SUB-ITEM 77E: LEGAL PROCEEDINGS

Since February 2004, Federated and related entities
(collectively, "Federated") have been named as
defendants in several lawsuits, that were
consolidated into a single action in the United States
District Court for the Western District of
Pennsylvania, alleging excessive advisory fees
involving one of the Federated-sponsored mutual
funds.  Without admitting the validity of any claim,
Federated reached a final settlement with the
Plaintiffs in these cases in April 2011.





Current as of:  8/18/94