of providing your agent/broker with an electronic copy of your 
insurance policy as well as instructions on how to submit this proof of fidelity insurance 
coverage to the SEC. You can expect to receive this information from your agent/broker 
shortly. 
 
The electronic copy of your policy is provided by Chubb solely as a convenience and does not 
affect the terms and conditions of coverage as set forth in the paper policy you receive by mail. 
The terms and conditions of the policy mailed to you, which are the same as those set forth in 
the electronic copy, constitute the entire agreement between your company and Chubb. 
 
If you have any questions, please contact your agent or broker. 

Form 14-02-12160 (ed. 7/2006)
 
             ENDORSEMENT/RIDER 
Effective date of         
this endorsement/rider: October 1, 2008                       FEDERAL INSURANCE COMPANY 
                           Endorsement/Rider No.    1 
                           To be attached to and     
                           form a part of Bond No.    81948005 
 
 
Issued to: FEDERATED INVESTORS, INC.         
 
 
    DELETING VALUATION-OTHER PROPERTY AND AMENDING CHANGE OR MODIFICATION 
        ENDORSEMENT     
In consideration of the premium charged, it is agreed that this Bond is amended as follows: 
1.    The paragraph titled Other Property in Section 9, Valuation, is deleted in its entirety. 
2.    The third paragraph in Section 16, Change or Modification, is deleted in its entirety and replaced 
    with the following:         
    If this Bond is for a joint 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 all insured Investment Companies and the Securities and Exchange Commission, 
    Washington, D.C., by the COMPANY.         
 
 
The title and any headings in this endorsement/rider are solely for convenience and form no part of the 
terms and conditions of coverage.         
All other terms, conditions and limitations of this Bond shall remain unchanged.     

 
17-02-2437 (12/2006) rev.
 
 
Page 1
Effective date of         
this endorsement: October 1, 2008    FEDERAL INSURANCE COMPANY 
    Endorsement No.: 2 
    To be attached to and form a part of Bond 
    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: November 4, 2008
 
 

Form 14-02-9228 (Ed. 4/2004)
 
                                                                                                                                               FEDERAL INSURANCE COMPANY 
 
                                                                                                                                               Endorsement No:    3 
 
                                                                                                                                               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     
Treasury Cash Series II     
 
Edward Jones Money Market Fund     
 
Federated Intermediate Government 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 Enhanced Duration Active Cash Core Fund     
 
Federated Core Trust II, LP     
Emerging Markets Fixed Income Core Fund     
Capital Appreciation Core Fund     
Market Plus Core Fund     
 
Federated Equity Funds     
Federated Capital Appreciation Fund     
Federated Kaufmann Fund     
Federated Technology Fund     
 
ICAP Bond     
Form 17-02-0949 (Rev. 1-97)                                   Page 1 

Federated Mid Cap Growth Strategies Fund 
Federated Market Opportunity Fund 
Federated Kaufmann Large Cap Fund 
Federated Kaufmann Small Cap Fund 
Federated Strategic Value Fund 
Federated InterContinental Fund 
Federated International Strategic Value Fund 
Federated Prudent Bear Fund 
Federated Equity Income Fund, Inc 
 
Federated Fixed Income Securities, Inc. 
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 Real Return Bond Fund 
Federated Stock & California Muni Fund 
Federated Prudent Global Income 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 II 
Federated International Equity Fund II 
Federated Kaufmann Fund II 

ICAP Bond   
Form 17-02-0949 (Ed. 1-97)  Page 2 

Federated Prime Money Fund II 
Federated Quality Bond Fund II 
Federated Capital Income Fund II 
Federated Market Opportunity Fund II 
 
Federated InterContinental Collective Fund 
 
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 Strategic Value Equity Fund 
Federated Market Opportunity Value Fund 
Federated Kaufmann Growth Fund (formerly Federated Kaufmann Equity Growth 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 Managed Pool Series 
Federated Corporate Bond Strategy Portfolio 
Federated Mortgage Strategy Portfolio 
Federated International Bond Strategy Portfolio 
Federated High Yield Strategy Portofolio 
 
Federated MDT Series 
Federated MDT All Cap Core Fund 
Federated MDT Balanced Fund 
Federated MDT Large Cap Growth Fund 
Federated MDT Mid Cap Growth Fund 
Federated MDT Small Cap Core Fund 
Federated MDT Small Cap Growth Fund 
Federated MDT Small Cap Value Fund 
Federated MDT Tax Aware/All Cap Core Fund 
Federated MDT Large Cap Value Fund 
 
 
Federated Municipal Securities Fund, Inc 

ICAP Bond   
Form 17-02-0949 (Ed. 1-97)  Page 3 

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 Municipal High Yield Advantage Fund 
 
 
Federated Premier Intermediate Municipal Income Fund 
 
Federated Premier Municipal Income Fund     
 
Federated Short-Intermediate Duration Municipal Trust (formerly Federated Short-Term Municipal Trust) 
 
 
Federated Stock and Bond Fund (formerly Federated Stock and Bond Fund, Inc.) 
 
