Federated Funds


                                Fidelity Bond Filing








      Contents of Submission:


      1)(a) Copy of the Financial Institution Investment Company Asset
      Protection Bond ("Bond") received on October 6, 2006 for filing   as
      required by Rule 17g-1(g)(B)(i);*


        (b) Copy of the National Union Fire Insurance Company of Pittsburgh,
      PA Follow Form Bond ("Bond") received on November 16, 2006 for
      filing as required by Rule 17g-1(g)(B)(i);


      2)    Copy of the amended resolution (which replaces the resolution
      filed on October 16, 2006) of a majority of the disinterested
      directors 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 bond
      which the investment company would have provided and maintained   had
      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 which
      premiums have been paid is October 1, 2006 to October 1, 2007;    and


      5)    Copy of the agreement and amendments thereto between the
      Investment company and all of the other named insureds as   required by
      Rule 17g-1(g)(B)(v).*








        * Incorporated by reference to the Fidelity Bond filing submitted on
         October 16, 2006.










                      AMERICAN INTERNATIONAL COMPANIES(R)

           National Union Fire Insurance Company of Pittsburgh, Pa.
                           A Capital Stock Company
                               175 Water Street
                           New York, New York 10038

                               Follow Form Bond

                                 DECLARATIONS

Bond Number:      673-83-04

Item 1.           Named Insured:    FEDERATED INVESTORS INC

                  Address:          1001 LIBERTY AVENUE, SUITE 2100
                                    PITTSBURGH, PA 15222-3727

Item 2.           Bond Period:  From October 1, 2006 to October 1, 2007 at
                  12:01  A.M.  Standard  Time  at the  Address  of  the  Named
                  Insured shown above

Item 3.           Limit of Liability:     $10,000,000 Excess of:   $15,000,000
                  in the Aggregate of:  none

Item 4.           SCHEDULE OF UNDERLYING EXCESS POLICIES (HEREIN  COLLECTIVELY
                  THE "UNDERLYING PROGRAM"):

Primary Policy ("herein "Primary Policy)
- --------------------------------------------------------------------------------
Policy No.           Single Loss    Aggregate      Deductible    Policy Period
                     Limit          Limit
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
81948005             $15,000,000    none           $250,000      10/01/2006 to
Chubb Group of                                                   10/01/2007
Insurance Companies
- --------------------------------------------------------------------------------

Underlying Excess Policy(ies)

- --------------------------------------------------------------------------------
Policy No.           Single Loss    Aggregate      Deductible    Policy Period
                     Limit          Limit
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
N/A
- --------------------------------------------------------------------------------


Item 5.  Riders Attached:      #1,  #2,  #3,  #4, #5





                                       /s/ John Q. Doyle
                                           ---------------------------
                                       Authorized Representative

                    NATIONAL UNION FIRE INSURANCE COMPANY
                              OF PITTSBURGH, PA.

                           A Capital Stock Company
                               175 Water Street
                           New York, New York 10038

                               Follow Form Bond

Various  provisions  in this bond  restrict  coverage.  Read the  entire  bond
carefully to determine rights, duties and what is and is not covered.

Throughout  this bond,  the words "you" and "your" refer to the Named  Insured
as shown in Item 1 of the  Declarations.  The words "we", "us" and "our" refer
to the Company providing this insurance.

In  consideration  of the  payment of the  premium  and in  reliance  upon the
statements in the Declarations  and in the  Application,  we agree with you to
provide coverage as follows:

                              INSURING AGREEMENT

I.    Coverage

A.   We will  pay on  your  behalf  the  Ultimate  Net  toss  in  excess  of the
     Underlying Bond as shown in Item 4 of the  Declarations,  but only up to an
     amount  not  exceeding  our  Limit of  Liability  as shown in Item 3 of the
     Declarations and only after the issuers of the Underlying Bond have paid or
     have been held liable to pay the full amount of limits of  insurance of the
     Underlying  Bond.  Except  for  the  terms,  definitions,   conditions  and
     exclusions  of this bond,  the coverage  provided by this bond shall follow
     the terms, definitions, conditions and exclusions of the Underlying Bond as
     shown in Item 4 of the Declarations.

B.   The Limit of Liability shown in Item 3 of the Declarations  states the most
     we will pay  regardless  of the number of  Insureds,  claims  made or suits
     brought or persons or organizations making claims or bringing suits.

II.   Definition

A.    Ultimate Net Loss

            The  term   "Ultimate  Net  Loss"  means  the  amount  payable  in
            settlement of the loss of the Insured after making  deductions for
            all  recoveries  and  for  other  valid  and  collectible   bonds,
            excepting  however  the  Underlying  Bond  shown  in Item 4 of the
            Declarations.

