(GRAPHIC OMITTED)                           DECLARATIONS

CHUBB GROUP OF INSURANCE COMPANIES          FINANCIAL INSTITUTION INVESTMENT

15 MOUNTAIN VIEW ROAD,                      COMPANY ASSET PROTECTION BOND

WARREN, NEW JERSEY  07059



NAME OF ASSURED (including its SUBSIDIARIES):Bond Number: 81948005

FEDERATED INVESTORS, INC.
                                              FEDERAL INSURANCE COMPANY
                                              Incorporated under the laws of
                                              Indiana a stock insurance company
                                              herein called the
Company
1001 Liberty Avenue
Pittsburgh, PA 15222                          Capital Center, 251 North
                                              Illinois, Suite 1100
                                              Indianapolis, IN 46204-1927


ITEM 1.   BOND PERIOD: from      12:01 a.m. on    October 1, 2005

          to                     12:01 a.m. on    October 1, 2006



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.

         INSURING CLAUSE             LIMIT OF LIABILITYDEDUCTIBLE
         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











ITEM 3.    THE LIABILITY OF THE COMPANY IS ALSO SUBJECT TO THE TERMS OF
           THE FOLLOWING ENDORSEMENTS EXECUTED SIMULTANEOUSLY HEREWITH:

            1 - 6.

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.

/S/ Authorized Signature                     /S/ Authorized Signature
           Secretary                                President

Countersigned by
                                             /S/ Authorized Signature
                                             Authorized Representative


































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





(GRAPHICS OMITTED THROUGHOUT DOCUMENT WHERE THEY APPEAR IN ORIGINAL DOCUMENT)

                         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  all  subject
                         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









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)
Insuring Clauses
Extended Forgery
(continued)


For the purpose of this INSURING CLAUSE, a mechanically reproduced facsimile
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)




Insuring Clauses
(continued)

Voice Initiated Funds
Transfer Instruction

                    9.   Loss  resulting  directly  from VOICE  INITIATED  FUNDS
                         TRANSFER    INSTRUCTION   directed   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 Deposit

                    10.Loss resulting  directly from the ASSURED having credited
                         an account of a 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)
GENERAL AGREEMENTS



Additional Companies
Included As Assured

                    A.   If more than one corporation, or INVESTMENT COMPANY, or
                         any  combination  of 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.

Representations Made By
Assured

                    B.   The  ASSURED  represents  that all  information  it has
                         furnished in the 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)


General Agreements
(continued)
Additional Offices Or
 Employees - Consolidation,
Merger Or Purchase Or
Acquisition Of Assets Or
Liabilities - Notice To
 Company

                    C.   If the ASSURED, other than an INVESTMENT COMPANY, while
                         this Bond is in force,  merges or consolidates with, or
                         purchases or acquires  assets or liabilities of another
                         institution,  the ASSURED  shall not have the  coverage
                         afforded under this Bond for loss which has:

                         (1)   occurred or will occur on premises, or

                         (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-
Notice to Company

               D    When the ASSURED  learns of a change in control  (other than
                    in an INVESTMENT 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 Attorneys' Fees

               E.   The COMPANY will  indemnify  the ASSURED for court costs and
                    reasonable  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)


General Agreements
Court Costs and Attorneys' Fees
(continued)

               (3)  in the absence of 1 or 2 above, an arbitration panel agrees,
                    after a review of an agreed  statement of facts  between the
                    COMPANY and the  ASSURED,  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)




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)




CONDITIONS AND LIMITATIONS
Definitions
(continued)

               (8)  each natural person,  partnership or corporation  authorized
                    by written 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)


CONDITIONS AND LIMITATIONS
Definitions
(continued)

               f.   FORGERY  means the  signing of the name of  another  natural
                    person  with  the  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)

CONDITIONS AND LIMITATIONS
Definitions
(continued)

               m.   SUBSIDIARY  means any  organization  that,  at the inception
                    date of this Bond, 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 -
Applicable to All Insuring
Clauses

               2.   This bond does not directly or indirectly cover:

               a.   loss not  reported  to the COMPANY in writing  within  sixty
                    (60) days after 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)


CONDITIONS AND LIMITATIONS
General Exclusions -
Applicable to All Insuring
Clauses
(continued)

               h.   loss  resulting  from  dishonest  acts by any  member of the
                    Board of  Directors  or Board of Trustees of the ASSURED who
                    is  not an  Employee,  acting  alone  or in  collusion  with
                    others;

               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.

NANCY

Specific Exclusions -
Applicable To All Insuring
Clauses Except Insuring
Clause 1.

               3.     This Bond does not directly or indirectly cover:

               a.   loss caused by an Employee,  provided, however, this Section
                    3.a. shall not apply to loss covered under  INSURING  CLAUSE
                    2.  or  3.  which  results   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)


CONDITIONS AND LIMITATIONS
Specific Exclusions -
Applicable To All Insuring
Clauses Except Insuring
Clause 1.
(continued)

               f.   loss  resulting  from  the  failure  for  any  reason  of  a
                    financial or depository  institution,  its receiver or other
                    liquidator to pay or deliver funds or other  PROPERTY to the
                    ASSURED  provided  further that this Section 3.f.  shall not
                    apply to loss of PROPERTY  resulting  directly from robbery,
                    burglary,     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 -
Applicable To All Insuring
 Clauses Except Insuring
Clauses 1., 4., And 5.

               4.   THIS BOND DOES NOT DIRECTLY OR INDIRECTLY COVER:

               a.   loss  resulting from the complete or partial non- payment of
                    or default on any loan  whether  such loan was  procured  in
                    good  faith  or  through  trick,  artifice,  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-
Reduction And Non-
Accumulation Of Liability

               5.   At all times prior to  termination  of this Bond,  this Bond
                    shall  continue  in  force  for  the  limit  stated  in  the
                    applicable   sections  of  ITEM  2.  of  the   DECLARATIONS,
                    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)


CONDITIONS AND LIMITATIONS
Limit Of Liability/Non-
Reduction And Non-
Accumulation Of Liability

               d.   any one casualty or event other than those  specified in a.,
                    b., or c. (continued) above,

               shall  be  deemed  to be one loss and  shall  be  limited  to the
               applicable   LIMIT  OF  LIABILITY   stated  in  ITEM  2.  of  the
               DECLARATIONS  of this Bond  irrespective  of 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 -
 Proof - Legal Proceedings
Against Company

               7.   a. The ASSURED shall give the COMPANY  notice thereof at the
                    earliest  practicable  moment, not to exceed sixty (60) days
                    after  discovery of loss,  in 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)


CONDITIONS AND LIMITATIONS
Notice To Company -
 Proof - Legal Proceedings
Against Company
(continued)

               f.  Proof  of  loss  involving  Voice  Initiated  Funds  Transfer
               Instruction   shall   include   electronic   recordings  of  such
               instructions.

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)


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 -
Recovery

               11. In the event of a payment under this Bond,  the COMPANY shall
               be subrogated to 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)




CONDITIONS AND LIMITATIONS

Subrogation - Assignment -
Recovery
(continued)

               d.   fourth,  to the ASSURED in satisfaction of any loss suffered
                    by the  ASSURED  which  was not  covered  under  this  Bond.
                    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)


CONDITIONS AND LIMITATIONS

     Termination
     (continued)

               If any  partner,  director,  trustee,  or officer or  supervisory
               employee of an 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.

                    If  this  Bond  is  for  a  joint  ASSURED,   no  charge  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 to the  Securities  and Exchange  Commission,
                    Washington, D.C., by the COMPANY.

ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98)





                                              FEDERAL INSURANCE COMPANY

                                              Endorsement No.:      1

                                              Bond Number:          81948005



NAME OF ASSURED:  FEDERATED INVESTORS, INC.



                 DELETING VALUATION-OTHER PROPERTY ENDORSEMENT



It is agreed that this Bond is amended by deleting in its entirety the paragraph
titled Other Property in Section 9., Valuation.









This Endorsement applies to loss discovered after 12:01 a.m. on October 1, 2005.



ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.







Date: October 21, 2005                          By /S/ Authorized Signature
                                                       Authorized Representative









ICAP Bond
Form 17-02-2437 (Rev. 1-01)





                                              FEDERAL INSURANCE COMPANY

                                              Endorsement No.:      2

                                              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
Municipal Cash Series II
Treasury Cash Series II

Edward Jones Money Market Fund

Federated Intermediate Govt. Fund (formerly Federated Limited Duration Govt.
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 Core Trust II, LP
Emerging Markets Fixed Income Core Fund
Capital Appreciation Core Fund
Market Plus Core Fund



ICAP Bond
Form 17-02-0949 (Rev. 1-97)




Federated Equity Funds
Federated Capital Appreciation Fund
Federated Kaufmann Fund
Federated Technology Fund
Federated Mid Cap Growth Strategies Fund
Federated Large Cap Growth Fund
Federated Market Opportunity Fund
Federated Kaufmann Small Cap Fund
Federated Strategic Value Fund

Federated Equity Income Fund, Inc.

Federated Fixed Income Securities, Inc.
Federated Limited Term Municipal Fund
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 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 11


ICAP Bond
Form 17-02-0949 (Rev. 1-97)




Federated International Equity Fund II
Federated Kaufmann Fund II
Federated Prime Money Fund II
Federated Quality Bond Fund II
Federated Total Return Bond Fund II
Federated Capital Income Fund II

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 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 Municipal High Yield Advantage Fund, Inc.
Federated Municipal Securities Fund, Inc.

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 Premier Intermediate Municipal Income Fund
Federated Premier Municipal Income Fund

Federated Short-Term Municipal Trust

Federated Stock and Bond Fund, Inc.