Federated Stock Trust     
 
Federated Strategic Investment Series Fund, L.P. 
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-Reten) 
High Quality,Intn’l Bond Portfolio (Inter-Reten)     
International Equity Portfolio (Inter-Aktien)     
Short-Term Bond Portfolio (Euro-Kurzlaufer)     
Pro Basis LVM Anteile     
 
Federated World Investment Series, Inc.     
Federated International Value Fund     
Federated International Capital Appreciation Fund 
Federated International High Income Fund     
Federated International Small-Mid Company Fund (formerly Federated International Small Company 
Fund)     

Intermediate Municipal Trust   
Federated Intermediate Municipal Trust   
 
ICAP Bond   
Form 17-02-0949 (Ed. 1-97)  Page 4 

Money Market Obligations Trust 
Alabama Municipal Cash Trust 
Arizona Municipal Cash Trust 
Automated Cash Management Trust 
Automated Government Cash Reserves 
Automated Government Money Trust 
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 
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 
 
 
 
This Endorsement applies to loss discovered after 12:01 a.m. on October 1, 2008. 
 
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED. 

Date: November 4, 2008
 
 
                                                                                                                                                         FEDERAL INSURANCE COMPANY 
                                                                                                                                                         Endorsement No.: 4 
                                                                                                                                                         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     
 
 
                                                                                                     Signature of Assured’s Representative 
 
                                                                                                     Position/Title     
 
 
                                                                                                     Date     
This Endorsement applies to loss discovered after 12:01 a.m. on October 1, 2008. 
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED. 

Date: November 4, 2008
 
 

ICAP Bond
 
Form 17-02-0955 (Rev. 1-97)
 
                                                                                                                                         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 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, 2008. 
 
 
 
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED. 

Date: November 4, 2008
 
 

ICAP Bond
 
Form 17-02-5650 (Ed. 11-03)
 
                                                                                                           FEDERAL INSURANCE COMPANY 
 
                                                                                                           Endorsement No.: 6 
 
                                                                                                           Bond Number:    81948005 
 
 
 
NAME OF ASSURED: FEDERATED INVESTORS, INC.     
 
 
                 EXTENDED COMPUTER SYSTEMS ENDORSEMENT 
 
It is agreed that this Bond is amended as follows:     
 
1.    By adding the following INSURING CLAUSE:     
    12. Extended Computer Systems     
                 A.    Electronic Data, Electronic Media, Electronic Instruction     
        Loss resulting directly from:     
        (1)    the fraudulent modification of Electronic Data, Electronic Media or Electronic 
            Instruction being stored within or being run within any system covered under this 
            INSURING CLAUSE,     
        (2)    robbery, burglary, larceny or theft of Electronic Data, Electronic Media or 
            Electronic Instructions,     
 
        (3)    the acts of a hacker causing damage or destruction of Electronic Data, 
            Electronic Media or Electronic Instruction owned by the ASSURED or for which 
            the ASSURED is legally liable, while stored within a Computer System covered 
            under this INSURING CLAUSE, or     
        (4)    the damage or destruction of Electronic Data, Electronic Media or Electronic 
            Instruction owned by the ASSURED or for which the ASSURED is legally liable 
            while stored within a Computer System covered under INSURING CLAUSE 12, 
            provided such damage or destruction was caused by a computer program or 
            similar instruction which was written or altered to intentionally incorporate a hidden 
            instruction designed to damage or destroy Electronic Data, Electronic Media, or 
            Electronic Instruction in the Computer System in which the computer program 
            or instruction so written or so altered is used.     

ICAP2 Bond   
Form 17-02-2976 (Ed. 1-02)  Page 1 

B.    Electronic Communication 
    Loss resulting directly from the ASSURED having transferred, paid or delivered any 
    funds or property, established any credit, debited any account or given any value on the 
    faith of any electronic communications directed to the ASSURED, which were 
    transmitted or appear to have been transmitted through: 
 
    (1)    an Electronic Communication System, 
 
    (2)    an automated clearing house or custodian, or 
    (3)    a Telex, TWX, or similar means of communication, 
 
    directly into the ASSURED'S Computer System or Communication Terminal, and 
    fraudulently purport to have been sent by a customer, automated clearing house, 
    custodian, or financial institution, but which communications were either not sent by said 
    customer, automated clearing house, custodian, or financial institution, or were 
    fraudulently modified during physical transit of Electronic Media to the ASSURED or 
    during electronic transmission to the ASSURED'S Computer System or 
    Communication Terminal. 
 