III.  Conditions

A.    Maintenance of Limit of Liability of Underlying Bond

            The limit of liability of the Underlying  Bond shall be maintained
            in full force and effect during the period of this bond.  Under no
            circumstances,   including   but  not   limited   to   bankruptcy,
            insolvency  or  inability  to pay at the  issue of the  Underlying
            Bond,  will we drop down and replace the Underlying Bond or assume
            any obligation of the Underlying Bond.

            If you fail to  comply  with  this  requirement,  we will  only be
            liable to the same  extent  that we would  have been had you fully
            complied with this requirement.

B.    Cancellation

1.    You may cancel  this  bond.  You must mail or  deliver  advance  written
                  notice  to us  stating  when  the  cancellation  is to  take
                  effect.

2.    We may  cancel  this  bond.  If we  cancel  because  of  non-payment  of
                  premium,  we must mail or  deliver  to you not less than ten
                  (10)  days   advance   written   notice   stating  when  the
                  cancellation  is to take effect.  If we cancel for any other
                  reason,  we must mail or deliver to you not less than ninety
                  (90)  days   advance   written   notice   stating  when  the
                  cancellation  is to take effect.  Mailing that notice to you
                  at your mailing address shown in Item 1 of the  Declarations
                  will be sufficient to prove notice.

3.   The bond  period  will end on the day and hour  stated in the  cancellation
     notice.

4.   If we cancel,  earned premium will be calculated pro rata based on the time
     this bond was in force.

5.   If you  cancel,  earned  premium  will be  calculated  based on short  rate
     tables.

6.   The first Named Insured in Item 1 of the  Declarations  shall act on behalf
     of all other Insureds with respect to the giving and receiving of notice of
     cancellation  and the receipt of any refund that may become  payable  under
     this bond.

7.   Any of  these  provisions  that  conflict  with  a law  that  controls  the
     cancellation  of the insurance in this bond is changed by this statement to
     comply with that law.

C.    Cancellation of Underlying Bond

            This bond is canceled upon  cancellation  of the Underlying  Bond.
            You must promptly notify us of the  cancellation of the Underlying
            Bond.  Such  notice  must  be  made  when  you  send a  notice  of
            cancellation  of the Underlying  Bond to, or when you receive such
            notice from, the issuer of the Underlying Bond.

D.    Changes to Underlying Bond

            You must promptly  notify us of any changes to the Underlying Bond
            which are made after its inception  date.  Any changes made to the
            Underlying  Bond  after its  inception  shall not affect the terms
            and  conditions  of this bond,  which  shall  continue to apply as
            though no change had been made to the Underlying Bond.

E.    Notice of Claim or Loss

            You must  notify us in  writing  as soon as  practicable  when you
            become  aware of any claim or loss  under the  Underlying  Bond or
            any bond which may give rise to any claim or loss under this bond.

F.    Payment of Premium

            The first Named Insured shown in Item 1 of the Declarations  shall
            be responsible for payment of all premiums when due.

In Witness Whereof, we have caused this bond to be executed and attested,  but
this  bond  shall  not be  valid  unless  countersigned  by  one  of our  duly
authorized representatives, where required by law.



/s/ Elizabeth M. Tuck                     /s/ John Q. Doyle
   --------------------                      ---------------------------------
Secretary                                 President



                                ENDORSEMENT# 1

This endorsement, effective 12:01 am      October 1, 2006   forms a part of
policy number 673-83-04
issued to FEDERATED INVESTORS INC

by    American Home Assurance Company

        THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

                        COVERAGE TERRITORY ENDORSEMENT

Payment of loss under this policy shall only be made in full  compliance  with
all United States of America  economic or trade sanction laws or  regulations,
including,  but not limited to, sanctions,  laws and regulations  administered
and  enforced  by the U.S.  Treasury  Department's  Office of  Foreign  Assets
Control ("OFAC").




















                                          /s/ John Q. Doyle
                                              ---------------------------
                                               Authorized Representative

                                ENDORSEMENT# 2

This endorsement, effective 12:01 am      October 1, 2006   forms a part of
policy number 673-83-04
issued to FEDERATED INVESTORS INC

by    American Home Assurance Company

                     PENNSYLVANIA CANCELLATION/NONRENEWAL
                            AMENDATORY ENDORSEMENT

Wherever used in this  endorsement:  1) "we", "us",  "our", and "Insurer" mean
the insurance company which issued this policy; and 2) "you",  "your",  "named
Insured",  "First Named  Insured",  and "Insured" mean the Named  Corporation,
Named  Organization,  Named Sponsor,  Named Insured,  or Insured stated in the
Declarations  page;  and 3) "Other  Insured(s)"  means all  other  persons  or
entities afforded coverage under the policy.

