SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934
(Amendment No. )
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Sec. 240.14a-11(c) or Sec.Section 240.14a-12FEDERATED HIGH INCOME BOND FUND, INC. (NameCash Trust Series, Inc. 33-29838 / 811-5843
Cash Trust Series II 33-38550 / 811-6269
Edward Jones Money Market Fund 2-66437 / 811-2993
Federated Adjustable Rate Securities Fund 2-98491 / 811-4539
Federated Core Trust 811-8519
Federated Core Trust II, L.P. 811-10625
Federated Core Trust III 811-22217
Federated Equity Funds 2-91090 / 811-4017
Federated Equity Income Fund, Inc. 33-6901 / 811-4743
Federated Fixed Income Securities, Inc. 33-43472 / 811-6447
Federated GNMA Trust 2-75670 / 811-3375
Federated Global Allocation Fund 2-10415 / 811-1
Federated Government Income Securities, Inc. 2-74191 / 811-3266
Federated High Income Bond Fund, Inc. 2-60103 / 811-2782
Federated High Yield Trust 2-91091 / 811-4018
Federated Income Securities Trust 33-3164 / 811-4577
Federated Income Trust 2-75366 / 811-3352
Federated Index Trust 33-33852 / 811-6061
Federated Institutional Trust 33-54445 / 811-7193
Federated Insurance Series 33-69268 / 811-8042
Federated Intermediate Government Fund, Inc. 33-41004 / 811-6307
Federated International Series, Inc. 2-91776 / 811-3984
Federated Investment Series Funds, Inc. 33-48847 / 811-58429
Federated MDT Series 333-134468 / 811-21904
Federated MDT Stock Trust 2-75756 / 811-3385
Federated Managed Pool Series 333-128884 / 811-21822
Federated Municipal Securities Fund, Inc. 2-57181 / 811-2677
Federated Municipal Securities Income Trust 33-36729 / 811-6165
Federated Short-Intermediate Duration Municipal Trust 2-72277 / 811-3181
Federated Total Return Government Bond Fund 33-60411 / 811-07309
Federated Total Return Series, Inc. 33-50773 / 811-7115
Federated U.S. Government Securities Fund: 1-3 Years 2-89028 / 811-3947
Federated U.S. Government Securities Fund: 2-5 Years 2-75769 / 811-3387
Federated World Investment Series, Inc. 33-52149 / 811-7141
Intermediate Municipal Trust 2-98237 / 811-4314
(Name of Registrant as Specified
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------------------------------------------------------------FEDERATED HIGH INCOME BOND FUND, INC. PROXY STATEMENT - PLEASE VOTE! TIME IS OF THE ESSENCE ...VOTING ONLY TAKES A FEW MINUTES AND YOUR PARTICIPATION IS IMPORTANT! ACT NOW TO HELP THE FUND AVOID ADDITIONAL EXPENSE. Federated High Income Bond Fund, Inc. (the "Fund") will hold a special meeting of shareholders on November 18, 1999. It is important for you to vote on the issues described in thisProxyStatement. We recommend that you read the Proxy Statement in its entirety; the explanations will help you to decide on the issues. Following is an introduction to the proposals and the process. WHY AM I BEING ASKED TO VOTE? Mutual funds are required to obtain shareholders' votes for certain types of changes, like those included in this Proxy Statement. As a shareholder, you have a right to vote on these changes. WHAT ISSUES AM I BEING ASKED TO VOTE ON? The proposals include the election of Directors and changes to the Fund's fundamental investment policies. The Board also recommends an amendment to the Articles of Incorporation. WHY ARE INDIVIDUALS RECOMMENDED FOR ELECTION TO THE BOARD OF DIRECTORS? The Fund is devoted to serving the needs of its shareholders, and the Board is responsible for managing the Fund's business affairs to meet those needs. The Board represents the shareholders and can exercise all of the Fund's powers, except those reserved only for shareholders. Directors are selected on the basis of their education and professional experience. Candidates are chosen based on their distinct interest in, and capacity for understanding the complexities of, the operation of a mutual fund. These individuals bring considerable experience to the impartial oversight of a fund's operation. The Proxy Statement includes a brief description of each nominee's history and current position with the Fund, if applicable. WHY ARE THE FUND'S "FUNDAMENTAL POLICIES" BEING CHANGED OR ELIMINATED? Every mutual fund has certain investment policies that can be changed only with the approval of its shareholders. These are referred to as "fundamental" investment policies. In some cases, these policies were adopted to reflect regulatory, business, or industry conditions that no longer exist or no longer are necessary. In other cases, advances in the securities markets and the economy have created different procedures and techniques that affect the Fund's operations. By reducing the number of "fundamental policies," the Fund may be able to minimize the costs and delays associated with frequent shareholder meetings. Also, the investment adviser's ability to manage the Fund's assets may be enhanced and investment opportunities increased. The proposed amendments will: o reclassify as operating policies those fundamental policies that are not required to be fundamental by the Investment Company Act of 1940, as amended ("1940 Act"); o simplify and modernize the policies that are required to be "fundamental" by the 1940 Act; and o eliminate fundamental policies that are no longer required by the securities laws of individual states. Federated is a conservative money manager. Our highly trained professionals are dedicated to making investment decisions in the best interest of the Fund and their shareholders. The Board believes that the proposed changes will be applied responsibly by the Fund's investment adviser. WHY ARE SOME "FUNDAMENTAL POLICIES" BEING RECLASSIFIED AS "OPERATING POLICIES?" As noted above, some "fundamental policies" have been redefined as "operating policies." Operating policies do not require shareholder approval to be changed. This gives the Fund's Board additional flexibility to determine whether to participate in new investment opportunities and to meet industry changes promptly. WHY IS THE BOARD RECOMMENDING AN AMENDMENT TO THE ARTICLES OF INCORPORATION? The Articles organizing the Fund were prepared many years ago. Since then, developments in the investment company industry and changes in the law have resulted in many improvements. The Board is recommending a change to the Articles of Incorporation that permits the Fund to benefit from these developments. HOW DO I VOTE MY SHARES? You may vote in person at the special meeting of shareholders or complete and return the enclosed Proxy Card. IF YOU SIGN AND RETURN THE PROXY CARD WITHOUT INDICATING A PREFERENCE, YOUR VOTE WILL BE CAST "FOR" ALL THE PROPOSALS. If you do not respond at all, we may contact you by telephone to request that you cast your vote. WHO DO I CALL IF I HAVE QUESTIONS ABOUT THE PROXY STATEMENT? Call your Investment Professional or a Federated Client Service Representative. Federated's toll-free number is 1-800-341-7400. After careful consideration, the Board of Directors has unanimously approved these proposals. The Board recommends that you read the enclosed materials carefully and vote FOR all proposals. DEFINITIVE FEDERATED HIGH INCOME BOND FUND, INC.Statement–Please Vote Today!NOTICE OF SPECIAL MEETING OF SHAREHOLDERS
TO BE HELDNOVEMBER 18, 1999OCTOBER 28, 2013A special meeting of the shareholders ofFederated High Income Bond Fund, Inc. (the "Fund"the below named Registrants (each a “Registrant” and, collectively, “Registrants”), will be held at5800 Corporate4000 Ericsson Drive,Pittsburgh,Warrendale, Pennsylvania15237-7000,15086-7561, at2:10:00p.m.a.m. (Eastern time), onNovember 18, 1999 to consider proposals: (1)October 28, 2013, for the following purpose:To electsix Directors. (2) To make changescertain Trustees or Directors (“Directors”) for each Registrant (“Election of Directors”), each to hold office
for theFund's fundamental investment policies: (a) To amend the Fund's fundamental investment policy regarding diversification; (b) To amend the Fund's fundamental investment policy regarding borrowing money and issuing senior securities; (c) To amend the Fund's fundamental investment policy regarding investments in real estate; (d) To amend the Fund's fundamental investment policy regarding investments in commodities; (e) To amend the Fund's fundamental investment policy regarding underwriting securities; (f) To amend the Fund's fundamental investment policy regarding lending by the Fund; (g) To amend the Fund's fundamental investment policy regarding concentrationterm indicated.The Boards of theFund's investments in the securities of companies in the same industry; (h) To amend, and to make non-fundamental, the Fund's fundamental investment policy regarding buying securities on margin; (i) To amend, and to make non-fundamental, the Fund's fundamental investment policy regarding investing in securities of other investment companies; (j) To make non-fundamental the Fund's fundamental investment policies relating to investing in fixed-income and corporate debt securities; (k) To make non-fundamental the Fund's fundamental investment policy relating to investing in equity securities; and (l) To amend, and to make non-fundamental, the Fund's fundamental investment policy relating to temporary investments. (3) To eliminate certain of the Fund's fundamental investment policies: (a) To remove the Fund's fundamental investment policy regarding selling securities short; (b) To remove the Fund's fundamental investment policy on investing in oil, gas and minerals; (c) To remove the Fund's fundamental investment policy on investing in securities of new issuers; (d) To remove the Fund's fundamental investment policy on investing in issuers whose securities are owned by officers and Directors; (e) To remove the Fund's fundamental investment policy on investing for the purpose of exercising control; (f) To remove the Fund's fundamental investment policy on dealing in puts and calls; (g) To remove the Fund's fundamental investment policy on investing in foreign securities; and (h) To remove the Fund's fundamental investment policy relating to short-term trading and portfolio turnover. (5) To approve an amendment to and a restatement of the Fund's Articles of Incorporation to permit the Board of Directors to liquidate assets of the Fund or a class without seeking shareholder approval to the extent permitted under Maryland law. To transact such other business as may properly come before the meeting or any adjournment thereof. The Board of Directors hasRegistrants (the “Boards”) have fixedSeptember 7, 1999August 29, 2013, as the record date for determination of shareholders entitled to vote at the meeting.Cash Trust Series, Inc.