C.    Electronic Transmission 
    Loss resulting directly from a customer of the ASSURED, any automated clearing house, 
    custodian, or financial institution having transferred, paid or delivered any funds or property, 
    established any credit, debited any account or given any value on the faith of any electronic 
    communications, purporting to have been directed by the ASSURED to such customer, 
    automated clearing house, custodian, or financial institution initiating, authorizing, or 
    acknowledging, the transfer, payment, delivery or receipt of funds or property, which 
    communications were transmitted through: 
 
    (1)    an Electronic Communication System, 
 
    (2)    an automated clearing house or custodian, or 
    (3)    a Telex, TWX, or similar means of communication, 
 
    directly into a Computer System or Communication Terminal of said customer, 
    automated clearing house, custodian, or financial institution, and fraudulently purport to 
    have been directed by the ASSURED, but which communications were either not sent 
    by the ASSURED, or were fraudulently modified during physical transit of Electronic 
    Media from the ASSURED or during electronic transmission from the ASSURED'S 
    Computer System or Communication Terminal, and for which loss the ASSURED is 
    held to be legally liable. 

ICAP2 Bond   
Form 17-02-2976 (Ed. 1-02)  Page 2 

2.    By adding to Section 1., Definitions, the following: 
 
    r.    Communication Terminal means a teletype, teleprinter or video display terminal, or similar 
        device capable of sending or receiving information electronically. Communication Terminal 
        does not mean a telephone. 
    s.    Electronic Communication System means electronic communication operations by 
        Fedwire, Clearing House Interbank Payment System (CHIPS), Society of Worldwide 
        International Financial Telecommunication (SWIFT), similar automated interbank 
        communication systems, and Internet access facilities. 
    t.    Electronic Data means facts or information converted to a form usable in Computer 
        Systems and which is stored on Electronic Media for use by computer programs. 
    u.    Electronic Instruction means computer programs converted to a form usable in a 
        Computer System to act upon Electronic Data. 
 
    v.    Electronic Media means the magnetic tape, magnetic disk, optical disk, or any other bulk 
        media on which data is recorded. 
3.    By adding the following Section after Section 4., Specific Exclusions-Applicable to All INSURING 
    CLAUSES except 1., 4., and 5.: 
 
    Section 4.A. Specific Exclusions-Applicable to INSURING CLAUSE 12 
 
    This Bond does not directly or indirectly cover: 
 
    a.    loss resulting directly or indirectly from Forged, altered or fraudulent negotiable instruments, 
        securities, documents or written instruments used as source documentation in the preparation 
        of Electronic Data; 
    b.    loss of negotiable instruments, securities, documents or written instruments except as 
        converted to Electronic Data and then only in that converted form; 
    c.    loss resulting from mechanical failure, faulty construction, error in design, latent defect, wear 
        or tear, gradual deterioration, electrical disturbance, Electronic Media failure or breakdown 
        or any malfunction or error in programming or error or omission in processing; 
    d.    loss resulting directly or indirectly from the input of Electronic Data at an authorized 
        electronic terminal of an Electronic Funds Transfer System or a Customer 
        Communication System by a person who had authorized access from a customer to that 
        customer's authentication mechanism; or 
    e.    liability assumed by the ASSURED by agreement under any contract, unless such liability would 
        have attached to the ASSURED even in the absence of such agreement; or 
 
    f.    loss resulting directly or indirectly from: 
 
        (1)    written instruction unless covered under this INSURING CLAUSE; or 
 
        (2)    instruction by voice over the telephone, unless covered under this INSURING CLAUSE. 

ICAP2 Bond   
Form 17-02-2976 (Ed. 1-02)  Page 3 

4.    By adding to Section 9., Valuation, the following: 
 
    Electronic Data, Electronic Media, Or Electronic Instruction 
 
    In case of loss of, or damage to, Electronic Data, Electronic Media or Electronic Instruction used by 
    the ASSURED in its business, the COMPANY shall be liable under this Bond only if such items are 
    actually reproduced form other Electronic Data, Electronic Media or Electronic Instruction of the 
    same kind or quality and then for not more than the cost of the blank media and/or the cost of labor for 
    the actual transcription or copying of data which shall have been furnished by the ASSURED in order to 
    reproduce such Electronic Data, Electronic Media or Electronic Instruction subject to the applicable 
    SINGLE LOSS LIMIT OF LIABILITY. 
 