Federated Stock Trust

Federated Strategic Investment Series Fund, L.P.
Federated Enhanced Reserves Fund
Federated Enhanced Reserves Rated Fund

Federated Total Return Series, Inc.
Federated Mortgage Fund

ICAP Bond
Form 17-02-0949 (Rev. 1-97)

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-Renten)
High Quality, Intn'l Bond Portfolio (Inter-Renten)
International Equity Portfolio (Inter-Aktien)
Short-Term Bond Portfolio (Euro-Kurzlaufer)

Federated World Investment Series, Inc.
Federated European Equity Fund
Federated Global Equity Fund
Federated International Value Fund
Federated International Capital Appreciation Fund
Federated International High Income Fund
Federated International Small Company Fund
Federated Global Value Fund

Intermediate Municipal Trust
Federated Intermediate Municipal Trust

Money Market Obligations Trust
Alabama Municipal Cash Trust
Arizona Municipal Cash Trust
Automated Cash Management Trust
Automated Government Cash Reserves
Automated Government Money Trust
Automated Treasury Cash Reserves
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

ICAP Bond
Form 17-02-0949 (Rev. 1-97)
Money Market Management, Inc.
Money Market Trust
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 Government Cash Reserves
Trust for Short-Term U.S. Government Securities
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, 2005.



ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.


Date: October 21, 2005                     By  /S/ Authorized Signature
                                                 Authorized Representative



ICAP Bond
Form 17-02-0949 (Rev. 1-97)




                                           FEDERAL INSURANCE COMPANY

                                           Endorsement No.:   3

                                           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

                                     /S/ John A. Barrett
                                     Signature of Assured's Representative

                                     INSURANCE RISK MGR.
                                     Position Title

                                     11/16/05
                                     Date


This Endorsement applies to loss discovered after 12:01 a.m. on October 1, 2005.


ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: October 21, 2005                     By  /S/ Authorized Signature
                                                 Authorized Representative


ICAP Bond
Form 17-02-0955 (Rev. 1-97)




                                           FEDERAL INSURANCE COMPANY

                                           Endorsement No.:   4

                                           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 10/1/2005 to 1/1/2006, 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, 2005.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.


Date: October 21, 2005                     By   /S/ Authorized Signature
                                           Authorized Representative

ICAP Bond
Form DFIFEDINVEST (Ed. 4-05)






                                           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 as follows 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, 2005.





ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.




Date: October 21, 2005                     By   /S/ Authorized Signature
                                                 Authorized Representative



ICAP Bond
Form 17-02-5650 (Ed. 11-03)




Effective date ofthis endorsement:  October 1, 2005FEDERAL INSURANCE COMPANY

                                           Endorsement No.:   6

                                           To be attached to and form a part of
                                           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: October 21, 2005                     By  /S/ Authorized Signature
                                                 Authorized Representative



Form 14-02-9228 (Ed. 4/2004)




                                           FEDERAL INSURANCE COMPANY

                                           Endorsement No.:   7

                                           Bond Number:       81948005


NAME OF ASSURED:  FEDERATED INVESTORS, INC.



                             DELETE AN ENDORSEMENT

It is agreed that this Bond is amended by deleting Endorsement Number(s) 2 in
its entirety.



This Endorsement applies to loss discovered after 12:01 a.m. on October 24,
2005.



ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.




Date: March 7, 2006                        By  /S/ Authorized Signature
                                                 Authorized Representative




ICAP Bond
                                                     Form 17-02-5647 (Ed. 11-03)




                      Chubb & Son, div. of Federal Insurance Company as manager
                of the member insurers of the Chubb Group of Insurance Companies

                                  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 of 2002
(the  "Act")  effective  November 26, 2002, this policy makes available  to  you
insurance for losses arising  out  of  certain  acts of international 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 acting on behalf of any foreign person
or foreign  interest,  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 90% of covered
terrorism losses that exceed  the  statutorily established deductible to be paid
by the insurance company providing the  coverage.   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.


Form 10-02-1281 (Ed. 1/2003)





                                           FEDERAL INSURANCE COMPANY
                                           Endorsement No.:   8
                                           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
Municipal Cash Series II
Treasury Cash Series II

Edward Jones Money Market Fund
Federated Intermediate Govt. Fund (formerly Federated Limited Duration Govt.
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 Core Trust II, LP
Emerging Markets Fixed Income Core Fund
Capital Appreciation Core Fund
Market Plus Core Fund



ICAP Bond
Form 17-02-0949 (Rev. 1-97)





Federated Equity Funds
Federated Capital Appreciation Fund
Federated Kaufmann Fund
Federated Technology Fund
Federated Mid Cap Growth Strategies Fund
Federated Large Cap Growth Fund
Federated Market Opportunity Fund
Federated Kaufmann Small Cap Fund
Federated Strategic Value Fund

Federated Equity Income Fund, Inc.

Federated Fixed Income Securities, Inc.
Federated Limited Term Municipal Fund
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 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




ICAP Bond
Form 17-02-0949 (Rev. 1-97)

Federated High Income Bond Fund II
Federated International Equity Fund II
Federated Kaufmann Fund II
Federated Prime Money Fund II
Federated Quality Bond Fund II
Federated Total Return Bond Fund II
Federated Capital Income Fund II

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 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 Municipal High Yield Advantage Fund, Inc.
Federated Municipal Securities Fund, Inc.

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 Premier Intermediate Municipal Income Fund

Federated Premier Municipal Income Fund

Federated Short-Term Municipal Trust

Federated Stock and Bond Fund, Inc.

Federated Stock Trust

Federated Strategic Investment Series Fund, L.P.
Federated Enhanced Reserves Fund
Federated Enhanced Reserves Rated Fund

ICAP Bond
Form 17-02-0949 (Rev. 1-97)
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-Renten)
High Quality, Intn'l Bond Portfolio (Inter-Renten)
International Equity Portfolio (Inter-Aktien)
Short-Term Bond Portfolio (Euro-Kurzlaufer)

Federated World Investment Series, Inc.
Federated European Equity Fund
Federated Global Equity Fund
Federated International Value Fund
Federated International Capital Appreciation Fund
Federated International High Income Fund
Federated International Small Company Fund
Federated Global Value Fund

Intermediate Municipal Trust
Federated Intermediate Municipal Trust

Money Market Obligations Trust
Alabama Municipal Cash Trust
Arizona Municipal Cash Trust
Automated Cash Management Trust
Automated Government Cash Reserves
Automated Government Money Trust
Automated Treasury Cash Reserves
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

ICAP Bond
Form 17-02-0949 (Rev. 1-97)
Michigan Municipal Cash Trust
Minnesota Municipal Cash Trust
Money Market Management, Inc.
Money Market Trust
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 Government Cash Reserves
Trust for Short-Term U.S. Government Securities
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 24,
2005.



ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.



Date: March 7, 2006                        By   /S/ Authorized Signature
                                                 Authorized Representative



ICAP Bond
Form 17-02-0949 (Rev. 1-97)




                                           FEDERAL INSURANCE COMPANY
                                           Endorsement No.:   9
                                           Bond Number:       81948005


NAME OF ASSURED:  FEDERATED INVESTORS, INC.




                             DELETE AN ENDORSEMENT

It is agreed that this Bond is amended by deleting Endorsement Number(s) 8 in
its entirety.



This Endorsement applies to loss discovered after 12:01 a.m. on December 9,
2005.



ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.




Date: March 7, 2006                        By  /S/ Authorized Signature
                                                 Authorized Representative





ICAP Bond
Form17-02-5647(Ed.11-03)




                                           FEDERAL INSURANCE COMPANY
                                           Endorsement No.:   10
                                           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
Municipal Cash Series II
Treasury Cash Series II

Edward Jones Money Market Fund

Federated Intermediate Govt. Fund  (formerly Federated Limited Duration Govt.
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 Core Trust II, LP
Emerging Markets Fixed Income Core Fund
Capital Appreciation Core Fund
Market Plus Core Fund

ICAP Bond
Form 17-02-0949 (Rev. 1-97)



Federated Equity Funds
Federated Capital Appreciation Fund
Federated Kaufmann Fund
Federated Technology Fund
Federated Mid Cap Growth Strategies Fund
Federated Large Cap Growth Fund
Federated Market Opportunity Fund
Federated Kaufmann Small Cap Fund
Federated Strategic Value Fund

Federated Equity Income Fund, Inc.

Federated Fixed Income Securities, Inc.
Federated Limited Term Municipal Fund
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 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


ICAP Bond
Form 17-02-0949 (Rev. 1-97)





Federated High Income Bond Fund II
Federated International Equity Fund II
Federated Kaufmann Fund II
Federated Prime Money Fund II
Federated Quality Bond Fund II
Federated Total Return Bond Fund II
Federated Capital Income Fund II

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 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 Municipal High Yield Advantage Fund, Inc.

Federated Municipal Securities Fund, Inc.

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 Premier Intermediate Municipal Income Fund

Federated Premier Municipal Income Fund

Federated Short-Term Municipal Trust

Federated Stock and Bond Fund, Inc.

Federated Stock Trust

Federated Strategic Investment Series Fund, LP.
Federated Enhanced Reserves Fund
Federated Enhanced Reserves Rated Fund

ICAP Bond
Form 17-02-0949 (Rev. 1-97)
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-Renten)
High Quality, Intn'l Bond Portfolio (Inter-Renten)
International Equity Portfolio (Inter-Aktien)
Short-Term Bond Portfolio (Euro-Kurzlaufer)

Federated World Investment Series, Inc.
Federated European Equity Fund
Federated Global Equity Fund
Federated International Value Fund
Federated International Capital Appreciation Fund
Federated International High Income Fund
Federated International Small Company Fund
Federated Global Value Fund

Intermediate Municipal Trust
Federated Intermediate Municipal Trust

Money Market Obligations Trust
Alabama Municipal Cash Trust
Arizona Municipal Cash Trust
Automated Cash Management Trust
Automated Government Cash Reserves
Automated Government Money Trust
Automated Treasury Cash Reserves
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
ICAP Bond
Form 17-02-0949 (Rev. 1-97)
Michigan Municipal Cash Trust
Minnesota Municipal Cash Trust
Money Market Management, Inc.
Money Market Trust
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 Short-Term U.S. Government Securities
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 December 9,
2005.



ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.




Date: March 7, 2006                        By  /S/ Authorized Signature
                                                 Authorized Representative




ICAP Bond
Form 17-02-0949 (Rev. 1-97)




                                           FEDERAL INSURANCE COMPANY
                                           Endorsement No.:   11
                                           Bond Number:       81948005


NAME OF ASSURED:  FEDERATED INVESTORS, INC.


                             DELETE AN ENDORSEMENT

It is agreed that this Bond is amended by deleting Endorsement Number(s) 10 in
its entirety.





This Endorsement applies to loss discovered after 12:01 a.m. on December 20,
2005.



ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.




Date: March 7, 2006                        By  /S/ Authorized Signature
                                                 Authorized Representative




ICAP Bond
Form 17-02-5647 (Ed. 11-03)





                                           FEDERAL INSURANCE COMPANY
                                           Endorsement No.:   12
                                           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
Municipal Cash Series II
Treasury Cash Series II

Edward Jones Money Market Fund

Federated Intermediate Govt. Fund  (formerly Federated Limited Duration Govt.
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 Core Trust II, LP
Emerging Markets Fixed Income Core Fund
Capital Appreciation Core Fund
Market Plus Core Fund



ICAP Bond
Form 17-02-0949 (Rev. 1-97)



Federated Equity Funds
Federated Capital Appreciation Fund
Federated Kaufmann Fund
Federated Technology Fund
Federated Mid Cap Growth Strategies Fund
Federated Large Cap Growth Fund
Federated Market Opportunity Fund
Federated Kaufmann Small Cap Fund
Federated Strategic Value Fund

Federated Equity Income Fund, Inc.

Federated Fixed Income Securities, Inc.
Federated Limited Term Municipal Fund
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 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



ICAP Bond
Form 17-02-0949 (Rev. 1-97)


Federated High Income Bond Fund II
Federated International Equity Fund II
Federated Kaufmann Fund II
Federated Prime Money Fund II
Federated Quality Bond Fund II
Federated Total Return Bond Fund II
Federated Capital Income Fund II

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 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 Municipal High Yield Advantage Fund, Inc.

Federated Municipal Securities Fund, Inc.

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 Premier Intermediate Municipal Income Fund

Federated Premier Municipal Income Fund

Federated Short-Term Municipal Trust

Federated Stock and Bond Fund, Inc.

Federated Stock Trust

Federated Strategic Investment Series Fund, L.P.
Federated Enhanced Reserves Fund
Federated Enhanced Reserves Rated Fund
ICAP Bond
Form 17-02-0949 (Rev. 1-97)




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-Renten)
High Quality, Intn'l Bond Portfolio (Inter-Renten)
International Equity Portfolio (Inter-Aktien)
Short-Term Bond Portfolio (Euro-Kurzlaufer)

Federated World Investment Series, Inc.
Federated European Equity Fund
Federated Global Equity Fund
Federated International Value Fund
Federated International Capital Appreciation Fund
Federated International High Income Fund
Federated International Small Company Fund
Federated Global Value Fund

Intermediate Municipal Trust
Federated Intermediate Municipal Trust

Money Market Obligations Trust
Alabama Municipal Cash Trust
Arizona Municipal Cash Trust
Automated Cash Management Trust
Automated Government Cash Reserves
Automated Government Money Trust
Automated Treasury Cash Reserves
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
ICAP Bond
Form 17-02-0949 (Rev. 1-97)




Massachusetts Municipal Cash Trust
Michigan Municipal Cash Trust
Minnesota Municipal Cash Trust
Money Market Management, Inc.
Money Market Trust
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 Short-Term U.S. Government Securities
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 December 20,
2005.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.


Date: March 7, 2006                        By  /S/ Authorized Signature
                                                 Authorized Representative


ICAP Bond
Form 17-02-0949 (Rev. 1-97)






                                           FEDERAL INSURANCE COMPANY
                                           Endorsement No.:   13
                                           Bond Number:       81948005


NAME OF ASSURED:  FEDERATED INVESTORS, INC.


                             DELETE AN ENDORSEMENT

It is agreed that this Bond is amended by deleting Endorsement Number(s) 12 in
its entirety.





This Endorsement applies to loss discovered after 12:01 a.m. on March 1, 2006.



ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.




Date: May 8, 2006                          By  /S/ Authorized Signature
                                                 Authorized Representative




ICAP Bond
Form 17-02-5647 (Ed. 11-03)





                                           FEDERAL INSURANCE COMPANY
                                           Endorsement No.:   14
                                           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
Municipal Cash Series II
Treasury Cash Series II

Edward Jones Money Market Fund

Federated Intermediate Govt. Fund (formerly Federated Limited Duration Govt.
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 Core Trust II, LP
Emerging Markets Fixed Income Core Fund
Capital Appreciation Core Fund
Market Plus Core Fund



ICAP Bond
Form 17-02-0949 (Rev. 1-97)



Federated Equity Funds
Federated Capital Appreciation Fund
Federated Kaufmann Fund
Federated Technology Fund
Federated Mid Cap Growth Strategies Fund
Federated Large Cap Growth Fund
Federated Market Opportunity Fund
Federated Kaufmann Small Cap Fund
Federated Strategic Value Fund

Federated Equity Income Fund, Inc.

Federated Fixed Income Securities, Inc.
Federated Limited Term Municipal Fund
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 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



ICAP Bond
Form 17-02-0949 (Rev. 1-97)


Federated High Income Bond Fund II
Federated International Equity Fund II
Federated Kaufmann Fund II
Federated Prime Money Fund II
Federated Quality Bond Fund II
Federated Total Return Bond Fund II
Federated Capital Income Fund II
Federated Market Opportunity Fund II

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 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 Municipal High Yield Advantage Fund, Inc.

Federated Municipal Securities Fund, Inc.

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 Premier Intermediate Municipal Income Fund
Federated Premier Municipal Income Fund

Federated Short-Term Municipal Trust

Federated Stock and Bond Fund, Inc.

Federated Stock Trust

Federated Strategic Investment Series Fund, L.P.
Federated Enhanced Reserves Fund
Federated Enhanced Reserves Rated Fund
ICAP Bond
Form 17-02-0949 (Rev. 1-97)




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-Renten)
High Quality, Intn'l Bond Portfolio (Inter-Renten)
International Equity Portfolio (Inter-Aktien)
Short-Term Bond Portfolio (Euro-Kurzlaufer)

Federated World Investment Series, Inc.
Federated European Equity Fund
Federated Global Equity Fund
Federated International Value Fund
Federated International Capital Appreciation Fund
Federated International High Income Fund
Federated International Small Company Fund
Federated Global Value Fund

Intermediate Municipal Trust
Federated Intermediate Municipal Trust

Money Market Obligations Trust
Alabama Municipal Cash Trust
Arizona Municipal Cash Trust
Automated Cash Management Trust
Automated Government Cash Reserves
Automated Government Money Trust
Automated Treasury Cash Reserves
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

ICAP Bond
Form 17-02-0949 (Rev. 1-97)




Maryland Municipal Cash Trust
Massachusetts Municipal Cash Trust
Michigan Municipal Cash Trust
Minnesota Municipal Cash Trust
Money Market Management, Inc.
Money Market Trust
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 Short-Term U.S. Government Securities
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 March 1, 2006.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.


Date: May 8, 2006                          By  /S/ Authorized Signature
                                                 Authorized Representative


ICAP Bond
Form 17-02-0949 (Rev. 1-97)






                                           FEDERAL INSURANCE COMPANY
                                           Endorsement No.:   15
                                           Bond Number:       81948005


NAME OF ASSURED:  FEDERATED INVESTORS, INC.


                             DELETE AN ENDORSEMENT

It is agreed that this Bond is amended by deleting Endorsement Number(s) 14 in
its entirety.





This Endorsement applies to loss discovered after 12:01 a.m. on March 7, 2006.



ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.




Date: May 8, 2006                          By  /S/ Authorized Signature
                                                 Authorized Representative




ICAP Bond
Form 17-02-5647 (Ed. 11-03)





                                           FEDERAL INSURANCE COMPANY
                                           Endorsement No.:   16
                                           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
Municipal Cash Series II
Treasury Cash Series II

Edward Jones Money Market Fund

Federated Intermediate Govt. Fund (formerly Federated Limited Duration Govt.
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 Core Trust II, LP
Emerging Markets Fixed Income Core Fund
Capital Appreciation Core Fund
Market Plus Core Fund



ICAP Bond
Form 17-02-0949 (Rev. 1-97)



Federated Equity Funds
Federated Capital Appreciation Fund
Federated Kaufmann Fund
Federated Technology Fund
Federated Mid Cap Growth Strategies Fund
Federated Large Cap Growth Fund
Federated Market Opportunity Fund
Federated Kaufmann Small Cap Fund
Federated Strategic Value Fund

Federated Equity Income Fund, Inc.

Federated Fixed Income Securities, Inc.
Federated Limited Term Municipal Fund
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 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



ICAP Bond
Form 17-02-0949 (Rev. 1-97)


Federated High Income Bond Fund II
Federated International Equity Fund II
Federated Kaufmann Fund II
Federated Prime Money Fund II
Federated Quality Bond Fund II
Federated Total Return Bond Fund II
Federated Capital Income Fund II
Federated Market Opportunity Fund II

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 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 Municipal High Yield Advantage Fund, Inc.

Federated Municipal Securities Fund, Inc.

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 Premier Intermediate Municipal Income Fund
Federated Premier Municipal Income Fund

Federated Short-Term Municipal Trust

Federated Stock and Bond Fund, Inc.