Cash Trust Series II
Edward Jones Money Market Fund
Federated Adjustable Rate Securities Fund
Federated Core Trust
Federated Core Trust II, L.P.
Federated Core Trust III
Federated Equity Funds
Federated Equity Income Fund, Inc.
Federated Fixed Income Securities, Inc.
Federated GNMA Trust
Federated Global Allocation Fund
Federated Government Income Securities, Inc.
Federated High Income Bond Fund, Inc.
Federated High Yield Trust
Federated Income Securities Trust
Federated Income Trust
Federated Index TrustFederated Institutional Trust
Federated Insurance Series
Federated Intermediate Government Fund, Inc.
Federated International Series, Inc.
Federated Investment Series Funds, Inc.
Federated MDT Series
Federated MDT Stock Trust
Federated Managed Pool Series
Federated Municipal Securities Fund, Inc.
Federated Municipal Securities Income Trust
Federated Short-Intermediate Duration Municipal Trust
Federated Total Return Government Bond Fund
Federated Total Return Series, Inc.
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 TrustBy Order of theBoard of Directors,Boards,John W. McGonigle
SecretarySeptember24, 19999, 2013YOU CAN HELP THEFUNDREGISTRANTS AVOID THE NECESSITY AND EXPENSE OF SENDING FOLLOW-UP LETTERS TO ENSURE A QUORUM BY PROMPTLY SIGNING AND RETURNINGTHE ENCLOSEDYOUR PROXY. IF YOU ARE UNABLE TO ATTEND THE MEETING, PLEASE MARK, SIGN, DATE AND RETURNTHE ENCLOSEDYOUR PROXY SO THAT THE NECESSARY QUORUM MAY BE REPRESENTED AT THE SPECIALMEETING. THE ENCLOSED ENVELOPE REQUIRES NO POSTAGE IF MAILED IN THE UNITED STATES.MEETING OF SHAREHOLDERS. [PAGE INTENTIONALLY LEFT BLANK]TABLE OF CONTENTSABOUT THE PROXY SOLICITATION AND THE SPECIAL MEETING...........................4 ELECTION OF SIX DIRECTORS......................................................4 ABOUT THE ELECTION OF DIRECTORS................................................5 DIRECTORS STANDING FOR ELECTION................................................5 NOMINEE NOT PRESENTLY SERVING AS A DIRECTOR....................................7 APPROVAL OF CHANGES TO THE FUND'S FUNDAMENTAL INVESTMENT POLICIES...................................................................7 APPROVAL OF THE ELIMINATION OF CERTAIN OF THE FUND'S FUNDAMENTAL INVESTMENT POLICIES..................................................................15 APPROVAL OF AN AMENDMENT TO AND A RESTATEMENT OF THE FUND'S ARTICLES OF INCORPORATION.................................................19 INFORMATION ABOUT THE FUND....................................................20 PROXIES, QUORUM AND VOTING AT THE SPECIAL MEETING.............................20 SHARE OWNERSHIP OF THE DIRECTORS..............................................21 DIRECTOR COMPENSATION.........................................................21 OFFICERS AND INCUMBENT DIRECTORS OF THE FUND..................................23 OTHER MATTERS AND DISCRETION OF ATTORNEYS NAMED IN THE PROXY..................26DEFINITIVE PROXY STATEMENT FEDERATED HIGH INCOME BOND FUND, INC. Federated Investors Funds 5800 Corporate Drive Pittsburgh, PA 15237-7000 ABOUT THE PROXY SOLICITATION AND
1 2 3 3 3 4 6 6 6 6 6 7 7 8 8 8 8 10 11 12 A-1 B-1 C-1 D-1 E-1 F-1 G-1 H-1 I-1 J-1 K-1 SPECIAL MEETINGThe enclosedOF SHAREHOLDERS– OCTOBER 28, 2013Each entity listed in bold is a “Registrant” or, collectively, “Registrants.”Each fund listed with a Registrant is a “Fund” or, collectively, “Funds.”Cash Trust Series, Inc.
Federated Government Cash Series
Federated Municipal Cash Series
Federated Prime Cash Series
Federated Treasury Cash SeriesCash Trust Series II
Federated Treasury Cash Series IIEdward Jones Money Market FundFederated Adjustable Rate Securities FundFederated Core Trust
Federated Bank Loan Core Fund
Federated Inflation-Protected Securities Core Fund
Federated Mortgage Core Portfolio
High Yield Bond PortfolioFederated Core Trust II, L.P.
Emerging Markets Fixed Income Core FundFederated Core Trust III
Federated and Project Trade Finance Core FundFederated Equity Funds
Federated Absolute Return Fund
Federated Clover Small Value Fund
Federated Clover Value Fund
Federated Global Equity Fund
Federated InterContinental Fund
Federated International Strategic Value Dividend Fund
Federated Kaufmann Fund
Federated Kaufmann Large Cap Fund
Federated Kaufmann Small Cap Fund
Federated MDT Mid Cap Growth Strategies Fund
Federated Prudent Bear Fund
Federated Strategic Value Dividend FundFederated Equity Income Fund, Inc.Federated Fixed Income Securities, Inc.