    However, if such Electronic Data can not be reproduced and said Electronic Data represents 
    Securities or financial instruments having a value, then the loss will be valued as indicated in the 
    SECURITIES and OTHER PROPERTY paragraphs of this Section. 
 
 
 
 
This Endorsement applies to loss discovered after 12:01 a.m. on October 1, 2008. 
 
 
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED. 

Date: November 4, 2008
 
 

ICAP2 Bond   
Form 17-02-2976 (Ed. 1-02)  Page 4 

                                                                                                         FEDERAL INSURANCE COMPANY 
 
                                                                                                         Endorsement No.: 7 
 
                                                                                                         Bond Number:    81948005 
 
 
 
NAME OF ASSURED:     FEDERATED INVESTORS, INC.     
 
 
 
            TELEFACSIMILE INSTRUCTION FRAUD ENDORSEMENT 
 
It is agreed that this Bond is amended as follows:     
 
1.    By adding the following INSURING CLAUSE:     
 
    13.    Telefacsimile Instruction     
 
        Loss resulting directly from the ASSURED having transferred, paid or delivered any 
        funds or other Property or established any credit, debited any account or given any 
        value on the faith of any fraudulent instructions sent by a Customer, financial institution 
        or another office of the ASSURED by Telefacsimile directly to the ASSURED 
        authorizing or acknowledging the transfer, payment or delivery of funds or Property or 
        the establishment of a credit or the debiting of an account or the giving of value by the 
        ASSURED where such Telefacsimile instructions:     
 
        a.     bear a valid test key exchanged between the ASSURED and a Customer or 
             another financial institution with authority to use such test key for Telefacsimile 
             instructions in the ordinary course of business, but which test key has been 
             wrongfully obtained by a person who was not authorized to initiate, make, 
             validate or authenticate a test key arrangement, and 
 
        b.     fraudulently purport to have been sent by such Customer or financial institution 
             when such Telefacsimile instructions were transmitted without the knowledge 
             or consent of such Customer or financial institution by a person other than such 
             Customer or financial institution and which bear a Forgery of a signature, 
             provided that the Telefacsimile instruction was verified by a direct call back to 
             an employee of the financial institution, or a person thought by the ASSURED to 
             be the Customer, or an employee of another financial institution. 
 
2.    By deleting from Section 1., Definitions, the definition of Customer in its entirety, and 
    substituting the following:     
 
    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 or Telefacsimile 
        Instruction.     

ICAP Bond   
Form 17-02-2367 (Rev. 10-03)  Page 1 

3.    By adding to Section 1., Definitions, the following:     
 
    w.    Telefacsimile means a system of transmitting written documents by electronic signals 
        over telephone lines to equipment maintained by the ASSURED for the purpose of 
        reproducing a copy of said document.    Telefacsimile does not mean electronic 
        communication sent by Telex or similar means of communication, or through an 
        electronic communication system or through an automated clearing house. 
 
4.    By adding to Section 3., Specific Exclusions Applicable to All Insuring Clauses Except Insuring 
    Clause 1. the following:     
 
    j.    loss resulting directly or indirectly from Telefacsimile instructions provided, however, 
        this exclusion shall not apply to this INSURING CLAUSE. 
 
 
 
 
This Endorsement applies to loss discovered after 12:01 a.m. on October 1, 2008. 
 
 
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED. 

Date: November 4, 2008
 
 

ICAP Bond   
Form 17-02-2367 (Rev. 10-03)  Page 2 

                                                                                                                         FEDERAL INSURANCE COMPANY 
                                                                                                                         Endorsement No.: 8 
                                                                                                                         Bond Number:    81948005 
 
 
NAME OF ASSURED: FEDERATED INVESTORS, INC.     
 
                                       UNAUTHORIZED SIGNATURE ENDORSEMENT 
It is agreed that this Bond is amended as follows:     
1.    By adding the following INSURING CLAUSE:     
    14.    Unauthorized Signature     
        Loss resulting directly from the ASSURED having accepted, paid or cashed any check or 
        Withdrawal Order made or drawn on or against the account of the ASSURED’S customer which 
        bears the signature or endorsement of one other than a person whose name and signature is on 
        file with the ASSURED as a signatory on such account.     
        It shall be a condition precedent to the ASSURED'S right of recovery under this INSURING 
        CLAUSE that the ASSURED shall have on file signatures of all the persons who are signatories on 
        such account.     
2.    By adding to Section 1., Definitions, the following:     
    x.    Instruction means a written order to the issuer of an Uncertificated Security requesting that the 
        transfer, pledge or release from pledge of the specified Uncertificated Security be registered. 
    y.    Uncertificated Security means a share, participation or other interest in property of or an 
        enterprise of the issuer or an obligation of the issuer, which is:     
        (1)    not represented by an instrument and the transfer of which is registered on books maintained 
            for that purpose by or on behalf of the issuer, and     
        (2)    of a type commonly dealt in on securities exchanges or markets, and 
        (3)    either one of a class or series or by its terms divisible into a class or series of shares, 
            participations, interests or obligations.     

