REVISED


FINANCIAL INSTITUTION EXCESS FOLLOW FORM CERTIFICATE

The Great American Insurance Company, herein called the UNDERWRITER

Bond Number:  		FS 234-61-50 - 01

Name and Address of Insured:   		Federated Investors, Inc.
					1001 Liberty Avenue
					Pittsburgh, PA 15222

The UNDERWRITER, in consideration of an agreed premium, and in reliance upon the statements and
information furnished to the UNDERWRITER by the Insured, and subject to the terms and conditions
of the underlying coverage scheduled in ITEM 3 below, as excess and not contributing insurance,
agrees to pay the Insured for loss which:

(a) Would have been paid under the Underlying but for the fact that such loss exceeds the limit
of liability of the Underlying Carrier (s) listed in Item 3, and
(b) for which the Underlying Carrier (s) has (have) made payment, and the Insured has collected
the full amount of the expressed limit of the Underlying Carriers (s) liability.

ITEM 1.  BOND PERIOD: from 12:01 a.m. on 10/01/2008 to 12:01 a.m. on 10/01/2009
					           (inception)		     (expiration)

ITEM 2.  LIMIT OF LIABILITY AT INCEPTION: $10,000,000 single loss   Fidelity, Premises, Transit,
Forgery or Alteration, Securities, Counterfeit Currency, Threat to Person, Computer Systems,
Extended Computer, Telefacsimile.

ITEM 3.  UNDERLYING COVERAGE:

  	A)	CARRIER: 			Federal Insurance Company
	        LIMIT:                             	$15,000,000 single loss subject to a $250,000 deductible
	             BOND NUMBER:       		8194-80-05
	        BOND PERIOD:        		10/01/2008  10/01/2009

ITEM 4.  Coverage provided by this Bond is subject to the following attached Rider(s):
	Rider No. 1 (Aggregate Tie In Rider)

ITEM 5.  By acceptance of this Bond, you give us notice canceling prior Bond No. FS 234-61-50 - 00,
	   the cancellation to be effective at the same time this Bond becomes effective.

In witness whereof, the UNDERWRITER has caused this certificate to be signed by an Attorney-in-Fact
of the UNDERWRITER  this 27th day of January, 2009.

						THE GREAT AMERICAN INSURANCE COMPANY

				           	By: /s/ Frank J. Scheckton, Jr.
					            (Attorney-in-Fact)
Excess Follow Form Certificate
10/2007 ed.

RIDER NO. 1

AGGREGATE TIE-IN RIDER


To be attached to and form part of Investment Company Bond Follow Form

Bond No.	FS 234-61-50 - 01

in favor of	Federated Investors, Inc.


1. The Aggregate Limit of Liability stated in Item 2 of the Declarations of
Investment Company Bond Excess Follow Form Certificate, Bond No. 234-61-50  01
is shared with the Aggregate Limit of Liability stated in Item 2 of
Financial Institution Bond Form Excess Follow Form  Bond No. 234-61-51 - 01.

2. Any loss covered under this Bond or Financial Institution Bond No. 234-61-51 - 01
individually, shall reduce the amount of the said Aggregate Limit of Liability shared
by Bond No. 234-61-50 - 01 and Bond No. 234-61-51 - 01.


3. Nothing herein contained shall be held to vary, alter, waive or extend any of the
terms, conditions, provisions, agreements or limitations of the attached Bond other
than as above stated.

4. This rider shall become effective as of 12:01 a.m. on 10/01/2008 standard time.