Federated Stock Trust

ICAP Bond
Form 17-02-0949 (Rev. 1-97)






Federated Strategic Investment Series Fund, L.P.
Federated Enhanced Reserves Fund
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-Renten)
High Quality, Intn'l Bond Portfolio (Inter-Renten)
International Equity Portfolio (Inter-Aktien)
Short-Term Bond Portfolio (Euro-Kurzlaufer)

Federated World Investment Series, Inc.
Federated European Equity Fund
Federated Global Equity Fund
Federated International Value Fund
Federated International Capital Appreciation Fund
Federated International High Income Fund
Federated International Small Company Fund
Federated Global Value Fund

Intermediate Municipal Trust
Federated Intermediate Municipal Trust

Money Market Obligations Trust
Alabama Municipal Cash Trust
Arizona Municipal Cash Trust
Automated Cash Management Trust
Automated Government Cash Reserves
Automated Government Money Trust
Automated Treasury Cash Reserves
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

ICAP Bond
Form 17-02-0949 (Rev. 1-97)
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.
Money Market Trust
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 Short-Term U.S. Government Securities
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 March 7, 2006.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.


Date: May 8, 2006                          By  /S/ Authorized Signature
                                                 Authorized Representative


ICAP Bond
Form 17-02-0949 (Rev. 1-97)






                                           FEDERAL INSURANCE COMPANY
                                           Endorsement No.:   17
                                           Bond Number:       81948005


NAME OF ASSURED:  FEDERATED INVESTORS, INC.


                             DELETE AN ENDORSEMENT

It is agreed that this Bond is amended by deleting Endorsement Number(s) 16 in
its entirety.





This Endorsement applies to loss discovered after 12:01 a.m. on March 31, 2006.



ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.




Date: May 8, 2006                          By  /S/ Authorized Signature
                                                 Authorized Representative




ICAP Bond
Form 17-02-5647 (Ed. 11-03)





                                           FEDERAL INSURANCE COMPANY
                                           Endorsement No.:   18
                                           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
Municipal Cash Series II
Treasury Cash Series II

Edward Jones Money Market Fund

Federated Intermediate Govt. Fund (formerly Federated Limited Duration Govt.
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 Core Trust II, LP
Emerging Markets Fixed Income Core Fund
Capital Appreciation Core Fund
Market Plus Core Fund



ICAP Bond
Form 17-02-0949 (Rev. 1-97)



Federated Equity Funds
Federated Capital Appreciation Fund
Federated Kaufmann Fund
Federated Technology Fund
Federated Mid Cap Growth Strategies Fund
Federated Large Cap Growth Fund
Federated Market Opportunity Fund
Federated Kaufmann Small Cap Fund
Federated Strategic Value Fund

Federated Equity Income Fund, Inc.

Federated Fixed Income Securities, Inc.
Federated Limited Term Municipal Fund
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 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



ICAP Bond
Form 17-02-0949 (Rev. 1-97)


Federated High Income Bond Fund II
Federated International Equity Fund II
Federated Kaufmann Fund II
Federated Prime Money Fund II
Federated Quality Bond Fund II
Federated Total Return Bond Fund II
Federated Capital Income Fund II
Federated Market Opportunity Fund II

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 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 Municipal High Yield Advantage Fund, Inc.

Federated Municipal Securities Fund, Inc.

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 Premier Intermediate Municipal Income Fund
Federated Premier Municipal Income Fund
Federated Short-Term Municipal Trust
Federated Stock and Bond Fund, Inc.
Federated Stock Trust

ICAP Bond
Form 17-02-0949 (Rev. 1-97)



Federated Strategic Investment Series Fund, L.P.
Federated Enhanced Reserves Fund
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-Renten)
High Quality, Intn'l Bond Portfolio (Inter-Renten)
International Equity Portfolio (Inter-Aktien)
Short-Term Bond Portfolio (Euro-Kurzlaufer)

Federated World Investment Series, Inc.
Federated International Value Fund
Federated International Capital Appreciation Fund
Federated International High Income Fund
Federated International Small Company Fund

Intermediate Municipal Trust
Federated Intermediate Municipal Trust

Money Market Obligations Trust
Alabama Municipal Cash Trust
Arizona Municipal Cash Trust
Automated Cash Management Trust
Automated Government Cash Reserves
Automated Government Money Trust
Automated Treasury Cash Reserves
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

ICAP Bond
Form 17-02-0949 (Rev. 1-97)

Maryland Municipal Cash Trust
Massachusetts Municipal Cash Trust
Michigan Municipal Cash Trust
Minnesota Municipal Cash Trust
Money Market Management, Inc.
Money Market Trust
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 Short-Term U.S. Government Securities
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 March 31, 2006.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.


Date: May 8, 2006                          By  /S/ Authorized Signature
                                                 Authorized Representative


ICAP Bond
Form 17-02-0949 (Rev. 1-97)






                                           FEDERAL INSURANCE COMPANY
                                           Endorsement No.:   19
                                           Bond Number:       81948005


NAME OF ASSURED:  FEDERATED INVESTORS, INC.


                             DELETE AN ENDORSEMENT

It is agreed that this Bond is amended by deleting Endorsement Number(s) 18 in
its entirety.





This Endorsement applies to loss discovered after 12:01 a.m. on June 12, 2006.



ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.




Date: August 15, 2006                      By  /S/ Authorized Signature
                                                 Authorized Representative




ICAP Bond
Form 17-02-5647 (Ed. 11-03)





                                           FEDERAL INSURANCE COMPANY
                                           Endorsement No.:   20
                                           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
Municipal Cash Series II
Treasury Cash Series II

Edward Jones Money Market Fund

Federated Intermediate Govt. Fund (formerly Federated Limited Duration Govt.
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 Core Trust II, LP
Emerging Markets Fixed Income Core Fund
Capital Appreciation Core Fund
Market Plus Core Fund



ICAP Bond
Form 17-02-0949 (Rev. 1-97)



Federated Equity Funds
Federated Capital Appreciation Fund
Federated Kaufmann Fund
Federated Technology Fund
Federated Mid Cap Growth Strategies Fund
Federated Large Cap Growth Fund
Federated Market Opportunity Fund
Federated Kaufmann Small Cap Fund
Federated Strategic Value Fund

Federated Equity Income Fund, Inc.

Federated Fixed Income Securities, Inc.
Federated Limited Term Municipal Fund
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 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



ICAP Bond
Form 17-02-0949 (Rev. 1-97)


Federated High Income Bond Fund II
Federated International Equity Fund II
Federated Kaufmann Fund II
Federated Prime Money Fund II
Federated Quality Bond Fund II
Federated Capital Income Fund II
Federated Market Opportunity Fund II

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 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 Municipal High Yield Advantage Fund, Inc.

Federated Municipal Securities Fund, Inc.

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 Premier Intermediate Municipal Income Fund
Federated Premier Municipal Income Fund
Federated Short-Term Municipal Trust
Federated Stock and Bond Fund, Inc.
Federated Stock Trust

ICAP Bond
Form 17-02-0949 (Rev. 1-97)




Federated Strategic Investment Series Fund, L.P.
Federated Enhanced Reserves Fund
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-Renten)
High Quality, Intn'l Bond Portfolio (Inter-Renten)
International Equity Portfolio (Inter-Aktien)
Short-Term Bond Portfolio (Euro-Kurzlaufer)

Federated World Investment Series, Inc.
Federated International Value Fund
Federated International Capital Appreciation Fund
Federated International High Income Fund
Federated International Small Company Fund

Intermediate Municipal Trust
Federated Intermediate Municipal Trust

Money Market Obligations Trust
Alabama Municipal Cash Trust
Arizona Municipal Cash Trust
Automated Cash Management Trust
Automated Government Cash Reserves
Automated Government Money Trust
Automated Treasury Cash Reserves
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

ICAP Bond
Form 17-02-0949 (Rev. 1-97)

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

Federated Managed Pool Series
Federated Corporate Bond Strategy Portfolio


This Endorsement applies to loss discovered after 12:01 a.m. on June 12, 2006.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.


Date: August 15, 2006                      By  /S/ Authorized Signature
                                                 Authorized Representative


ICAP Bond
Form 17-02-0949 (Rev. 1-97)











AIG         AMERICAN INTERNATIONAL COMPANIES(REGISTERED)
            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:494-10-00

ITEM 1.     NAMED INSURED:           FEDERATED INVESTORS INC

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

ITEM 2.     BOND PERIOD:  FROM       October 1, 2005 TO October 1, 2006 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 LIMIT   AGGREGATE LIMIT  DEDUCTIBLE      POLICY PERIOD
81948005      $15,000,000         none             $250,000        10/01/2005 to
Chubb Group of                                                      10/01/2005
Insurance Companies

UNDERLYING EXCESS POLICY(IES)
POLICY NO.    SINGLE LOSS LIMIT   AGGREGATE LIMIT   ATTACHMENT     POLICY PERIOD
N/A


ITEM 5.     RIDERS ATTACHED:
            #1, #2, #3, #4, #5, #6 & #7




                                                 BY:   /S/ Authorized Signature
AUTHORIZED REPRESENTATIVE



63675 (03/03)



                                      - 1 -





                       POLICYHOLDER DISCLOSURE STATEMENT
                                     UNDER
                      TERRORISM RISK INSURANCE ACT OF 2002

      You  are  hereby  notified that under the federal Terrorism Risk Insurance
Act of 2002 (the "Act") effective  November  26,  2002,  you now have a right to
purchase insurance coverage for losses arising out of an Act of Terrorism, which
is defined in the Act as an act certified by the Secretary  of  the Treasury (i)
to be an act of terrorism, (ii) to be a violent act or an act that  is dangerous
to (A) human life; (B) property or (C) infrastructure, (iii) to have resulted in
damage within the United States, or outside of the United States in case  of  an
air  carrier  or  vessel or the premises of a U.S. mission and (iv) to have been
committed by an individual or individuals acting on behalf of any foreign person
or foreign interest,  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 read the Act for a complete
description of its coverage.  The  Secretary's  decision  to  certify  or not to
certify an even as an Act of Terrorism and thus covered by this law is final and
not subject to review.  There is a $100 billion dollar annual cap on all  losses
resulting  from Acts of Terrorism above which no coverage will be provided under
this policy and under the Act unless Congress makes some other determination.