Federated Municipal Ultrashort Fund
Federated Strategic Income FundFederated GNMA TrustFederated Global Allocation FundFederated Government Income Securities, Inc.Federated High Income Bond Fund, Inc.Federated High Yield TrustFederated Income Securities Trust
Federated Capital Income Fund
Federated Floating Rate Strategic Income Fund
Federated Fund for U.S. Government Securities
Federated Intermediate Corporate Bond Fund
Federated Muni and Stock Advantage Fund
Federated Prudent DollarBear Fund
Federated Real Return Bond Fund
Federated Short-Term Income Fund
Federated Unconstrained Bond FundFederated Income TrustFederated Index Trust
Federated Max-Cap Index Fund
Federated Mid-Cap Index FundFederated Institutional Trust
Federated Government Ultrashort Duration Fund
Federated Institutional High Yield Bond Fund
Federated Intermediate Government/Corporate FundFederated Insurance Series
Federated Fund for U.S. Government Securities II
Federated High Income Bond Fund II
Federated Kaufmann Fund II
Federated Managed Tail Risk Fund II
Federated Managed Volatility Fund II
Federated Prime Money Fund II
Federated Quality Bond Fund IIFederated Intermediate Government Fund, Inc.Federated International Series, Inc.
Federated International Bond FundFederated Investment Series Funds, Inc.
Federated Bond FundFederated MDT Series
Federated MDT All Cap Core Fund
Federated MDT Balanced Fund
Federated MDT Large Cap Growth Fund
Federated MDT Small Cap Core Fund
Federated MDT Small Cap Growth FundFederated MDT Stock TrustFederated Managed Pool Series
Federated Corporate Bond Strategy Portfolio
Federated High-Yield Strategy Portfolio
Federated International Bond Strategy Portfolio
Federated Mortgage Strategy Portfolio1Federated Municipal Securities Fund, Inc.Federated Municipal Securities Income Trust
Federated Michigan Intermediate Municipal Trust
Federated Municipal High Yield Advantage Fund
Federated New York Municipal Income Fund
Federated Ohio Municipal Income Fund
Federated Pennsylvania Municipal Income FundFederated Short-Intermediate Duration Municipal TrustFederated Total Return Government Bond FundFederated Total Return Series, Inc.
Federated Mortgage Fund
Federated Total Return Bond Fund
Federated Ultrashort Bond FundFederated U.S. Government Securities Fund: 1-3 YearsFederated U.S. Government Securities Fund: 2-5 YearsFederated World Investment Series, Inc.
Federated Emerging Market Debt Fund
Federated International Leaders Fund
Federated International Small-Mid Company FundIntermediate Municipal Trust
Federated Intermediate Municipal TrustPROXY STATEMENTThis proxy material issolicitedbeing furnished in connection with the solicitation of proxies on behalf of theBoardBoards ofDirectorsDirectors/Trustees (“Board”) of each of theFund (the "Board" or "Directors"). The proxies will be voted atabove-named Registrants and their constituent Funds. This document provides you with information you need in order to vote on the matter before the special meeting of shareholders of each of theFundRegistrants to be held onNovember 18, 1999,October 28, 2013, at5800 Corporate4000 Ericsson Drive,Pittsburgh,Warrendale, Pennsylvania15237-7000,15086-7561, at2:10:00p.m.a.m. (Eastern time) (such special meeting and any adjournment or postponement thereof are referred to as the"Special Meeting"“Special Meeting”).ThecostBoards of thesolicitation, including the printingRegistrants encourage you to read this document carefully andmailing of proxy materials, will be borne by the Fund. In addition to solicitations through the mails, proxies may be solicited by officers, employees, and agents of the Fundpromptly vote your shares. If you have questions about this document, or ifnecessary, a communications firm retained for this purpose. Such solicitations may be by telephone, telegraph, throughyou would like additional information, please contact theInternetRegistrants at their principal offices at 4000 Ericsson Drive, Warrendale, Pennsylvania, 15086-7561 orotherwise. Any telephonic solicitations will follow procedures designed to ensure accuracy and prevent fraud, including requiring identifying shareholder information, recording the shareholder's instructions, and confirming to the shareholder after the fact. Shareholders who communicate proxies by telephone or by other electronic means have the same power and authority to issue, revoke, or otherwise change their voting instruction as shareholders submitting proxies in written form.call 1-800-341-7400.TheFund may reimburse custodians, nominees, and fiduciaries for the reasonable costs incurred by them in connection with forwarding solicitation materials to the beneficial owners of shares held of record by such persons. The Board has reviewed both the proposed changes recommended in the investment policies of the Fund and the amendment to the Articles of Incorporation, and has approved them, subject to shareholder approval. The purposespurpose of the Special Meetingareis set forth in the accompanyingNotice.Notice of Special Meeting of Shareholders (“Notice”). The Trustees and Directors (“Directors”) do not know ofnoany business other than that mentioned in the Notice that will be presented for consideration at the Special Meeting. Should other business properly be brought before the Special Meeting, proxies will be voted in accordance with the best judgment of the persons named as proxies.This Proxy StatementThe Special Meeting notice, this proxy statement andthe enclosedone or more proxycardcards areexpected to be mailed on or about September 24, 1999,being provided to shareholders of recordatas of the close of business on August 29, 2013 (the “Record Date”) beginning on or about September7, 1999 (the "Record Date")12, 2013.IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR
THE SPECIAL MEETING OF SHAREHOLDERS TO BE HELD ON OCTOBER 28, 2013:This proxy statement is available on the Internet atwww.proxyvote.com. On this website, you also will be able to access theRecord Date,Notice, theFund had outstanding 222,215,949form of proxy card(s) and any amendments or supplements to the foregoing materials that are required to be furnished to shareholders.Special Note About Voting for Federated Insurance SeriesShares of the Funds comprising Federated Insurance Series (“FIS Funds”) are sold only to separate accounts of certain insurance companies in connection with the issuance of variable annuity contracts and/or variable life insurance contracts by the insurance companies. With respect to the proposal for the Election of Directors, insurance company separate accounts, as shareholders of Funds comprising FIS Funds, will request voting instructions from the owners of variable life insurance policies and variable annuity contracts (“Variable Contract Owners”) of the separate accounts, and will vote the accounts' shares in FIS Funds in accordance with the voting instructions received. Each separate account is required to vote its shares ofcommon stock. The Fund's annual report,FIS Funds in accordance with instructions received from Variable Contract Owners. Each separate account will vote its shares of FIS Funds for whichincludes audited financial statementsno voting instructions have been received in the same proportions that the separate account votes the shares held by Variable Contract Owners for which it has received instructions. Shares held by an insurance company in its general account, if any, must be voted in theFund forsame proportions as thefiscal year ended March 31, 1999, was previously mailedvotes cast with respect toshareholders. The Fund will promptly furnish, without charge and upon request, to each person to whom this Proxy Statement is delivered, a copyshares held in all of theFund's annual report. Requests for an annual report forinsurance company's variable accounts in theFundaggregate. Such proportional voting maybe maderesult in a relatively small number of Variable Contract Owners determining the outcome of the proposal.2SUMMARYThe following is a summary of certain information contained elsewhere in this proxy statement and is qualified in its entirety by reference to information contained elsewhere in this proxy statement.
Purpose of the
Special Meeting
to be Held October 28, 2013To elect certain Directors for each Registrant. Who is Eligible to Vote? Shareholders of record of each Fund at the close of business on August 29, 2013, are entitled to notice of and to vote at the Special Meeting and at any adjournments or postponements thereof. Each shareholder is entitled to one vote for each full share and a proportionate vote for each fractional share of Funds held as of the Record Date.
Total outstanding shares for each of the Funds as of the Record Date are provided inExhibit B.