Cancellation/Nonrenewal

The cancellation provision of this policy is amended as follows:

Canceling a policy midterm is prohibited except if:

      1)    A condition material to insurability has changed substantially;

      2)    Loss of reinsurance or a substantial  decrease in reinsurance  has
      occurred;

      3)    Material misrepresentation by the Insured;

      4)    Policy was obtained through fraud;

      5)    The Insured has failed to pay a premium when due;

      6)    The Insured has requested cancellation;

      7)    Material failure to comply with terms;

      8)    Other reasons that the commissioner may approve.

Notice Requirements for Midterm Cancellation and Nonrenewal

Notice  shall be mailed  by  registered  or first  class  mail by the  Insurer
directly to the named Insured.  Written  notice will be forwarded  directly to
the named Insured at least sixty (60) days in advance of the termination  date
unless one or more of the following exists:

1)     The Insured  has made a material  misrepresentation  which  affects the
       insurability  of the risk, in which case the prescribed  written notice
       of  cancellation  shall be forwarded  directly to the named  Insured at
       least  fifteen  (15)  days  in  advance  of  the   effective   date  of
       termination.

2)     The Insured has failed to pay a premium  when due,  whether the premium
       is payable  directly to the Insurer or its agents or indirectly under a
       premium  finance  plan or  extension  of  credit,  in  which  case  the
       prescribed  written notice of cancellation  shall be forwarded directly
       to the Named  Insured  at least  fifteen  (15) days in  advance  of the
       effective date of termination.

3)     The policy was  cancelled by the named  Insured,  in which case written
       notice of  cancellation  shall not be required  and  coverage  shall be
       terminated  on the date  requested  by the  Insured.  Nothing  in these
       three  sections  shall  restrict  the  Insurer's  right to  rescind  an
       insurance  policy ab initio upon discovery that the policy was obtained
       through  fraudulent  statements,   omissions  or  concealment  of  fact
       material to the  acceptance of the risk or to the hazard assumed by the
       Insurer.

The notice shall be clearly  labeled  "Notice of  Cancellation"  or "Notice of
Nonrenewal".  A midterm  cancellation  or  nonrenewal  notice  shall state the
specific  reasons  for the  cancellation  or  nonrenewal.  The  reasons  shall
identify  the   condition  or  loss   experience   which  caused  the  midterm
cancellation or nonrenewal.  The notice shall provide  sufficient  information
or data for the Insured to correct the deficiency.

A  midterm  cancellation  or  nonrenewal  notice  shall  state  that,  at  the
Insured's  request,  the Insurer shall provide loss information to the Insured
for at least three  years or the period of time  during  which the Insurer has
provided  coverage to the Insured,  whichever is less. Loss information on the
Insured shall consist of the following:

1)     Information  on  closed  claims,  including  date  and  description  or
       occurrence, and any amount of payments, if any;

2)     Information  on  open  claims,   including  date  and   description  or
       occurrence, amount of payment, if any, and amount or reserves, if any;

3)     Information  on notices of occurrence,  including date and  description
       of occurrence and amount of reserves, if any.

The Insured's  written  request for loss  information  must be made within ten
(10) days of the Insured's  receipt of the midterm  cancellation or nonrenewal
notice.  The  Insurer  shall have thirty (30) days from the date of receipt of
the Insured's written request to provide the requested information.

Notice of Increase in Premium

The  Insurer  shall  provide not less than sixty (60) days notice of intent to
increase  the  Insured's  renewal  premium  with thirty (30) days notice of an
estimate of the renewal  premium.  The notice of renewal premium increase will
be mail or  delivered  to the  Insured's  last  known  address.  If  notice is
mailed, it will be by registered or first class mail.

Return of Unearned Premium

Cancellation  initiated by Insurer -- Unearned premium must be returned to the
Insured  not later than ten (10)  business  days after the  effective  date of
termination.

Cancellation  initiated by Insured -- Unearned premium must be returned to the
Insured  not  later  than  thirty  (30)  days  after  the  effective  date  of
termination.

ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS SHALL REMAIN UNCHANGED.




                                   RIDER# 3

This rider, effective   12:01 am    October 1, 2006   forms part of
bond number 673-83-04
issued to FEDERATED INVESTORS INC

by    American Home Assurance Company

                  RELIANCE UPON OTHER CARRIER'S APPLICATION

In  granting  coverage  under this  policy,  it is agreed that the Insurer has
relied  upon  the  statements  and  representations  contained  in  the  below
referenced  application  (including  materials  submitted thereto and, if such
application is a renewal  application,  all such previous policy applications,
and their  attachments  and  materials,  for which this policy is a renewal or
succeeds in time) as being  accurate and  complete.  It is further  understood
and agreed that the  Organization  and the Insureds  warrant and  represent to
the Insurer that the statements and  representations  made in such application
were accurate on the date such  representations  and  statement  were so given
and that in connection  therewith the Insureds  hereby reaffirm each and every
statement  made in our  application  to Chubb Group of Insurance  Companies as
accurate as of October 1,  2005 as if it was made to the Insurer on such date.
All such statements and representations  shall be deemed to be material to the
risk  assumed  by the  Insurer,  are the  basis of this  policy  and are to be
considered as incorporated into this policy.