      For your  information,  coverage provided by this policy for losses caused
by an Act of Terrorism may be partially  reimbursed by the United States under a
formula established by the Act.  Under this  formula  the United States pays 90%
of  terrorism  losses  covered  by this law exceeding a statutorily  established
deductible that must be met by the  insurer,  and which deductible is based on a
percentage of the insurer's direct earned premiums  for  the  year preceding the
Acts of Terrorism.

                  COPY OF DISCLOSURE SENT WITH ORIGINAL QUOTE

Insured Name:  FEDERATED INVESTORS INC


Policy Number:  494-10-00
Policy Period Effective Date From:  OCTOBER 1, 2005     To:  OCTOBER 1, 2006












81285 (1/03)













                     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 Loss 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.   DEFINITIONS

      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.





            63675 (03/03)



                                             1

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.



                                          2









      63675 (03/03)











      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/ Authorized Signature                         /S/ Authorized Signature

SECRETARY                                        PRESIDENT









                                     3



63675 (03/03)












                                   RIDER # 1

This endorsement, effective  12:01 am  October 1, 2005   forms a part of
Policy number 494-10-00
issued to FEDERATED INVESTORS INC

By    National Union Fire Insurance Company of Pittsburgh, Pa.

                      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:

Cancelling 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 Inured 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.

                                      RIDER 001

                                          1

     52165 (11/96)














                                Rider #1 (continued)

     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 effective date of termination.

ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS SHALL REMAIN UNCHANGED.

                            /S/ Authorized Signature

                           AUTHORIZED REPRESENTATIVE

                                     RIDER 001

                                     2
52165 (11/96)








                                   RIDER # 2

This rider, effective    12:01 am    October 1, 2005   forms a part of
bond number 494-10-00
issued to FEDERATED INVESTORS INC

By    National Union Fire Insurance Company of Pittsburgh, Pa.

                   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 statements  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 28, 2005


ALL OTHER TERMS, CONDITIONS AND LIMITATIONS REMAIN UNCHANGED.









                                           /S/ Authorized Signature
                                           AUTHORIZED REPRESENTATIVE







                                           RIDER 2































                                   RIDER 001

                                      - 1 -





                                   RIDER # 3

This rider, effective    12:01 am    October 1, 2005   forms a part of
bond number 494-10-00
issued to FEDERATED INVESTORS INC

By    National Union Fire Insurance Company of Pittsburgh, Pa.

                                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/ Authorized Signature
                                           AUTHORIZED REPRESENTATIVE









                                           RIDER 3







































                                   RIDER 001

                                      - 1 -





                                   RIDER # 4

This endorsement, effective 12:01 am  October 1, 2005   forms a part of
bond number 494-10-00
issued to FEDERATED INVESTORS INC

By    National Union Fire Insurance Company of Pittsburgh, Pa.

        THIS ENDORSEMENT CHANGES THE POLICY.  PLEASE READ IT CAREFULLY.

                        TERRORISM EXCLUSION ENDORSEMENT

In consideration of the premium charged, it is hereby understood and agreed that
this  insurance does not apply to any  loss,  injury,  damage,  claim  or  suit,
arising  directly  or  indirectly  as a result of a certified "act of terrorism"
defined by Section 102.  Definitions.,  of  the  Terrorism Risk Insurance Act of
2002 and any revisions or amendments.

Wherever  used in this endorsement:  1) "INSURER" means  the  insurance  company
which issued  this  policy;  and  2)  "INSURED"  means the Named Employer, Named
Corporation, Named Sponsor, Named Organization, Named  Entity,  Named Insured or
Insured stated in Item 1. of the Declarations.

For  purposes  of  this  endorsements and in compliance with the Terrorism  Risk
Insurance Act of 2002, an "act of terrorism" shall mean:

(1)   Act of Terrorism -

      (A)   Certification.  -  The term "act of terrorism" means any act that is
            certified by the Secretary  of  the Treasury of the United States of
            America,  in  concurrence  with the  Secretary  of  State,  and  the
            Attorney General of the United States of America -

                  (i)    to be an act of terrorism;
                  (ii)   to be a violent act or an act that is dangerous to -
                         (I)   human life;
                         (II)  property; or
                         (III) infrastructure;
                  (iii)  to have resulted  in damage within the United States of
                         America, or outside  of the United States of America in
                         the case of -
                         (I)   an air carrier or  vessel  described in paragraph
                               (5)(B); [for the convenience of this endorsement,
                               paragraph (5)(B) reads:  occurs to an air carrier
                               (as  defined  in  Section  40102   of  title  49,
                               United States  Code)  to  a  United States   flag
                               vessel  (or  a  vessel  based  principally in the
                               United States of America, on which  United States
                               income  tax is paid and whose insurance  coverage
                               is subject  to regulation in the Untied States of
                               America), regardless of where the loss occurs, or
                               at the premises  of  any United States of America
                               mission]; or
                         (II)  the premises of a United States of America
                               mission; and
                  (iv)   to have been committed by an  individual or individuals
                         acting  on  behalf  of any foreign  person  or  foreign
                         interest, as part of  an  effort to coerce the civilian
                         population  of  the  United States  of  America  or  to
                         influence  the policy or  affect  the  conduct  of  the
                         United States Government by coercion.

                                            RIDER 004

                   81316 (2/03)                       Page 1 of 2  NU of 81127

      (B)   Limitation. - No act shall be certified by the Secretary as an act
            of terrorism if -

                  (i)    the act is committed  as  part  of  the course of a war
                         declared by the Congress, except that this clause shall
                         not  apply  with respect to any coverage  for  workers'
                         compensation; or
                  (ii)   property and casualty insurance losses resulting from
                         the act, in the aggregate, do not exceed $5,000,000.

      (C)   Determinations Final. - Any  certification  of, or determination not
            to certify, an act as an act of terrorism under this paragraph shall
            be final, and shall not be subject to judicial review.

      (D)   Nondelegation. - The Secretary may not delegate  or designate to any
            other  officer,  employee, or person, any determination  under  this
            paragraph of whether, during the effective period of the Program, an
            act of terrorism has occurred.

For the purposes of this endorsement,  the Insured:  1) acknowledges that it has
received a Policyholder Disclosure Statement  Under Terrorism Risk Insurance Act
of 2002; 2) has elected not to purchase insurance  coverage  for  losses arising
out  of an Act of Terrorism; 3) has not paid any premium for such coverage;  and
4) has affirmatively authorized the Insurer to attach this exclusion.

ALL OTHER TERMS, CONDITIONS AND LIMITATIONS REMAIN UNCHANGED.









                                           /S/ Authorized Signature
                                               AUTHORIZED REPRESENTATIVE

                                           END 004
                   81316 (2/03)                       Page 2 of 2  NU of 81127









                                   RIDER # 5

This endorsement, effective  12:01 am  October 1, 2005   forms a part of
bond number 494-10-00
issued to FEDERATED INVESTORS INC

By    National Union Fire Insurance Company of Pittsburgh, Pa.

                            TRIA PREMIUM ENDORSEMENT

It is agreed that:

1.    The  premium  for coverage pursuant to the Terrorism Risk Insurance Act of
      2002 ("TRIA Coverage")  charged  for  the  attached  policy for the policy
      period is Not applicable, TRIA coverage rejected by insured.

2.    Any coverage provided for losses caused by an act of terrorism  as defined
      by  TRIA  (TRIA  Losses)  may be partially reimbursed by the United States
      under a formula established  by  TRIA  as  follows:  90% of TRIA Losses in
      excess of the insurer deductible mandated by  TRIA,  the  deductible to be
      based on a percentage of the insurer's direct earned premiums for the year
      preceding the act of terrorism.

3.    A  copy  of the TRIA disclosure sent with the original quote  is  attached
      hereto.


ALL OTHER TERMS, CONDITIONS AND LIMITATIONS REMAIN UNCHANGED.









                                           /S/ Authorized Signature
                                           AUTHORIZED REPRESENTATIVE









                                           END 005









                          81856 (3/03)      Page 1 of 1







































                                    END 004

                                      - 1 -





                                   RIDER # 6

This rider, effective    12:01 am    October 1, 2005   forms a part of
bond number 494-10-00
issued to FEDERATED INVESTORS INC


By    National Union Fire Insurance Company of Pittsburgh, Pa.

                                OFAC ENDORSEMENT

In consideration of the premium charged, it is hereby understood and agreed that
payment of loss under this policy shall only be made in full compliance with all
United States  of   America  economic  or  trade  sanction  law  or  regulation,
including, but not limited  to,  sanction  laws and regulations administered and
enforced  by the U.S. Treasury Department's Office  of  Foreign  Assets  Control
("OFAC").



ALL OTHER TERMS, CONDITIONS AND LIMITATIONS REMAIN UNCHANGED.









                                           /S/ Authorized Signature
                                           AUTHORIZED REPRESENTATIVE





                                           RIDER 6







                                    END 004

                                      - 1 -





                                   RIDER # 7

This rider, effective    12:01 am    October 1, 2005   forms a part of
bond number 494-10-00
issued to FEDERATED INVESTORS INC

By    National Union Fire Insurance Company of Pittsburgh, Pa.