The Notice, proxy card and proxy statement (or appropriate notice of where to access these materials) were first mailed to shareholders of record on or about September 12, 2013. In some cases, the Funds may mail only one copy of this proxy statement to households in which more than one person in the household is a Fund shareholder of record. If you need additional copies of this proxy statement or if you do not want the mailing of this proxy statement to be combined with those for other members of your household, please write to the Funds at 4000 Ericsson Drive, Warrendale, Pennsylvania, 15086-7561 or call 1-800-341-7400. The Funds will deliver requested materials and respond to inquiries promptly.How Are Votes Counted? Election of Directors requires the affirmative vote of either a “plurality” of the votes cast at the Special Meeting or a majority of the votes entitled to be cast at the Special Meeting provided, in each case, that a quorum is present. A “plurality” is defined as more votes cast for than against each nominee.Please seeExhibit C for each Registrant's quorum and voting requirements. How to Vote Shareholders may vote via the Internet, by telephone or by facsimile by following the instructions on the proxy card provided. Shareholders may also vote by mail, by returning a proxy card or in person, by attending the Special Meeting. Shareholders can obtain directions to the meeting location by calling 1-800-341-7400.Please also see “Special Note About Voting for Federated Insurance Series” above. May Proxies be Revoked? A shareholder executing and returning a proxy has the power to revoke it at any time prior to the time shares are voted by executing a superseding proxy (i.e., a later-dated and signed proxy), by submitting a notice of revocation to the Secretary of the Funds or by subsequently registering his or her vote by telephone, over the Internet or in person at the Special Meeting. How to Obtain More Information about the Funds Each Fund has previously sent its most recent prospectus, annual report and semi-annual report to its shareholders. A copy of the current prospectus, annual and semi-annual reports and Statement of Additional Information for each Fund/Registrant may be obtained at no cost through FederatedInvestors.com, by writing to the Fund at 4000 Ericsson Drive, Warrendale, Pennsylvania, 15086-7561 or by calling 1-800-341-7400. Please note that the prospectuses, Statements of Additional Information and shareholder reports for the following Registrants and their Funds are not available on FederatedInvestors.com: Federated Core Trust, Federated Core Trust II, L.P., Federated Core Trust III and Federated Managed Pool Series. PROPOSAL: ELECTION OF DIRECTORSWHY ARE DIRECTORS BEING ELECTED?Certain regulatory settlements applicable to theFund's principal executive officesadviser of the Funds require that at least 75% of the membership of the Board of each Registrant be comprised of Directors who are not interested persons, as defined by the Investment Company Act of 1940 (“Independent Directors”),1 of the Funds or their advisers (“75% Independence Requirement”). In July, an Independent Director died suddenly and unexpectedly, causing certain Registrants to not be in compliance with the 75% Independence Requirement. Under the settlements, the Registrants have a stipulated time period within which to restore compliance with the 75% Independence Requirement.
1 An Interested Director is one who has a material or financial interest, or a family relationship with one who does, in the entities that provide services to the Registrants and their Funds. An Independent Director is one who does not have such a material, financial or family relationship. 3Generally, the Investment Company Act of 1940 (the “1940 Act”) permits a board to fill vacancies between shareholder meetings, and without shareholder vote, as long as, immediately after filling such vacancy, at least 66.66% of the directors then holding office have been elected bycallingshareholders (“66.66% Elected Requirement”). The Board of certain Registrants was able to appoint a new Independent Director to theFund.Board consistent with the 66% Elected Requirement, and therefore restore compliance with the 75% Independence Requirement. Other Registrants are required to elect a new Independent Director in order to restore compliance with the 75% Independent Requirement. TheFund's principal executive officesBoard determined to hold a shareholder meeting to elect Directors for all Registrants, so that all Registrants will have a Board fully comprised of Directors that have been elected by shareholders.If the Director Nominees described in this proxy statement arelocatedapproved, there will be seven Independent Directors and two Interested Directors on the Board of each Registrant, all of whom have been elected by shareholders.WHO ARE THE NOMINEES FOR DIRECTOR?The following Director nominees (“Nominees”) are standing for election to the Boards of some or all of the Registrants at the Special Meeting:
Interested Director Nominee Independent Director Nominees J. Christopher Donahue John T. Collins Maureen Lally-Green Thomas M. O'Neill P. Jerome Richey The following Directors, having previously been elected by shareholders, are current Board members of each of the Registrantsand are not standing for election at the Special Meeting:
Interested Director Independent Directors John F. Donahue Peter E. Madden, Chairman of the Board's Independent Directors Charles F. Mansfield, Jr. John S. Walsh Each of the Nominees currently serves as a Director of certain Registrants either through appointment by the full Board, including a majority of the Independent Directors, and/or election by shareholders.The following individuals currently serve as the Directors of all Registrants except: FederatedInvestors Funds, 5800 Corporate Drive, Pittsburgh, Pennsylvania 15237-7000.Core Trust III, Federated Short-Intermediate Duration Municipal Trust, Federated U.S. Government Securities Fund: 2-5 Years, and Intermediate Municipal Trust: John F. Donahue, J. Christopher Donahue, Maureen Lally-Green, Peter E. Madden, Charles F. Mansfield, Jr., Thomas M. O'Neill and John S. Walsh.TheFund's toll-free telephone number is 1-800-341-7400. PROPOSAL #1: ELECTION OF SIX DIRECTORSfollowing individuals currently serve as the Directors for Federated U.S. Government Securities Fund: 2-5 Years: John F. Donahue, Peter E. Madden, Charles F. Mansfield, Jr., Thomas M. O'Neil, P. Jerome Richey and John S. Walsh.The following individuals currently serve as the Directors of Federated Core Trust III, Federated Short-Intermediate Duration Municipal Trust, and Intermediate Municipal Trust: John F. Donahue, J. Christopher Donahue, John T. Collins, Maureen Lally-Green, Peter E. Madden, Charles F. Mansfield, Jr., Thomas M. O'Neil, P. Jerome Richey and John S. Walsh.Following are the slates of Nominees proposed to be elected by the Registrants which constitute the “Federated Family of Funds” for purposes of the Special Meeting:
Nominee Slate Registrants J. Christopher Donahue, John T. Collins, Maureen Lally-Green,
Thomas M. O'Neill and P. Jerome RicheyFederated U.S. Government Securities Fund: 2-5 Years John T. Collins and P. Jerome Richey Federated Core Trust III John T. Collins, Maureen Lally-Green, Thomas M. O'Neill and
P. Jerome RicheyFederated Insurance Series John T. Collins, Maureen Lally-Green and P. Jerome Richey Federated Short-Intermediate Duration Municipal Trust and
Intermediate Municipal TrustJohn T. Collins, Maureen Lally-Green, Thomas M. O'Neill and
P. Jerome RicheyAll Remaining Registrants apart from Federated U.S. Government Securities Fund: 2-5 Years, Federated Core Trust III, Federated Short-Intermediate Municipal Trust and Intermediate Municipal Trust 4The Nominating Committee, whose members consist of all the Independent Directors, selects and nominates persons for election to the Registrants' Boards when vacancies occur or are reasonably anticipated. The Committee's nominees are presented to the Boards for election, or nomination for election by the shareholders, as required. The Independent Directors of each of the Registrants previously elected by shareholders have nominated J. Christopher Donahue, John T. Collins, Maureen Lally-Green, Thomas M. O'Neill and P. Jerome Richey for election by shareholders of the applicable Registrants at the Special Meeting, effective the date of election by shareholders of such Registrants. The persons named as proxies intend to vote in favor of the election ofThomas G. Bigley, Nicholas P. Constantakis, John F. Cunningham, Charles F. Mansfield, Jr., John E. Murray, Jr. and John S. Walsh (collectively,the"Nominees")Nominees as Directors ofthe Fund. All Nominees, with the exception of Mr. Constantakis, are presently serving as Directors. If elected by shareholders, it is anticipated that Mr. Constantakis will assume his duties as a Director on January 1, 