ICAP Bond   
Form 17-02-5602 (Ed. 10-03)  Page 1 

             z.    Withdrawal Order means a non-negotiable instrument, other than an Instruction, signed by a 
    customer of the ASSURED authorizing the ASSURED to debit the customer’s account in the 
    amount of funds stated therein. 
 
 
 
 
This Endorsement applies to loss discovered after 12:01 a.m. on October 1, 2008. 
 
 
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED. 

Date: November 4, 2008
 
 

ICAP Bond   
Form 17-02-5602 (Ed. 10-03)  Page 2 

                 FEDERAL INSURANCE COMPANY 
                 Endorsement No.: 9 
                 Bond Number:    81948005 
 
NAME OF ASSURED: FEDERATED INVESTORS, INC.     
 
                     AMENDING DEFINITION OF EMPLOYEE-CONSULTANT ENDORSEMENT 
It is agreed that this Bond is amended by adding to the definition of Employee in Section 1., Definitions, the 
following:         
(10)    a consultant retained by the ASSURED and an employee of such consultant while either is performing 
    consulting services for the ASSURED pursuant to a written contract.     
 
 
 
 
This Endorsement applies to loss discovered after 12:01 a.m. on October 1, 2008. 
ALL OTHER TERMS AND CONDITIONS OF THIS    REMAIN UNCHANGED. 

Date: November 4, 2008
 
 
ICAP Bond
 
Form 17-02-2336 (Ed. 10-00)
 
                                                                                                                                         FEDERAL INSURANCE COMPANY 
 
                                                                                                                                         Endorsement No.:    10 
 
                                                                                                                                         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 10/1/2007 to 1/1/2008, 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, 2008.     
 
 
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED. 

Date: November 4, 2008
 
 

ICAP Bond
 
Form DFIFEDINVEST (Ed. 4-05)
 
                                                                                                                         FEDERAL INSURANCE COMPANY 
                                                                                                                         Endorsement No.:    11 
                                                                                                                         Bond Number:    81948005 
NAME OF ASSURED: FEDERATED INVESTORS, INC.     
 
 
 
                                                           AMEND DISCOVERY ENDORSEMENT     
It is agreed that this Bond is amended by deleting Section 6., Discovery, in its entirety and substituting 
the following:     
6.    Discovery     
    This Bond applies only to loss first discovered by the Risk Management Department, Audit 
    Department, Human Resources Department or Senior Vice President and above of the ASSURED 
    during the BOND PERIOD. Discovery occurs at the earlier of the Risk Management Department, 
    Audit Department, Human Resources Department or Senior Vice President and above 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.     
 
 
 
This Endorsement applies to loss discovered after 12:01 a.m. on October 1, 2008. 
 
 
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED. 

Date: November 4, 2008
 
 

ICAP Bond
 
Form 17-02-6260 (Ed. 6-04)
 
                                                                                                                           FEDERAL INSURANCE COMPANY 
                                                                                                                           Endorsement No.: 12 
                                                                                                                           Bond Number:    81948005 
 
 
NAME OF ASSURED: FEDERATED INVESTORS, INC.     
 
        AMENDING DEFINITION OF EMPLOYEE-FORMER EMPLOYEES ENDORSEMENT 
It is agreed that this Bond is amended by adding to the definition of Employee in Section 1., Definitions, the 
following:         
(11)    a natural person who resigns, retires or is terminated from the service of the ASSURED during the 
    BOND PERIOD provided that this applies:     
    a.           for a period of ninety (90) days subsequent to such resignation, retirement or termination but not 
             beyond the date of expiration or termination of the Bond; and     
    b.           if such resignation, retirement or termination has not arisen from or in connection with the 
             discovery by the ASSURED of any actual or alleged dishonest, fraudulent or criminal act(s) of 
             such person.     
 
 
 
 
This Endorsement applies to loss discovered after 12:01 a.m. on October 1, 2008. 
 
ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED. 

Date: November 4, 2008
 

ICAP Bond
 
Form 17-02-2335 (Ed. 10-00)
 
                               ENDORSEMENT/RIDER 
 
Effective date of         
this endorsement/rider: October 1, 2008    FEDERAL INSURANCE COMPANY 
 
        Endorsement/Rider No.    13 
 
        To be attached to and     
        form a part of Bond No.    81948005 
 
Issued to: FEDERATED INVESTORS, INC.         
 