                            FORMS INDEX ENDORSEMENT

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


FORM NUMBER       EDITION DATE      FORM TITLE
63674             10/95             FOLLOW FORM BOND - DEC PAGE
81285             01/03             TRIA DEC DISCLOSURE FORM
63675             03/03             FOLLOW FORM BOND - GUTS
52165             11/96             PENNSYLVANIA AMENDATORY -
                                    CANCELLATION/NONRENEWAL
MNSCPT                              RELIANCE UPON OTHER CARRIER'S
                                    APPLICATION
MNSCPT                              DROP DOWN RIDER
81316             02/03             TERRORISM EXCLUSION ENDORSEMENT
81856             03/03             TRIA PREMIUM ENDORSEMENT
87435             05/05             OFAC ENDORSEMENT
78859             10/01             FORMS INDEX ENDORSEMENT




















                                           /S/ Authorized Signature
                                           AUTHORIZED REPRESENTATIVE

                                           RIDER 7








                                      - 1 -


CNA                                                             Declarations
                                                         EXCESS INSURANCE POLICY
CUSTOMER NUMBER  87215                                   DATE ISSUED  02/10/2006

POLICY NUMBER 267920149    COVERAGE PROVIDED BY          PRODUCER NUMBER  730023
                           Continental Casualty Company
                           (herein called `Underwriter')

NAME INSURED AND ADDRESS                             PRODUCER NAME AND ADDRESS
Item 1.  Federated Investors, Inc.                   Marsh, Inc.
(herein called `Insured')                            Kyung Kim
1001 Liberty Avenue                                  1166 Avenue of the Americas
Pittsburgh, PA  15222                                New York, NY  10036


Item 2.    Policy Period:  from 12:01 a.m. on 10/1/2005 to 12:01 a.m. on
           10/1/2006 standard time.

Item 3.    Single Loss Limit of Liability:  $8,333,333

Item 4.    Underlying Insurance:

Primary


Underlying Insurer          Policy Number   Single Loss Limit of Liability      Deductible
                                                                       
Federal Insurance Company   8194-80-05      $15,000,000                         $250,000


Excess
Underlying Insurer             Policy Number   Single Loss Limit of Liability
National Union Fire Insurance  004941000       $10,000,000 excess of $15,000,000
Company of Pittsburgh, PA



Item 5.    Notice of claim should be sent to the Underwriter at:
                                                 CNA Global Specialty Lines
                                                 Fidelity Bonding
                                                 40 Wall Street
                                                 New York NY 10005

Item 6.    The liability of the Underwriter is subject to the terms of the
           following riders attached hereto:

           SR-5261b Ed. 10/87 Cosurety Rider
           PRO9499 Ed. 06/04 Trade and Economic Sanctions Endorsement

Item 7.    The Insured by acceptance of this policy gives notice to the
           Underwriter terminating or canceling  prior policy(ies) no(s).
           N/A, such termination or cancelation to be effective as of the time
           this  policy becomes effective.

G-131502-A
Ed. 6/98                                         Page 1 of 2





IN WITNESS WHEREOF, the Underwriter has caused this policy to be signed by its
Chairman and Secretary, at Chicago, Illinois, but the same shall not be binding
upon the Underwriter unless countersigned by a duly authorized representative of
the Underwriter.



                                    Countersigned by   /S/  Authorized Signature
                                                     Authorized Representative




  /S/  Authorized Signature                           /S/  Authorized Signature
                   Secretary                               Chairman of the Board










G-131502-A
Ed. 6/98                                         Page 2 of 2




CNA

In  consideration  of  the  payment  of  the  premium  and  in reliance upon all
statements made and information provided to the Underwriter by  the  Insured and
subject to the provisions of this policy, the Underwriter and the Insured  agree
as follows:

                               INSURING AGREEMENT

The  Underwriter  agrees  to  indemnify  the  Insured for loss which exceeds the
Underlying Insurance if such loss is properly payable  thereunder,  or would be,
except  for exhaustion of the Underlying Insurance, provided that such  loss  is
reported to the Underwriter during the Policy period or within 30 days following
expiration or cancelation of this policy.

                               GENERAL AGREEMENTS

           1.  NOTICE OF LOSS TO THE UNDERWRITER OR LEGAL PROCEEDINGS

At the earliest  practicable moment after discovery of loss also reported to the
Primary Underlying  Insurer,  the  Insured  shall  give  the Underwriter written
notice thereof.  Within six (6) months after such discovery,  the  Insured shall
furnish  the Underwriter proof of loss, duly sworn, with full particulars;  and,
if requested  by  the Underwriter, copies of proof loss presented to the Primary
Underlying Insurer.

Legal proceedings for  the  recovery  of any loss hereunder shall not be brought
prior to the expiration of sixty (60) days after the proof of loss if filed with
the  Underwriter  or  after  the expiration  of  twenty-four  (24)  months  from
discovery of such loss.  If any  limitation embodied herein is prohibited by any
law controlling the construction thereof,  such  limitation will be deemed to be
amended so as to equal the minimum period of limitation permitted by such law.

                           CONDITIONS AND LIMITATIONS

                            1.  UNDERLYING COVERAGE

This policy is subject to all terms and conditions  of  the  Primary  Underlying
Insurance (except premium, limit of liability and any other provision set  forth
in this policy).  However, should any provision of this policy conflict with any
provision  of any Underlying Insurance, then the provisions of this policy shall
control.  All  Underlying  Insurance  in  effect at the inception of this policy
shall be maintained in full effect during the  Policy Period.  If the Underlying
Insurance is amended or modified during the Policy Period, the Underwriter shall
be  given  written notice as required by the Primary  Underlying  Insurance  and
premium hereunder  shall be adjusted as appropriate.  Failure to comply with the
foregoing shall not void this policy; however, in the event of such failure, the
Underwriter shall only  be  liable  to  the  same  extent  as  if the Underlying
Insurance remained in full force and with the terms and conditions  agreed to by
the Underwriter.

                            2.  DROP DOWN PROVISION

If  payment,  by  the  Underlying  Insurer(s)  for loss reduces or exhausts  the
Underlying  Insurance Aggregate Limit of Liability,  the  amount  of  Underlying
Insurance  shall  correspondingly  be  reduced,  but  never  below  the  Primary
Insurer's Deductible/Retention Amount; and this policy shall respond to the loss
in excess of that reduced amount.

Failure of an  Underlying  Insurer  to make payment due to insolvency or for any
other reason shall not reduce the Underlying  Insurance  and  this  policy shall
continue to respond only to loss in excess of that unreduced amount.





Form # G-131499-A                    Page 1 of 2

                        3.  AGGREGATE LIMIT OF LIABILITY

The  Underwriter's  total  liability  for all Single Loss shall not cumulatively
exceed the Aggregate Limit of Liability set forth in Item 3 of the Declarations.
Each payment made under the terms of this policy shall reduce the unpaid portion
of the Aggregate Limit of Liability until it is exhausted, except when a loss is
settled by indemnity in lieu of payment.  Upon exhaustion of the Aggregate Limit
of Liability by such payment, the Underwriter  shall  have  no further liability
for loss regardless of when discovered and whether or not previously reported to
the Underwriter.

The unpaid portion of the Aggregate Limit of Liability shall not be increased or
reinstated  by  any  recovery.   The  unpaid portion of the Aggregate  Limit  of
Liability shall not carry forward to loss discovered after the expiration of the
Policy Period.

                       4.  SINGLE LOSS LIMIT OF LIABILITY

The Underwriter's liability for any Single Loss shall not exceed the Single Loss
Limit of Liability set forth in Item 3 of the Declarations.

                                5.  CANCELATION

This policy cancels in its entirety upon  the  earliest occurrence of any of the
following:

a.   60  days  after the receipt by an Insured of  a  written  notice  from  the
     Underwriter of its decision to cancel this policy;
b.   immediately  upon  the  receipt by the Underwriter of a written notice from
     the Insured of its decision to cancel this policy;
c.   immediately upon the appointment  of  a trustee, receiver, or liquidator of
     any  Insured,  or  the  taking over of any  Insured  by  State  or  Federal
     officials;
d.   immediately upon the dissolution or takeover of an Insured;
e.   immediately upon the exhaustion of the Aggregate Limit of Liability;
f.   immediately upon the expiration of the Policy Period; or
g.   immediately upon the cancelation, termination or non-renewal of the Primary
     Underlying Insurance.

                                 6.  CONFORMITY

If any limitation embodied in  this  policy is prohibited by any law controlling
the construction hereof, such limitation  shall  be  deemed  to be amended as to
equal the minimum limitation provided by such law.

                           7.  CHANGE OR MODIFICATION

This  policy  or  any  amendment affecting same may not be changed  or  modified
orally.  No change in or  modification  of this policy shall be effective except
when  made  by  written  endorsement  to  this   policy  duly  executed  by  the
Underwriter.





  /S/  Authorized Signature             /S/  Authorized Signature
                  Secretary                       Chairman of the Board


Form # G-131499-A                    Page 2 of 2






                                 COSURETY RIDER


It is agreed that:

1.  The term "Underwriter" as used in the attached  bond  shall  be construed to
   mean,  unless otherwise specified in this rider, all the Companies  executing
   the attached bond.

2.  Each of  said  Companies  shall  be  liable  only for such proportion of any
   Single  Loss  under  the  attached bond as the amount  underwritten  by  such
   Company as specified in the  Schedule  forming  a  part  hereof, bears to the
   Aggregate Limit of Liability of the attached bond, but in  no event shall any
   of said Companies be liable for an amount greater than that  underwritten  by
   it.

3.   In  the  absence  of  a  request from any of said Companies to pay premiums
   directly to it, premiums for the attached bond may be paid to the Controlling
   Company for the account of all of said Companies.

4.  In the absence of a request  from any of said Companies that notice of claim
   and proof of loss be given to or  filed  directly with it, the giving of such
   notice to and the filing of such proof with, the Controlling Company shall be
   deemed in compliance with the conditions of  the attached bond for the giving
   of notice of loss and the filing of proof of loss,  if  given  and  filed  in
   accordance with the said conditions.

5.   The Controlling Company may give notice in accordance with the terms of the
   attached  bond,  terminating or canceling the attached bond as an entirety or
   as to any Employee,  and  any  notice  so given shall terminate or cancel the
   liability of all of said Companies as an  entirety or as to such Employee, as
   the case may be.

6.  Any Company other than the Controlling Company may give notice in accordance
   with  the terms of the attached bond, terminating  or  canceling  the  entire
   liability  of  such  other  Company  under  the  attached  bond  or as to any
   Employee.