2000. Please see "ABOUT THE ELECTION OF DIRECTORS" below for current information about the Nominees, and "OFFICERS AND INCUMBENT DIRECTORS OF THE FUND" in this Proxy Statement for information about the Directors who have previously been elected by shareholders. Except as noted in this Proxy Statement, it is anticipated thateachof the incumbent Directors will continue to serve as a Director following the Special Meeting. Messrs. Bigley and Murray were appointed Directors on November 15, 1994 and February 14, 1995, respectively, to fill vacancies created by the decision to expand the size of the Board. Messrs. Cunningham, Mansfield and Walsh were appointed Directors on January 1, 1999, also to fill vacancies resulting from the decision to expand the size of the Board. Mr. Constantakis is being proposed for election as a Director also as a result of the decision to expand the size of the Board.applicable Registrant.All Nominees have consented to serve if elected. It is being proposed that the shareholders of each Registrant approve the Nominees. If approved by shareholders, the Nominees will serve until their death, retirement, resignation or removal from office. The mandatory retirement age for Independent Directors is 73 years. However, the mandatory retirement age may be extended or changed with the approval of the Independent Directors. If elected, theDirectorsIndependent Director Nominees will hold officewithout limit in timeuntil the end of the calendar year during which they reach 73 years of age (unless the mandatory retirement age is changed or extended as noted above) or earlier upon death, resignation, retirement, or removal or until the next meeting of shareholders to elect Directors andthe election andqualification of their successors.ElectionThe process for resignation or removal of a director/trustee is set forth in the organizational documents for each Registrant. The By Laws for each Registrant organized as a Maryland corporation provide (a) that any Director may resign his or her office at any time by written instrument signed by the Director and delivered to the chairman of the board of directors or to the secretary of the corporation, which shall take effect upon a time specified therein or, if no time is specified, then when received by the Corporation (unless otherwise specified, the acceptance of the resignation shall not be necessary to make it effective); and (b) that any Director may be removed at any duly called meeting of shareholders by apluralitymajority vote of thevotes castoutstanding shares. Each Registrant that is organized as a Maryland corporation is listed below:
• Cash Trust Series, Inc. • Federated Equity Income Fund, Inc. • Federated Fixed Income Securities, Inc. • Federated Government Income Securities, Inc. • Federated High Income Bond Fund, Inc. • Federated Intermediate Government Fund, Inc. • Federated International Series, Inc. • Federated Investment Series Funds, Inc. • Federated Municipal Securities Fund, Inc. • Federated Total Return Series, Inc. • Federated World Investment Series, Inc. The organizational documents for each other Registrant provide that (a) any Director or Trustee may resign his or her office at any time by written instrument signed by the Director/Trustee and delivered to the other members of the Board, which shall take effect upon such delivery or upon such later date as is specified therein; (b) that any Director or Trustee may be removed at any time by written instrument signed by at least two-thirds of the number of Directors/Trustees prior to such removal, specifying the date when such removal shall become effective; (c) that any Director or Trustee who requests in writing to be retired or who has become mentally or physically incapacitated may be retired by written instrument signed by a majority of the other members of the Board, specifying the date of his or her retirement; and (d) a Director or Trustee may be removed at any special meeting of shareholders of theFund atRegistrant by a vote of two-thirds of theSpecial Meeting. The six individuals receivingoutstanding shares (or, in thegreatest numbercase ofvotes atFederated Core Trust III, by a vote of 75% of theSpecial Meeting will be deemed to be elected Directors.outstanding shares).Ifanya Nomineefor election as a Director named aboveshall by reason of death or for any other reason become unavailable as a candidate at the Special Meeting, votes pursuant to theenclosedproxy will be cast for a substitute candidate by the proxies named on the proxy card, or their substitutes, present and acting at the Special Meeting.Any such substitute candidate forThe electionas a Director who is an "interested person" (as such term is defined in the Investment Company Act of 1940, as amended (the "1940 Act")) of the Fund shall be nominated by the Executive Committee. The selectionof any substitute candidate for election as a Director who is not or would not be an"interested person"Interested Director shall be made by a majority of the Directors who are not"interested persons"Interested Directors of theFund.Registrants. The Board has no reason to believe that any Nominee will become unavailable for election asaDirector.THE BOARD OF DIRECTORS RECOMMENDS THAT SHAREHOLDERS VOTE TO ELECT AS DIRECTORS5IMPORTANT INFORMATION REGARDING THE NOMINEES,FOR ELECTION TO THE BOARD OFDIRECTORS AND EXECUTIVE OFFICERS OF THEFUND ABOUT THE ELECTION OF DIRECTORS Maryland law does not requireREGISTRANTSThe tables inExhibit D present certain information about theelection ofNominees, current Directors and theFund's Directors each year, and shareholders should anticipate that, prior to election of successor Directors, incumbent Directors will hold office during the lifetime of the Fund, except that: (a) any Director may resign; (b) any Director may be removed by written instrument signed by at least two-thirds of the number of Directors prior to such removal; (c) any Director who requests to be retired or who has become mentally or physically incapacitated may be retired by written instrument signed by a majority of the other Directors; and (d) a Director may be removed at any special meeting of the shareholders by a vote of two-thirds of the outstanding shares of the Fund. In case a vacancy shall exist for any reason, the remaining Directors will fill such vacancy by appointment of another Director. The Directors will not fill any vacancy by appointment if, immediately after filling such vacancy, less than two-thirds of the Directors then holding office would have been elected by the shareholders. If, at any time, less than a majority of the Directors holding office have been elected by the shareholders, the Directors then in office will call a shareholders' meeting for the purpose of electing Directors to fill vacancies. Otherwise, there will normally be no meeting of shareholders called for the purpose of electing Directors. Set forth below is a listing of: (i) Directors standing for election, and (ii) the Nominee standing for election who is not presently serving as a Director, along withRegistrants' Executive Officers, including their names, addresses, birth dates, present positions with each of theFund,Registrants, if applicable,andlength of term in office, if applicable, principal occupations during the past fiveyears: DIRECTORS STANDING FOR ELECTION THOMAS G. BIGLEY 15 Old Timber Trail Pittsburgh, PA Birth date: February 3, 1934 Directoryears and other directorships held by each Interested and Independent Director orTrusteeNominee.As of the Record Date, the Federated FundComplex; Director, MemberComplex was comprised of theExecutive Committee, Children's Hospitalabove-named Registrants and certain other Registrants not currently electing Directors at this Special Meeting and consisted ofPittsburgh; Director, Robroy Industries, Inc. (coated steel conduits/computer storage equipment); formerly, Senior Partner, Ernst & Young LLP; Director, MED 3000 Group, Inc. (physician practice management); Director and Member of Executive Committee, University of Pittsburgh. JOHN F. CUNNINGHAM 353 El Brillo Way Palm Beach, FL Birth date: March 5, 1943 Director Director or Trustee of some of the Funds39 investment companies (comprising 124 portfolios). Nominees are presently standing for election to 35 investment companies (comprising 85 portfolios) in the Federated FundComplex; Chairman, President and ChiefComplex at this Special Meeting. Each Executive OfficerCunningham & Co.,is elected annually by the Boards of the Registrants.RESPONSIBILITIES OF THE BOARD AND ITS ROLE IN RISK OVERSIGHTThe Board of each Registrant is responsible for managing the business affairs of the Registrant and its constituent Funds and for exercising all powers of the Registrant and its Funds except those reserved for the shareholders. The Board's role in overseeing the Funds' general risks includes receiving performance reports for the Funds and risk management reports from the Chief Risk Officer of Federated Investors, Inc.