Federated Funds
Fidelity Bond Filing
Contents of Submission:
1)(a) Copy of the Financial Institution Investment Company Asset
Protection Bond ("Bond") received on October 6, 2006 for filing as
required by Rule 17g-1(g)(B)(i);*
(b) Copy of the National Union Fire Insurance Company of Pittsburgh,
PA Follow Form Bond ("Bond") received on November 16, 2006 for filing as
required by Rule 17g-1(g)(B)(i);**
(c) Copy of the Continental Casualty Company Excess Insurance Policy
("Bond"), originally filed on January 22, 2007 and amended to include
signatures on the Co-Surety Rider received on March 23, 2007 for filing
as required by Rule 17g-1(g)(B)(i);
2) Copy of the resolution of a majority of the disinterested
directors approving the amount, type, form and coverage of the Bond, and
the portion of the premium to be paid by such company as required by
Rule 17g-1(g)(B)(ii);***
3) Copy of a statement showing the amount of the single insured bond
which the investment company would have provided and maintained had it
not been named as an insured under a joint insured bond;***
4) As required by Rule 17g-1(g)(B)(iv), the period for which
premiums have been paid is October 1, 2006 to October 1, 2007; and
5) Copy of the agreement and amendments thereto between the
Investment company and all of the other named insureds received on
January 17, 2007 as required by Rule 17g-1(g)(B)(v).***
* Incorporated by reference to the Fidelity Bond filing submitted on
October 16, 2006.
** Incorporated by reference to the Fidelity Bond filing submitted on
November 22, 2006.
*** Incorporated by reference to the Fidelity Bond filing submitted on
January 22, 2007.
- 1 -
Revised 12/12/06
DECLARATIONS
EXCESS INSURANCE POLICY
CUSTOMER NUMBER 87215
DATE ISSUED 01/17/2007
POLICY NUMBER 267920149
PRODUCER NO. 718055
COVERAGE IS PROVIDED BY Continental Casualty Company
(herein called `Underwriter')
Item 1.
NAMED INSURED AND ADDRESS PRODUCER NAME AND ADDRESS
Federated Investors, Inc. Marsh USA Inc.
(herein called `Insured') Jim Brennan
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 10/1/2006 to 12:01 a.m. on
10/1/2007 standard time.
Item 3. Single Loss Limit of Liability: $25,000,000
Item 4. Underlying Insurance:
Primary Single Loss
Underlying Insurer Policy Number Limit of Liability Deductible
Chubb (Federal 81948005 $15,000,000 $250,000
Insurance Company)
Excess Single Loss
Underlying Insurer Policy Number Limit of Liability Deductible
AIG (National 673-83-04 $10,000,000 Excess $0
Union Fire Insurance 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 cancellation to be effective as of the time this
policy becomes effective.
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 __________________________________
Authorized Representative
/s/ Jonathan D. Kantor /s/ Stephen W. Lilienthal
Secretary Chairman of the Board
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
the expiration or cancellation 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 of 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.
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. CANCELLATION
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 cancellation, 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/ Jonathan D. Kantor /s/ Stephen W. Lilienthal
Secretary Chairman of the Board
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 to be 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 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.
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 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 Controlling Company
except as follows: Continental Casualty Company
/s/ Kevin Leach__________
Underwritten for the sum of $8,333,333 Zurich Insurance Company
except as follows:
/s/ Charles D. Bender____
Underwritten for the sum of $8,333,333 Travelers Insurance Company
except as follows:
/s/ Jared Latigona_______
Accepted:
By:
COSURETY RIDER
FOR USE WITH ALL FORMS OF STANDARD BONDS.
REVISED TO OCTOBER, 1987.
This endorsement, which forms a part of and is for attachment to the following
described Policy issued by the designated Insurers takes effect on the effective
date of said Policy, unless another effective date is shown below, at the hour
stated in said Policy and expires concurrently with said Policy.
Must be Completed
Complete Only When This Endorsement Is Not Prepared with the Policy
or is Not to be Effective with the Policy
ENDT. NO.
POLICY NO.
ISSUED TO EFFECTIVE DATE OF
THIS ENDORSEMENT
Countersigned by
Authorized Representative
Page 1 of 1
CNA INSURANCE COMPANIES
G-19911-A16
(ED. 07/93)
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. Policy No. 267920149 Issued to: Effective date of
1 this rider/endorsement
Countersigned by
Authorized Representative
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)