7.   In  the  absence  of  a  request from any of said Companies that notice  of
   termination or cancelation by  the  Insured  of  the  attached  bond  in  its
   entirety  be given to or filed directly with it, the giving of such notice in
   accordance  with  the  terms  of the attached bond to the Controlling Company
   shall terminate or cancel the liability  of  all  of  said  Companies  as  an
   entirety.   The  Insured  may terminate or cancel the entire liability of any
   Company, other than the Controlling  Company,  under  the  attached  bond  by
   giving  notice  of such termination or cancelation to such other Company, and
   shall send copy of such notice to the Controlling Company.

This rider/endorsement,  which  forms  part  of  and  is  for  attachment to the
following  described  bond/policy  issued  by the designated Underwriter/Company
takes effect on the effective date of said bond/policy, unless another effective
date  is  shown  below,  at  the  hour stated in said  bond/policy  and  expires
concurrently with said bond/policy.

Must be completed                          Complete only when this
                                           rider/endorsement is not prepared
                                           with the bond/policy or is not to be
                                           effective with the bond/policy

Rider/Endorsement No. 1    Policy No. 267920149

                                           Issued to:Effective   date   of  this
                                           rider/endorsement

CNA

                                           Countersigned by ____________________
                                                   Authorized Representative



SR-5261b
(ED. 10/87)                                Page 1 of 2




8.   In the event of the  termination  or cancelation of the attached bond as an
     entirety,  no  Company  shall  be  liable  to  the  Insured  for a  greater
     proportion  of  any  return   premium  due  the  Insured  than  the  amount
     underwritten  by such Company bears to the Aggregate  Limit of Liability of
     the attached bond.

9.   In the event of the  termination  or cancelation of the attached bond as to
     any  Company,  such  Company  alone  shall be liable to the Insured for any
     return  premium  due to the  Insured  on  account  of such  termination  or
     cancelation.  The termination or cancelation of the attached bond as to any
     Company other than the Controlling  Company shall not terminate,  cancel or
     otherwise  affect the liability of the other  Companies  under the attached
     bond.

Underwritten for the sum of $8,333,333 except as follows:
                                           Controlling Company
                                           Continental Casualty Company

                                           By:



Underwritten for the sum of $8,333,333 except as follows:
                                           Zurich Insurance Company

                                           By:



Underwritten for the sum of $8,333,333 except as follows:
                                           Travelers Insurance Company

                                           By:


Accepted:
By:
COSURETY RIDER
FOR USE WITH ALL FORMS OF STANDARD BONDS.
REVISED TO OCTOBER, 1987.


This rider/endorsement, which forms part of and is for attachment to the
following described bond/policy issued by the designated Underwriter/Company
takes effect on the effective date of said bond/policy, unless another effective
date is shown below, at the hour stated in said bond/policy and expires
concurrently with said bond/policy.

Must be completed                          Complete only when this
                                           rider/endorsement is not prepared
                                           with the bond/policy or is not to be
                                           effective with the bond/policy

Rider/Endorsement No. 1    Policy No. 267920149

                                           Issued to:Effective   date   of  this
                                           rider/endorsement

CNA

                                           Countersigned by ____________________
                                                   Authorized Representative




SR-5261b
(ED. 10/87)                                Page 2 of 2



CNA

                    TRADE AND ECONOMIC SANCTIONS ENDORSEMENT

In consideration of the premium paid, a new condition is added to the policy as
   follows:

This policy does not provide coverage for INSUREDS, transaction or that part of
loss that is uninsurable under the laws or regulations of the United States
concerning trade or economic sanctions.



All other provisions of the Policy remain unchanged.





This endorsement, which forms a part of and is for attachment to the Policy
issued by the designated Insurers, takes effect on the effective date of said
Policy at the hour stated in said Policy and expires concurrently with said
Policy unless another effective date is shown below.

By Authorized Representative

(No signature is required issued with the Policy or if it is effective on the
Policy Effective Date)


























PRO9499 (6-04)                                  Policy No:  267920149
Page 1                                          Endorsement No:  2
Continental Casualty Company                    Effective Date:


                                 COSURETY RIDER


It is agreed that:


1.   The  term "Underwriter" as used in the attached bond shall be construed  to
   mean, unless  otherwise  specified in this rider, all the Companies executing
   the attached bond.

2.  Each of said Companies shall  be  liable  only  for  such  proportion of any
   Single  Loss  under  the  attached  bond as the amount underwritten  by  such
   Company as specified in the Schedule  forming  a  part  hereof,  bears to the
   Aggregate Limit of Liability of the attached bond, but in no event  shall any
   of  said Companies be liable for an amount greater than that underwritten  by
   it.

3.  In the  absence  of  a  request  from  any of said Companies to pay premiums
   directly to it, premiums for the attached bond may be paid to the Controlling
   Company for the account of all of said Companies.

4.  In the absence of a request from any of  said Companies that notice of claim
   and proof of loss be given to or filed directly  with  it, the giving of such
   notice to and the filing of such proof with, the Controlling Company shall be
   deemed in compliance with the conditions of the attached  bond for the giving
   of  notice  of loss and the filing of proof of loss, if given  and  filed  in
   accordance with the said conditions.

5.  The Controlling  Company may give notice in accordance with the terms of the
   attached bond, terminating  or  canceling the attached bond as an entirety or
   as to any Employee, and any notice  so  given  shall  terminate or cancel the
   liability of all of said Companies as an entirety or as  to such Employee, as
   the case may be.

6.  Any Company other than the Controlling Company may give notice in accordance
   with  the  terms  of the attached bond, terminating or canceling  the  entire
   liability of such other  Company  under  the  attached  bond  or  as  to  any
   Employee.

7.   In  the  absence  of  a  request  from any of said Companies that notice of
   termination  or  cancelation by the Insured  of  the  attached  bond  in  its
   entirety be given  to or filed directly with it, the giving of such notice in
   accordance with the  terms  of  the  attached bond to the Controlling Company
   shall terminate or cancel the liability  of  all  of  said  Companies  as  an
   entirety.   The  Insured  may terminate or cancel the entire liability of any
   Company, other than the Controlling  Company,  under  the  attached  bond  by
   giving  notice  of such termination or cancelation to such other Company, and
   shall send copy of such notice to the Controlling Company.

This rider/endorsement,  which  forms  part  of  and  is  for  attachment to the
following  described   bond/policy  issued by the designated Underwriter/Company
takes effect on the effective date of said bond/policy, unless another effective
date  is  shown  below,  at the hour stated  in  said  bond/policy  and  expires
concurrently with said bond/policy.


Must be completed                          Complete only when this
                                           rider/endorsement is not prepared
                                           with the bond/policy or is not to be
                                           effective with the bond/policy

Rider/Endorsement No. 1    Policy No. 267920149

                                           Issued to:Effective   date   of  this
                                           rider/endorsement

CNA

                                           Countersigned by ____________________
                                                   Authorized Representative




SR-5261b
(ED. 10/87)                                Page 1 of 2





8.   In the event of the  termination  or cancelation of the attached bond as an
     entirety,  no  Company  shall  be  liable  to  the  Insured  for a  greater
     proportion  of  any  return   premium  due  the  Insured  than  the  amount
     underwritten  by such Company bears to the Aggregate  Limit of Liability of
     the attached bond.

9.   In the event of the  termination  or cancelation of the attached bond as to
     any  Company,  such  Company  alone  shall be liable to the Insured for any
     return  premium  due to the  Insured  on  account  of such  termination  or
     cancelation.  The termination or cancelation of the attached bond as to any
     Company other than the Controlling  Company shall not terminate,  cancel or
     otherwise  affect the liability of the other  Companies  under the attached
     bond.

Underwritten for the sum of $8,333,333 except as follows:
                                           Controlling Company
                                           Continental Casualty Company

                                           By:



Underwritten for the sum of $8,333,333 except as follows:
                                           Zurich Insurance Company

                                           By:



Underwritten for the sum of $8,333,333 except as follows:St. Paul Mercury
Insurance Co.
                                           Travelers Insurance Company (name
crossed out)
                                           /S/ Authorized Signature
                                           490PB0898
Accepted:
By:
COSURETY RIDER
FOR USE WITH ALL FORMS OF STANDARD BONDS.
REVISED TO OCTOBER, 1987.


This rider/endorsement, which forms part of and is for attachment to the
following described bond/policy issued by the designated Underwriter/Company
takes effect on the effective date of said bond/policy, unless another effective
date is shown below, at the hour stated in said bond/policy and expires
concurrently with said bond/policy.


Must be completed                          Complete only when this
                                           rider/endorsement is not prepared
                                           with the bond/policy or is not to be
                                           effective with the bond/policy

Rider/Endorsement No. 1    Policy No. 267920149

                                           Issued to:Effective   date   of  this
                                           rider/endorsement

CNA

                                           Countersigned by ____________________
                                                   Authorized Representative



SR-5261b
(ED. 10/87)                                Page 2 of 2


8.   In the event of the  termination  or cancelation of the attached bond as an
     entirety,  no  Company  shall  be  liable  to  the  Insured  for a  greater
     proportion  of  any  return   premium  due  the  Insured  than  the  amount
     underwritten  by such Company bears to the Aggregate  Limit of Liability of
     the attached bond.

9.   In the event of the  termination  or cancelation of the attached bond as to
     any  Company,  such  Company  alone  shall be liable to the Insured for any
     return  premium  due to the  Insured  on  account  of such  termination  or
     cancelation.  The termination or cancelation of the attached bond as to any
     Company other than the Controlling  Company shall not terminate,  cancel or
     otherwise  affect the liability of the other  Companies  under the attached
     bond.