(specialized(“Federated”) at each regular Board meeting. The Chief Risk Officer is responsible for enterprise risk management at Federated, which includes risk management committees for investment management and for investor services. The Board also receives regular reports from the Registrants' Chief Compliance Officer regarding significant compliance risks.On behalf of the Board, the Audit Committee of the Board plays a key role overseeing the Fund's financialconsulting organization); Trustee Associate, Boston College; Director, Iperia Corp. (communications/software); formerly, Director, Redgate Communicationsreporting andEMC Corporation (computer storage systems). Previous Positions:valuation risks. The Audit Committee meets regularly with the Fund's Principal Financial Officer and outside auditors, as well as with Federated's Chief Audit Executive to discuss financial reporting and audit issues, including risks relating to financial controls.BOARD LEADERSHIP STRUCTUREPeter E. Madden currently serves as the independent Chairman of the Board of each Registrant. Mr. Madden has served as the independent Chairman of the Board since January 1, 2009, having been elected in November 2008. As required under the terms of certain regulatory settlements, the Chairman of the Board is not an Interested Director andChief Executive Officer, Computer Consoles, Inc.; Presidentneither the Chairman, nor any firm with which the Chairman is affiliated, has a prior relationship with Federated or its affiliates, or (other than his position as a Director with the Registrants).QUALIFICATIONS OF THE INTERESTED DIRECTORSIndividual Interested Director qualifications are noted in the table inExhibit D. In addition, the following characteristics are among those that were considered for each existing Interested Director andChief Operating Officer, Wang Laboratories;will be considered for any Interested DirectorFirst National BankNominee:
• Outstanding skills in disciplines that are particularly relevant to the role of Director and to the Registrants and their Funds, including legal, accounting, business management, the financial industry generally, and the investment industry particularly; and • Appropriate interpersonal skills to work effectively with other Directors. QUALIFICATIONS OF THE INDEPENDENT DIRECTORSIndividual Independent Director qualifications are noted in the table inExhibit D. In addition, the following characteristics are among those that were considered for each existing Independent Director and will be considered for any Independent Director Nominee:
• Outstanding skills in disciplines deemed by the Independent Directors to be particularly relevant to the role of Independent Directors and to the Federated Funds, including legal, accounting, business management, the financial industry generally, and the investment industry particularly; • Desire and availability to serve for a substantial period of time, taking into account the current mandatory retirement age of 73 years for Independent Directors; • Possesses no conflicts which would interfere with qualifying as independent; 6
• Appropriate interpersonal skills to work effectively with other Independent Directors; • Understanding and appreciation of the important role occupied by independent trustees in the regulatory structure governing regulated investment companies; • Diversity of background. MEETINGS OF THE BOARDThe Directors meet regularly to review a wide variety of matters affecting or potentially affecting the Registrants and their Funds, including performance, investment programs, compliance matters, advisory fees and expenses, service providers, and business and regulatory affairs.The Boards of the Registrants held four regularly scheduled formal meetings and one special meeting during calendar year 2012.The Board meetings are summarized onExhibit E.In fiscal 2012 and 2013, each Directorattended at least 75% of the total number of meetings of each Board and of any committees of the Board on which the DirectorApollo Computer, Inc. CHARLES F. MANSFIELD, JR. 80 South Road Westhampton Beach, NY Birth date: April 10, 1945served held during the period of the Director's service. All Directors were reimbursed for expenses for attendance at Board meetings.STANDING COMMITTEES OF THE BOARDEach Board has three standing committees. The members and the functions of these committees are described below.The number of committee meetings held for each of the Registrants can be found inExhibit E.
BOARD COMMITTEE COMMITTEE MEMBERS COMMITTEE FUNCTIONS Executive John F. Donahue
Peter E. Madden
John S. WalshIn between meetings of the full Board, the Executive Committee generally may exercise all the powers of the full Board in the management and direction of the business and conduct of the affairs of the Registrant in such manner as the Executive Committee shall deem to be in the best interests of the Registrant. However, the charter documents or the laws of the states in which the Registrants are organized may place certain limits on the extent to which the full Board may delegate its powers to the Executive Committee. Audit Maureen Lally-Green*
Charles F. Mansfield, Jr.
Thomas M. O'Neill, Vice Chairman
John S. Walsh, ChairmanThe Board has adopted a written charter for the Audit Committee, a copy of which is available under “Fund Governance” in the “Products” section of Federated website atFederatedInvestors.com. The Board has determined that the members of the Audit Committee are “independent.” An “independent” Audit Committee member may not, other than in their capacity as a member of the Audit Committee, the Board or any other Board committee, accept directly or indirectly any consulting, advisory or other compensatory fee from an issuer or be an “interested person” of a Fund as defined by the Investment Company Act of 1940.
The purposes of the Audit Committee are to oversee the accounting and financial reporting process of the Funds, the Funds' internal control over financial reporting, and the quality, integrity and independent audit of the Funds' financial statements. The Committee also oversees or assists the Board with the oversight of compliance with legal requirements relating to those matters, approves the engagement and reviews the qualifications, independence and performance of the Funds' independent registered public accounting firms, acts as a liaison between the independent registered public accounting firms and the Board and reviews the Funds' internal audit functions. In discharging its responsibilities, the Audit Committee is entitled to rely upon the reports, findings and representations of the Funds' auditors, legal counsel and responsible officers.7
BOARD COMMITTEE COMMITTEE MEMBERS COMMITTEE FUNCTIONS Nominating John T. Collins*
Maureen Lally-Green*
Peter E. Madden, Chairman
Charles F. Mansfield, Jr.
Thomas M. O'Neill
P. Jerome Richey*
John S. WalshThe Board has adopted a written charter for the Nominating Committee, provided inExhibit A, and which is also available under “Fund Governance” in the “Products” section of Federated's website atFederatedInvestors.com.
The Nominating Committee, whose members consist of all the Independent Directors, selects and nominates persons for election to the Registrants' Boards when vacancies occur or are reasonably anticipated. The Committee's nominees are presented to the Boards for election, or nomination for election by the shareholders, as the case may be. The Committee will consider candidates recommended by shareholders, Independent Directors of the Registrants, officers or employees of any of the Funds' agents or service providers and counsel to the Funds. In identifying and evaluating candidates for consideration, the Committee shall consider such factors as it deems appropriate. These factors will ordinarily include: integrity, intelligence, collegiality, judgment, diversity, skill, business and other experience, qualification as an “Independent Director,” the existence of material relationships which may create the appearance of a lack of independence, financial or accounting knowledge and experience, and dedication and willingness to devote the time and attention necessary to fulfill Board responsibilities.
Any shareholder who desires to have an individual considered for nomination by the Committee must submit a recommendation in writing to the Secretary of the Fund, at the Fund's address 4000 Ericcson Drive, Warrendale, PA 15086-7561. The recommendation should include the name and address of both the shareholder and the candidate and detailed information concerning the candidate's qualifications and experience.
The Committee does not at this time have a formal process for identifying and evaluating nominees for Director. However, it is not anticipated that the process for evaluating a nominee would differ based on whether the nominee is recommended by a shareholder.