 
 
 
 
                   AMEND EXTENDED FORGERY INSURING CLAUSE ENDORSEMENT 
 
In consideration of the premium charged, it is agreed that paragraph (b) of Insuring Clause (5), Extended 
Forgery, is deleted and replaced with the following:         
 
             (b)    guaranteed in writing or witnessed any signature upon any transfer, assignment, bill of sale, power of 
    attorney, Guarantee, endorsement, stock or bond power or any items listed in a. above; or purportedly 
    guaranteed in writing or witnessed any signature on any transfer, assignment, bill of sale, power or 
    attorney, Guarantee, endorsement, stock or bond power or any items listed in a. above which purported 
    guarantee was effected by the unauthorized use of a stamp or medallion of or belonging to the 
    ASSURED which was lost, stolen or counterfeited and for which loss the ASSURED is legally liable; 
 
 
The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms 
and conditions of coverage.         
 
 
All other terms, conditions and limitations of this Bond shall remain unchanged. 

 
 
Q07-2364 (10/2007)
 
Page 1
                                   ENDORSEMENT/RIDER 
Effective date of         
this endorsement/rider: October 1, 2008    FEDERAL INSURANCE COMPANY 
            Endorsement/Rider No.    14 
            To be attached to and     
            form a part of Bond No.    81948005 
Issued to:    FEDERATED INVESTORS, INC.         
 
 
 
 
 
                                                             AMEND TERMINATION ENDORSEMENT     
In consideration of the premium charged, it is agreed that this Bond is amended by deleting Section 13., 
Termination, and replacing it with the following:         
This Bond terminates as an entirety on the earliest occurrence of any of the following: 
a.    immediately on the receipt by the COMPANY of a written notice from the ASSURED of its decision to 
    terminate this Bond, or         
b.    immediately on the appointment of a trustee, receiver or liquidator to act on behalf of the ASSURED, or 
    taking over the ASSURED by State or Federal officials, or     
c.    immediately on the dissolution of the ASSURED, or     
d.    immediately on the taking over of the ASSURED by another entity, or     
e.    immediately on expiration of the BOND PERIOD.     
This Bond terminates as to any Employee:         
    (1)    immediately on the ASSURED, or any of its directors, trustees or officers not acting in collusion with 
        such Employee, learning 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, or 
    (2)    fifteen (15) days after the receipt by the ASSURED of a written notice from the COMPANY of its 
        decision to terminate this Bond as to any Employee.     
Termination as to any Employee shall not apply if the dishonest act occurred prior to employment with the 
ASSURED and involved less than $25,000.         
Such termination, however, is without prejudice to the loss of any Property then in transit in the custody of such 
Employee.             
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.         

 
Q07-2757 (11/2007)
 
Page 1
The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms 
and conditions of coverage. 
 
 
 
All other terms, conditions and limitations of this Bond shall remain unchanged. 

 
 
Q07-2757 (11/2007)
 
Page 2
Resolutions of the General Session Meetings
of the Federated Funds
Meeting held on
August 15, 2008

 
 
RESOLVED,
that the Board hereby:  determines that each Fund’s participation in the Bond and D&O/E&O Policy is in the best interests of the Fund; authorizes the procurement of insurance for the Funds in the amount described in the materials provided to the Board; and delegates to the Executive Committee the authority to approve the carriers and approve, if necessary, changes to the Side A Policy, and authorizes John A. Barrett to bind the Bond and D&O/E&O coverage at the best price and terms available for the Funds, as determined by the Executive Committee.























Resolutions of the Executive Committee
of the Federated Funds
as adopted unanimously at the Executive Committee Meeting held on
September 12, 2008
 
 
RESOLVED,
that the Committee hereby approves the acquisition of the joint Fidelity Bond for the period from October 1, 2008, through September 30, 2009, bonding the Officers, Directors, Employees and Agents of the Funds against larceny and embezzlement, in the aggregate amount of $50,000,000;
 
 
 FURTHER RESOLVED, that the Committee hereby approves the acquisition of the D&O/E&O policies for the period from October 1, 2008, through September 30, 2009, in the aggregate amount of $60,000,000;
 
 
FURTHER RESOLVED, that the Committee hereby approves the Mutual Fund Directors and Officers “Side A” insurance coverage to insure the Funds’ directors and officers against unindemnified claims in the amount of $25,000,000 for up to the premium indicated to the Board for a period commencing October 1, 2008 through September 30, 2009; and
 
 
FURTHER RESOLVED, that the Funds’ administrator, Federated Administrative Services (the “Administrator”), is hereby directed and authorized to bind coverage on behalf of the Funds, their directors and officers, for the combination of insurance coverages reviewed with the full Board at its last regular meeting and the current Executive Committee meeting and up to the premium indicated to the Board.