      TYPE OF POLICY APPLICATION
      Investment Company Asset protection Bond

      CARRIER
      Chubb Group of Insurance Companies

      DATE SIGNED
      June 21, 2006

ALL OTHER TERMS, CONDITIONS AND LIMITATIONS REMAIN UNCHANGED.

















                                          /s/ John Q. Doyle
                                              --------------------------
                                               Authorized Representative

                                   RIDER #4

This rider, effective   12:01 am    October 1, 2006   forms a part of
bond number 673-83-04
issued to FEDERATED INVESTORS INC

by    American Home Assurance Company

                               DROP DOWN RIDER

It is agreed that:

1.     It is a condition  of the  attached  bond that the  underlying  bond(s)
       shall be maintained in full effect in the amount of $15,000,000  during
       the  period  of the  attached  bond  except  for any  reduction  in the
       Aggregate Limit(s) of Liability  contained therein solely by payment of
       claims.

2.     If, by reason of the  payment of any claim or claims,  by  Underwriters
       during the period of the  attached  bond which  reduces  the  Aggregate
       Limit(s) of Liability of the  underlying  bond, the attached bond shall
       apply  excess of the reduced  Aggregate  Limit(s) of  Liability  of the
       underlying  bond.  In the  event of the  exhaustion  of the  underlying
       limit(s),  the  attached  bond  shall  continue  in  force  as  primary
       insurance,  and the Deductible set forth in the Schedule of the primary
       bond shall apply to the attached bond.

3.     However, in the event of any reinstatement of the underlying  Aggregate
       Limit(s) of  Liability,  the attached bond shall apply as excess of the
       reinstated underlying Aggregate Limit(s) of Liability.

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















                                          /s/ John Q. Doyle
                                              --------------------------
                                               Authorized Representative

                                ENDORSEMENT# 5

This endorsement, effective 12:01 am      October 1, 2006   forms a part of
policy number 673-83-04
issued to FEDERATED INVESTORS INC

by    American Home Assurance Company

                           FORMS INDEX ENDORSEMENT

The contents of the Policy is comprised of the following forms:

      FORM NUMBER          EDITION               FORM TITLE
                            DATE
- -------------------------------------------------------------------------
- -------------------------------------------------------------------------
63674                    10/95       Follow Form Bond - Dec
63675                    10/95       Follow Form Bond - Guts
89644                    07/05       COVERAGE TERRITORY ENDORSEMENT
                                     (OFAC)
52165                    11/96       PENNSYLVANIA AMENDATORY -.
                                     CANCELLATION/NONRENEWAL
MNSCPR                               RELIANCE UPON OTHER CARRIER'S
                                     APPLICATION
MNSCPR                               DROP DOWN RIDER
78859                    10/01       FORMS INDEX ENDORSEMENT

























                                          /s/ John Q. Doyle
                                              --------------------------
                                               Authorized Representative



                             POLICYHOLDER NOTICE

Thank  you  for  purchasing  insurance  from  a  member  company  of  American
International  Group,  Inc.  (AIG).  The AIG member  companies  generally  pay
compensation   to  brokers  and   independent   agents,   and  may  have  paid
compensation  in  connection  with your  policy.  You can  review  and  obtain
information  about the  nature  and range of  compensation  paid by AIG member
companies to brokers and  independent  agents in the United States by visiting
our   website  at   www.aigproducercompensation.com   or  by  calling  AIG  at
1-800-706-3102.





                    Resolutions of the Board of Directors
                           of the Federated Funds
                       as adopted unanimously at their
                       SPECIAL GENERAL SESSION MEETING
                           SEPTEMBER 25, 2006
            and respectfully submitted by John W. McGonigle,
                                Secretary

      FURTHER RESOLVED, that the Board hereby approves the
                  acquisition of the joint Fidelity Bond for the
                  period from October 1, 2006, through September
                  30, 2007, 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 Board hereby approves the
                  acquisition of the D&O/E&O policies for the
                  period from October 1, 2006, through September
                  30, 2007, in the aggregate amount of
                  $50,000,000;

      FURTHER RESOLVED, that the Board hereby approves the Side A
                  Directors and Officers / Errors and Omissions
                  insurance coverage to insure the Funds'
                  directors and officers against unindemnified
                  claims in the amount of $50,000,000 for up to
                  the premium indicated to the Board for a period
                  commencing October 1, 2006 through September
                  30, 2007;

      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 special meeting and up to the premium
                  indicated to the Board.