* Not a member for certain Registrants HOW IS THE BOARD PAID FOR THEIR SERVICES TO THE REGISTRANTS?Each Independent DirectorDirector or Trusteereceives compensation for service as a member ofsomethe Board based on a schedule that takes into account the number of meetings attended and the assets of the Funds for which meetings are held. None of the Interested Directors or Officers of the Funds or Registrants receives compensation from the Funds or Registrants. Compensation expenses are allocated to the Funds based, in part, on their relative net assets. Under the terms of each management agreement with the investment advisers to the Funds, the Funds are responsible for paying such fees and expenses. The Independent Directors of the Funds do not receive any pension or retirement benefits from the Funds or Federated Investors, Inc.Please see the table inExhibit F for amounts paid to the Independent Directors by each Fund and the Federated Family of Funds.SHARE OWNERSHIP OF THE REGISTRANTS BY NOMINEES, DIRECTORS, EXECUTIVE OFFICERS AND PRINCIPAL SHAREHOLDERSAs of the Record Date, share ownership of the Funds by Officers and Directors and by significant shareholders, is shown in theFederated Fund Complex; management consultant. Previous Positions: Chief Executive Officer, PBTC International Bank; Partner, Arthur Young & Company (nowtables provided inExhibit G andExhibit H, respectively.COMMUNICATING WITH THE BOARDAny shareholder who wishes to send a communication to the Board should send the communication to the attention of John W. McGonigle, Secretary of the Registrants, at 4000 Ericsson Drive, Warrendale, Pennsylvania 15086-7561. If a shareholder wishes to send a communication directly to an individual Director or to a Committee of the Board, then the communication should be specifically addressed to such individual Director or Committee and sent in care of the Secretary at the same address.After reviewing the communication, the Secretary will then immediately forward the communication to the Board of Directors, the individual Director or to the Committee, as applicable.The Registrants do not have a policy regarding attendance by Board members at special meetings, and it is not anticipated that any members of the Board will attend the Special Meeting.INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMS, THEIR SERVICES AND FEESErnst & YoungLLP); Chief Financial OfficerLLP or KPMG LLP are the independent registered public accounting firms for each Fund as summarized inExhibit I. Fees paid to the accounting firms are provided inExhibit Jand Exhibit K. Representatives ofRetail Sector, Chase Manhattan Bank; Senior Vice President, Marine Midland Bank; Vice President, Citibank; Assistant ProfessorErnst & Young LLP or KPMG LLP are not expected to be present at the Special Meeting but will have the opportunity to make a statement if they wish, and will be available should any matter arise requiring their presence.8The Audit Committee of each Board is required to pre-approve audit andFinance, Frank G. Zarb Schoolnon-audit services performed by the independent auditor in order to assure that the provision ofBusiness, Hofstra University. JOHN E. MURRAY, JR., J.D., S.J.D. President, Duquesne University Pittsburgh, PA Birth date: December 20, 1932 Director Director or Trusteesuch services does not impair the auditor's independence. Unless a type of service to be provided by the independent auditor has received general pre-approval pursuant to policies established by the Audit Committee as discussed below, it will require specific pre-approval by the Audit Committee. Any proposed services exceeding pre-approved cost levels will require specific pre-approval by the Audit Committee.Certain services have the general pre-approval of theFederated Fund Complex; President, Law Professor, Duquesne University; Consulting Partner, Mollica & Murray; Director, Michael Baker Corp. (engineering, construction, operationsAudit Committee. The term of the general pre-approval is twelve months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. The Audit Committee will annually review the services that may be provided by the independent auditor without obtaining specific pre-approval from the Audit Committee andtechnical services). Previous Positions: Deanmay grant general pre-approval for such services. The Audit Committee will revise the list of general pre-approved services from time to time, based on subsequent determinations. The Audit Committee will not delegate its responsibilities to pre-approve services performed by the independent auditor to management.The Audit Committee has delegated pre-approval authority to its Chairman. The Chairman will report any pre-approval decisions to the Audit Committee at its next scheduled meeting. The Committee will designate another member with such pre-approval authority when the Chairman is unavailable.Audit ServicesThe annual Audit services engagement terms andProfessorfees will be subject to the specific pre-approval ofLaw, Universitythe Audit Committee. The Audit Committee must approve any changes in terms, conditions and fees resulting from changes in audit scope, registered investment company structure or other matters.In addition to the annual audit services engagement specifically approved by the Audit Committee, the Audit Committee may grant general pre-approval for other audit services, which are those services that only the independent auditor reasonably can provide. The Audit Committee has pre-approved certain audit services; all other services must be specifically pre-approved by the Audit Committee.Audit-Related ServicesAudit-related services are assurance and related services that are reasonably related to the performance ofPittsburgh; Dean and Professorthe audit or review ofLaw, Villanova University School of Law. JOHN S. WALSH 2007 Sherwood Drive Valparaiso, IN Birth date: November 28, 1957 Director Director or Trustee of somethe financial statements of the Funds or that are traditionally performed by the independent auditor. The Audit Committee believes that the provision of Audit-related services does not impair the independence of the auditor, and has pre-approved certain audit-related services. All other audit-related services must be specifically pre-approved by the Audit Committee.Tax ServicesThe Audit Committee believes that the independent auditor can provide Tax services to the Company such as tax compliance, tax planning and tax advice without impairing the auditor's independence. However, the Audit Committee will not permit the retention of the independent auditor in connection with a transaction initially recommended by the independent auditor, the purpose of which may be tax avoidance and the tax treatment of which may not be supported in theFederated Fund Complex; PresidentInternal Revenue Code andDirector, Heat Wagon, Inc. (manufacturer of construction temporary heaters); Presidentrelated regulations. The Audit Committee has pre-approved certain Tax services. All Tax services involving large andDirector, Manufacturers Products, Inc.(distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc.; Director, Walsh & Kelly, Inc. (heavy highway contractor); formerly, Vice President, Walsh & Kelly, Inc. NOMINEE NOT PRESENTLY SERVING AS A DIRECTOR NICHOLAS P. CONSTANTAKIS 175 Woodshire Drive Pittsburgh, PA Birth date: September 3, 1939 Director or Trustee of the Federated Fund Complex; formerly, Partner, Andersen Worldwide SC. APPROVAL OF CHANGES TO THE FUND'S FUNDAMENTAL INVESTMENT POLICIES INTRODUCTION TO PROPOSALS #2(A) TO #2(L) AND #3(A) TO #3(H). The 1940 Act (which was adopted to protect mutual fund shareholders) requires investment companies such as the Fund to adopt certain specific investment policies or restrictions that cancomplex transactions must bechanged only by shareholder vote. An investment company may also elect to designate other policies or restrictions that may be changed only by shareholder vote. Both types of policies and restrictions are often referred to as "fundamental policies." These policies and restrictions limit the investment activities of the Fund's investment adviser. After the Fund was formed in 1977, legal and regulatory requirements applicable to mutual funds changed. For example, certain restrictions imposed by state laws and regulations were preemptedspecifically pre-approved by theNational Securities Markets Improvement Act of 1996 ("NSMIA") and no longer apply. As a result, the Fund is subject to fundamental policies that are no longer required to be fundamental, and to other policies that are no longer required at all. Accordingly, the Directors have authorized the submissionAudit Committee.All Other ServicesWith respect to theFund's shareholders for their approval, and recommend that shareholders approve,provision of services other than audit, review or attest services, theamendment, reclassification and/or eliminationpre-approval requirement is waived if:
(1) The aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues paid to the registrant's accountant by the Funds, the Funds' advisers (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Funds during the fiscal year in which the services are provided; (2) Such services were not recognized by the Funds, the Funds' advisers (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Funds at the time of the engagement to be non-audit services; and 9