FIDELITY BOND COVERAGE REVIEW - FEDERATED FUNDS
For September 30, 2008
Fund
Monthly Average Net Assets
Gross Assets
(Assets & Liabilities*)
Required Coverage by Investment Co.
Cash Trust Series, Inc.
      
GCS
$984,708,829
    
MCS
$469,826,867
    
PCS
$5,982,974,731
    
TCS
$1,165,991,655
    
   
$8,775,572,124
$2,500,000
Cash Trust Series II
      
TCSII
$260,742,485
    
   
$265,957,335
$750,000
Edward Jones Money Market Fund
    
JONES
$19,041,543,971
    
   
$19,422,374,850
$2,500,000
Federated American Leaders Fund, Inc.
    
ALF
$1,019,522,135
    
   
$1,039,912,577
$1,250,000
Federated Adjustable Rate Securities Fund
    
FARSF
$141,125,703
    
   
$143,948,217
$525,000
Federated Core Trust
      
FEDACC
$1,005,813
    
HYCORE
$916,578,272
    
IPCORE
$17,443,466
    
MBCORE
$2,210,517,616
    
   
$3,208,456,070
$2,100,000
MBCORE is a Blended Fund and its assets are also counted in participating Federated Funds
       
Federated Core Trust II, LP
      
EMCORE
$316,372,417
    
MPCORE
$37,711,872
    
   
$361,165,974
$750,000
Federated Equity Funds
      
FCAF
$1,664,917,919
    
FICF
$906,196,015
    
FKLCF
$60,228,120
    
FMGSF
$463,614,431
    
FKAUF
$8,887,981,017
    
FKSCF
$1,137,491,544
    
FISVF
$881,282
    
FPBF
$0
    
FSVF
$630,064,102
    
FMOPF
$1,711,533,720
    
   
$15,772,166,313
$2,500,000
Federated Equity Income Fund, Inc.
    
FEIF
$776,820,599
    
   
$792,357,011
$1,000,000
Federated Fixed Income Securities, Inc.
    
FMUSF
$784,589,751
    
SIF
$1,012,117,903
    
   
$1,832,641,807
$1,500,000
Federated GNMA Trust
      
FGNMA
$440,693,576
    
   
$449,507,448
$750,000
Federated Government Income Securities, Inc.
    
GISI
$518,276,298
    
   
$528,641,824
$900,000
Federated High Income Bond Fund, Inc
    
FHIBF
$916,744,357
    
   
$935,079,244
$1,000,000
Federated High Yield Trust
      
FHYT
$188,637,951
    
   
$192,410,710
$600,000
Federated Income Securities Trust
    
FRRBF
$18,309,634
    
FSACM
$10,070,825
    
FCIF
$440,140,985
    
FUSG
$753,076,308
    
FMSAF
$704,715,037
    
FPGIF
$0
    
FICBF
$199,205,668
    
FSTIF
$258,785,862
    
   
$2,431,990,405
$1,700,000
Federated Income Trust
      
FIT
$486,045,781
    
   
$495,766,697
$750,000
Federated Index Trust
      
MDCF
$829,636,512
    
MNCF
$75,972,884
    
MXCF
$712,730,438
    
   
$1,650,706,631
$1,500,000
Federated Institutional Trust
      
FIGCF
$9,445,581
    
FIHYBF
$69,731,273
    
FGUSF
$629,554,045
    
   
$722,905,517
$900,000
Federated Insurance Series
      
IFALF
$108,432,414
    
IFCAF
$84,206,865
    
IFEIF
$29,726,304
    
IFMGSF
$26,927,502
    
IFHIBF
$231,543,082
    
IFIEF
$18,585,158
    
IFKAUF
$108,887,876
    
IFMOPF
$24,766,472
    
IFPMF
$103,673,505
    
IFQBF
$343,046,820
    
IFCIF
$40,074,042
    
IFUSG
$397,403,493
    
   
$1,547,619,004
$1,500,000
Federated International Series Inc.
    
FIBF
$120,939,103
    
IEF
$165,969,269
    
   
$292,646,539
$750,000
Federated Investment Series Fund, Inc.
    
FBF
$1,021,156,175
    
   
$1,041,579,299
$1,250,000
Federated Intermediate Government Fund, Inc.
    
