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.