Underwritten for the sum of $8,333,333 except as follows:
                                           Controlling Company
                                           Continental Casualty Company

                                           By:



Underwritten for the sum of $8,333,333 except as follows:
                                           Zurich Insurance Company

                                           By: /S/ Authorized Signature
                                           FIB0005847-02

Underwritten for the sum of $8,333,333 except as follows:
                                           Travelers Insurance Company

                                           By:


Accepted:
By:
COSURETY RIDER
FOR USE WITH ALL FORMS OF STANDARD BONDS.
REVISED TO OCTOBER, 1987.


This rider/endorsement, which forms part of and is for attachment to the
following described bond/policy issued by the designated Underwriter/Company
takes effect on the effective date of said bond/policy, unless another effective
date is shown below, at the hour stated in said bond/policy and expires
concurrently with said bond/policy.


Must be completed                          Complete only when this
                                           rider/endorsement is not prepared
                                           with the bond/policy or is not to be
                                           effective with the bond/policy

Rider/Endorsement No. 1    Policy No. 267920149

                                           Issued to:Effective   date   of  this
                                           rider/endorsement

CNA

                                           Countersigned by ____________________
                                                   Authorized Representative


SR-5261b
(ED. 10/87)                                Page 2 of 2



                           JOINT INSUREDS AGREEMENT



Capital Preservation Fund; Cash Trust Series, Inc.; Cash Trust Series II; Edward

Jones Money Market Fund; Federated American Leaders Fund, Inc.; Federated

Adjustable Rate Securities Fund; Federated Core Trust; Federated Core Trust II,

L.P.: Federated Equity Funds; Federated Equity Income Fund, Inc.; Federated

Fixed Income Securities, Inc.; Federated GNMA Trust; Federated Government Income

Securities, Inc.; Federated High Income Bond Fund, Inc.; Federated High Yield

Trust; Federated Income Securities Trust; Federated Income Trust; Federated

Index Trust; Federated Institutional Trust; Federated Insurance Series;

Federated Intermediate Government Fund, Inc.; Federated International Funds PLC;

Federated International Series, Inc.; Federated Investment Series Fund, Inc.;

Federated Managed Allocation Portfolios; Federated Municipal High Yield

Advantage Fund, Inc.; Federated Municipal Securities Fund, Inc.; Federated

Municipal Securities Income Trust; Federated Premier Intermediate Municipal

Income Fund; Federated Premier Municipal Income Fund; Federated Short-Term

Municipal Trust; Federated Stock and Bond Fund, Inc.; Federated Stock Trust;

Federated Strategic Investment Series Fund, L.P.; Federated Total Return Series,

Inc.; Federated Total Return Government 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 World Investment Series, Inc.;

Intermediate Municipal Trust; Federated Unit Trust; Money Market Obligations

Trust; (hereinafter referred to as the "Parties") do hereby enter into this

Agreement to be effective August 17, 2005, and agree as follows:





                               W I T N E S E TH :



       WHEREAS, the Parties have procured a joint insured fidelity bond program

from Continental Casualty Company, Federal Insurance Company, National Union

Fire Insurance Company of Pittsburgh, PA, The Travelers Casualty & Surety

Company of America and The Fidelity & Deposit Company of MD, which the parties

have approved in form and amount (hereinafter referred to as "the Bond");



    WHEREAS, the Parties procured the Bond for the purpose of protecting their
respective assets against events of loss, theft or misappropriation by their
respective officers and employees; and

    WHEREAS, the Parties hereto desire to enter into an agreement so as to be in
compliance with 17 CFR 270.17g-1(f).

    NOW THEREFORE, the Parties hereto, intending to be legally bound hereby,
agree as follows:

    1.    In the event recovery is received under the Bond as a result of a loss
sustained by any registered management investment company that is named in the
Bond and one or more of the other Parties to the Bond, the registered investment
company shall receive an equitable and proportionate share of the recovery, at
least equal to the amount which it would have received had it provided and
maintained a single insured bond with the minimum coverage as provided, by 17
CFR 270.17g-1(d)(1).

    2.    Registered management investment companies, collective investment
funds, and investment companies exempt from registration under the Investment
Company Act of 1940, or series thereof, which become effective in the future,
and future established series of registered management investment companies,
collective investment funds, or investment companies exempt from registration
under the Investment Company Act of 1940, which are currently Parties, are
hereafter referred to as "Future Funds".  Such Future Funds which are advised
and/or distributed and/or administered by companies which are subsidiaries or
affiliates of Federated Investors, Inc. may undertake action to become parties
to the Bond by executing a counterpart signature page to this Agreement.

    3.    This Agreement may be amended or modified by a written agreement
executed by the Parties.

    4.    This Agreement shall be construed and the provisions thereof
interpreted in accordance with the laws of Pennsylvania.

    5.    This Agreement constitutes the entire agreement among the parties
hereto and supersedes any prior agreement with respect to the subject hereof,
whether oral or written, among any or all of the parties.

















       IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be

executed in their names and on their behalf under their seals by and through

their duly authorized officers, as of the day and year first above written.


                    Cash Trust Series, Inc.
                    Cash Trust Series II
                    Edward Jones Money Market Fund
                    Federated American Leaders Fund, Inc.
                    Federated Adjustable Rate Securities Fund
                    Federated Core Trust
                    Federated Core Trust II, L.P.
                    Federated Equity Funds
                    Federated Equity Income Fund, Inc.
                    Federated Fixed Income Securities, Inc.
                    Federated GNMA Trust
                    Federated Government Income Securities, Inc.
                    Federated High Income Bond Fund, Inc.
                    Federated High Yield Trust
                    Federated Income Securities Trust
                    Federated Income Trust
                    Federated Index Trust
                    Federated Institutional Trust
                    Federated Insurance Series
                    Federated Intermediate Government Fund, Inc.
                    Federated International Series, Inc.
                    Federated Investment Series Funds, Inc.
                    Federated Managed Allocation Portfolios
                    Federated Municipal High Yield Advantage Fund, Inc.
                    Federated Municipal Securities Fund, Inc.
                    Federated Municipal Securities Income Trust
                    Federated Premier Intermediate Municipal Income Fund
                    Federated Premier Municipal Income Fund
                    Federated Short-Term Municipal Trust
                    Federated Stock and Bond Fund, Inc.
                    Federated Stock Trust
                    Federated Total Return Series, Inc.
                    Federated Total Return Government 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 World Investment Series, Inc.
                    Intermediate Municipal Trust
                    Money Market Obligations Trust


                    /s/ John W. McGonigle
                    John W. McGonigle, Secretary




                    Capital Preservation Fund


                    /s/ Joseph M. Huber
                    Joseph M. Huber, Secretary




                    Federated International Funds PLC
                    Federated Unit Trust


                    /s/ C. Todd Gibson
                    C. Todd Gibson, Secretary




                    Federated Strategic Investment Series Fund, L.P.


                    /s/ Peter J. Germain
                    Peter J. Germain, Secretary







                      FEDERATED JOINT INSURED'S AGREEMENT
                                  AMENDMENT #1
                              DATED JUNE 30, 2006



The entities designated below require that the Joint Insured's Agreement filed
with the Securities and Exchange Commission on August 17, 2005 be amended as
follows:



ENTITY NAME                                                        EFFECTIVE
DATE

Federated Managed Pool Series                                      6/12/2006




                                 /s/ G. Andrew Bonnewell
                                 G. Andrew Bonnewell, Secretary







                     RESOLUTIONS OF THE BOARD OF DIRECTORS
                         OF THE FEDERATED FUNDS LISTED
                        AS ADOPTED UNANIMOUSLY AT THEIR
                            GENERAL SESSION MEETING
                             NOVEMBER 14 - 17, 2005
           AND RESPECTFULLY SUBMITTED BY JOHN W. MCGONIGLE, SECRETARY


      RESOLVED,  that the Board hereby approves coverage for FINS (IFMOF),
                 FIST (FRRBF) and FMAP (2015, 2025, 2035) under the joint
                 D&O/E&O Insurance Policy, "Side A" Policy and under the
                 joint Fidelity Bond that are currently in place for each
                 of FINS, FIST and FMAP.

      RESOLVED,   that the Board hereby ratifies the fidelity bond
                  coverage in the amount reviewed with the full Board
                  during these meetings.

      FURTHER RESOLVED, that the Board hereby ratifies coverage in the
                  amount of $50,000,000 on behalf of the Federated Funds,
                  their directors and officers, for the combination of
                  insurance coverages reviewed with the full Board during
                  these Meetings;

      FURTHER RESOLVED, that the Board hereby ratifies coverage to insure
                  the Federated Funds' directors and officers in the
                  amount of $50,000,000; and

      FURTHER RESOLVED, that the Board ratifies a fidelity bond in the
                  amount, type, form and coverage reviewed at this
                  meeting, and ratifies the portion of the premium to be
                  paid by each of the Funds as set forth in the materials
                  provided at this meeting.



                      RESOLUTION OF THE BOARD OF DIRECTORS
                             OF THE FEDERATED FUNDS
                        AS ADOPTED UNANIMOUSLY AT THEIR
                            GENERAL SESSION MEETING
                              FEBRUARY 13-16, 2006
           AND RESPECTFULLY SUBMITTED BY JOHN W. MCGONIGLE, SECRETARY

      RESOLVED,  that the Board hereby approves coverage for FIST (FFIOF)
                 under the joint D&O/E&O Insurance Policy, "Side A" Policy
                 and under the joint Fidelity Bond that are currently in
                 place for FIST.



                      RESOLUTION OF THE BOARD OF DIRECTORS
                             OF THE FEDERATED FUNDS
                        AS ADOPTED UNANIMOUSLY AT THEIR
                            GENERAL SESSION MEETING
                                MAY 16-19, 2006
           AND RESPECTFULLY SUBMITTED BY JOHN W. MCGONIGLE, SECRETARY


      RESOLVED,  that the Board hereby approves coverage for MSIT (FMHYAF)
                 under the joint D&O/E&O Insurance Policy, "Side A" Policy
                 and under the joint Fidelity Bond that are currently in
                 place for MSIT.