FIGF
$33,060,626
    
   
$33,721,839
$300,000
Federated Managed Allocation Portfolios
    
FT2015
$7,621,518
    
FT2025
$11,875,290
    
FT2035
$8,718,034
    
FBAF
$47,270,955
    
   
$76,995,513
$450,000
Federated Managed Pool Series
    
FMSP
$9,469,617
    
FIBSP
$0
    
FHYSP
$0
    
FCP
$13,256,948
    
   
$23,181,097
$250,000
Federated MDT Series
      
FMACC
$361,746,816
    
FMBF
$298,747,829
    
FMLCG
$131,546,167
    
FMLCV
$542,441
    
FMMCG
$12,635,372
    
FMSCC
$15,112,790
    
FMSCG
$106,276,351
    
FMSCV
$28,117,629
    
FMTAAC
$15,434,623
    
   
$989,563,218
$1,000,000
Federated Municipal Securities Fund, Inc.
    
FMSF
$441,399,817
    
   
$450,227,813
$750,000
Federated Municipal Securities Income Trust
    
FMHYAF
$498,098,947
    
CAMIF
$77,070,733
    
MIIMT
$153,144,949
    
NCMIF
$56,663,955
    
NYMIF
$44,309,474
    
OHMIF
$115,765,859
    
PAMIF
$302,346,638
    
   
$1,272,348,565
$1,250,000
Federated Premier Municipal Income Fund
    
FPMIF
$82,615,392
    
   
$84,267,699
$450,000
Federated Premier Intermediate Municipal Income Fund
  
FPIMIF
$93,044,987
    
   
$94,905,887
$450,000
Federated Short-Term Municipal Trust
    
FSIDMT
$210,399,842
    
   
$214,607,839
$600,000
Federated Stock and Bond Fund
    
SBF
$236,748,987
    
   
$241,483,966
$600,000
Federated Stock Trust
      
FST
$356,656,623
    
   
$363,789,756
$750,000
Federated Total Return Government Bond Fund
    
FTRGBF
$555,263,521
    
   
$566,368,791
$900,000
Federated Total Return Series, Inc.
    
FMF
$368,303,285
    
FTRBF
$2,937,257,493
    
FUSBF
$428,227,391
    
   
$3,808,463,932
$2,300,000
Federated U.S. Government Bond Fund
    
FUSGBF
$81,290,339
    
   
$82,916,146
$450,000
Federated U.S. Government Securities Fund: 1-3 Years
  
GOV 1-3
$610,436,298
    
   
$622,645,024
$900,000
Federated U.S. Government Securities Fund: 2-5 Years
  
GOV2-5
$814,140,650
    
   
$830,423,463
$1,000,000
Federated World Investment Series, Inc.
    
FIVF
$117,350,457
    
FIHIF
$126,937,706
    
FISCF
$453,817,023
    
   
$712,067,290
$900,000
Intermediate Municipal Trust
      
IMT
$139,600,623
    
   
$142,392,636
$525,000
Money Market Obligations Trust
    
ACMT
$4,085,139,378
    
AGCR
$843,241,223
    
AGMT
$642,236,012
    
ALMCT
$254,717,659
    
AZMCT
$121,712,601
    
CMCT
$3,005,617,934
    
CTMCT
$266,621,286
    
FCRF
$9,868,726,730
    
FGRF
$12,618,354,596
    
FLMCT
$409,126,244
    
FMUTR
$633,918,040
    
FMT
$193,519,801
    
FSTG
$216,013,513
    
FTFT
$176,920,376
    
GAMCT
$989,640,905
    
GOF
$32,739,271,269
    
GOTMF
$12,149,374,552
    
LIB
$291,531,583
    
MAMCT
$445,478,111
    
MDMCT
$150,371,287
    
MIMCT
$528,505,756
    
MMM
$46,916,875
    
MNMCT
$488,243,171
    
MOF
$5,089,065,858
    
NCMCT
$390,854,571
    
NJMCT
$620,390,931
    
NYMCT
$1,818,122,753
    
OHMCT
$369,585,953
    
PAMCT
$778,705,134
    
PCOF
$13,625,675,349
    
PMOF
$3,076,010,294
    
POF
$26,621,284,222
    
PVOF
$12,978,699,213
    
TFIT
$3,738,090,043
    
TFOF
$12,386,215,823
    
TOF
$27,823,468,416
    
TTO
$422,286,825
    
USTCR
$18,216,744,003
    
VAMCT
$559,087,065
    
   
$213,873,075,062
$2,500,000
TOTALS:                                                      $280,771,422,676.24
$286,386,851,130
$43,300,000

 
 COVERAGE FOR FEDERATED FUNDS
Current Coverage:
$50,000,000
 
Coverage Cushion:                                           13.40%
  $6,700,000
 

 
*ANA multiplied by 102% to approximate gross assets.
 
  Liabilities are generally 2% of gross assets.