FUNDAMENTAL POLICIES NON-FUNDAMENTAL POLICIESWho must approve changes in Board(3) Such services are promptly brought to the attention of Directorsthe Audit Committee of the Funds andBoardapproved prior to the completion ofDirectorsthepolicies? shareholders How quickly can a change in Fairly slowly, since a vote Fairly quickly, becauseaudit by the Audit Committee or by one or more members of thepolicies be made? of shareholders is required change can be accomplished by actionAudit Committee who are members of the Board of DirectorsWhat isto whom authority to grant such approvals has been delegated by therelative cost Costly to change because a Less costly to change because to change a policy? shareholder vote requires a change can be accomplished holding a meeting of by action of the Board of shareholders DirectorsAudit Committee.Therecommended changesAudit Committee may grant general pre-approval to those permissible non-audit services classified as All Other Services that it believes arespecified below. Each Proposal will be voted on separately,routine and recurring services, and would not impair theapproval of each Proposal for the Fund will require the approval of a majorityindependence of theoutstanding voting shares of the Fund as defined in the 1940 Act. (See "PROXIES, QUORUM AND VOTING AT THE SPECIAL MEETING" below.) DESCRIPTION OF PROPOSED CHANGESauditor. Theproposed standardized fundamental investment policies cover those areas for which the 1940 Act requires the Fund to have a fundamental restriction. They satisfy current regulatory requirements and are written to provide flexibility to respond to future legal, regulatory, market or technical changes. THE PROPOSED STANDARDIZED CHANGES WILL NOT AFFECT THE FUND'S INVESTMENT OBJECTIVE. ALTHOUGH THE PROPOSED CHANGES IN FUNDAMENTAL POLICIES WILL ALLOW THE FUND GREATER FLEXIBILITY TO RESPOND TO FUTURE INVESTMENT OPPORTUNITIES, THE BOARD OF DIRECTORS OF THE FUND DOES NOT ANTICIPATE THAT THE CHANGES, INDIVIDUALLY OR IN THE AGGREGATE, WILL RESULT AT THIS TIME IN A MATERIAL CHANGE IN THE LEVEL OF INVESTMENT RISK ASSOCIATED WITH INVESTMENT IN THE FUND. NOR DOES THE BOARD OF DIRECTORS ANTICIPATE THAT THE PROPOSED CHANGES IN FUNDAMENTAL INVESTMENT POLICIES WILL, INDIVIDUALLY OR IN THE AGGREGATE, CHANGE MATERIALLY THE MANNER IN WHICH THE FUND IS MANAGED. The following is the text and a summary description of the proposed changes to the Fund's fundamental policies and restrictions. Any non-fundamental policy may be modified or eliminated by the Directors at any future date without any further approval of shareholders. Shareholders should note that certain of the fundamental policies that are treated separately below currently are combined within a single existing fundamental policy. Presently, if the Fund adheres to a fundamental or non-fundamental percentage restriction at the time of an investment or transaction, a later increase or decrease in the percentage resulting from a change in the value of the Fund's portfolio securities or the amount of its total assets does not create a violation of the policy. This policy will continue to apply for any of the proposed changes that are approved. PROPOSAL #2: APPROVAL OF AMENDMENTS TO THE FUND'S FUNDAMENTAL INVESTMENT POLICIES PROPOSAL #2(A): TO AMEND THE FUND'S FUNDAMENTAL INVESTMENT POLICY REGARDING DIVERSIFICATION Under the 1940 Act, the Fund's policy relating to the diversification of its investments must be fundamental. The 1940 Act prohibits a "diversified" mutual fund from purchasing securities of any one issuer if, at the time of purchase, more than 5% of the fund's total assets would be invested in securities of that issuer or the fund would own or hold more than 10% of the outstanding voting securities of that issuer, except that up to 25% of the fund's total assets may be invested without regard to this limitation. The 5% limitation does not apply to securities issued by or guaranteed by the U.S. government, its agencies or instrumentalities or to securities issued by other open-end investment companies. The Fund's present policy regarding diversification states: "The Fund will not purchase the securities of any issuer (except cash and cash instruments and securities issued by the United States Government, its agencies and instrumentalities or instruments secured by these money market instruments such as repurchase agreements) if as a result more than 5% of its total assets would be invested in the securities of such issuer." In order to afford the Fund's investment adviser maximum flexibility in managing the Fund's assets, the Directors propose to amend the Fund's diversification policy to be consistent with the definition of a diversified investment company under the 1940 Act. The restated policy complies with the U.S.Securities and Exchange Commission's(the "SEC" orrules and relevant guidance should be consulted to determine the"Commission") general definitionprecise definitions ofdiversification. The new policy would specifically add securitiesprohibited non-audit services and the applicability ofother investment companiesexceptions tothe list of issuers that are excluded from the 5% limitation. Upon approvalcertain of theFund's shareholders,prohibitions.Pre-Approval Fee LevelsPre-approval fee levels for all services to be provided by thefundamental investment policy governing diversificationindependent auditor fortheeach Fund will beamended as follows: "With respect to securities comprising 75% of the value of its total assets, the Fund will not purchase securities of any one issuer (other than cash; cash items; securities issued or guaranteedestablished annually by thegovernmentAudit Committee. Any proposed services exceeding these levels will require specific pre-approval by the Audit Committee.ProceduresRequests or applications to provide services that require specific approval by the Audit Committee are submitted to the Audit Committee by both the independent auditor and the Principal Accounting Officer and/or Internal Auditor, and must include a statement as to whether, in their view, the request or application is consistent with the Securities and Exchange Commission's rules on auditor independence.The percentage of services in theUnited States or its agencies or instrumentalitiesAudit-Related fees, Tax fees andrepurchase agreements collateralizedAll Other fees categories above that was approved bysuch U.S. government securities; and securitiesthe Audit Committee pursuant to Section 2-01(c)(7)(C) ofother investment companies) if, as a result, more than 5% ofRegulation S-X were zero percent (0%) for thevalue of its total assets would be invested in securities of that issuer, or the Fund would own more than 10% of the outstanding voting securities of that issuer." THE BOARD OF DIRECTORS RECOMMENDS THAT SHAREHOLDERS VOTE FOR THE PROPOSAL PROPOSAL #2(B): TO AMEND THE FUND'S FUNDAMENTAL INVESTMENT POLICY REGARDING BORROWING MONEY AND ISSUING SENIOR SECURITIES The 1940 Act requires a fund to have a fundamental investment policy defining its ability to borrow money or issue senior securities. In general, limitations on borrowing are designed to protect shareholdersFunds and theirinvestments by restricting a fund's ability to subject its assets to any claimsinvestment advisers in 2011 and 2012.The aggregate amount ofcreditors or senior security holders who would be entitled to dividends or rights on liquidation of the fund priorNon-Audit Fees billed to therightsFunds, the Funds' investment advisers, and certain entities controlling, controlled by or under common control with the investment adviser for the last two fiscal years ofshareholders. Shareholders of theeach Fund arebeing askedprovided inExhibits Jand K.The Audit Committee has concluded that the provision of non-audit services that were rendered by the independent auditors toapprove a new standardized fundamental policy for borrowing andtheissuance of senior securities designed to reflect all current regulatory requirements. The Fund's current policy states: "The Fund will not issue senior securities. The Fund will not borrow money except as a temporary measure for extraordinary or emergency purposes and then only from banks and only in amounts not in excess of 5% of the value of its total assets (except to meet redemption requests as discussed below) taken at the lower of cost or market. In order to meet redemption requests without immediately selling any portfolio securities, the Fund may borrow an amount up to one-third of the value of its total assets (including the amount borrowed) less its liabilitiesFunds' advisers (not including anyborrowings but including the fair market value at the time of computation of any securitiessub-adviser whose role is primarily portfolio management and is subcontracted withrespect to which there are open short positions). If due to market fluctuationsorother reasons the value of the Fund's assets falls below 300 percent of its borrowings, the Fund will reduce its borrowings within three business days. Borrowings will not be securedoverseen bymore than 10 percent of the value of its total assets at the time of providing such security. This borrowing provision is not foranother investmentleverage but solely to facilitate management of the portfolio by enabling the Fund to meet redemption requests where the liquidation of portfolio securities is termed to be inconvenient or disadvantageous." SENIOR SECURITIES-GENERALLY. A "senior security" is an obligation of a mutual fund with respect to its earnings or assets that takes precedence over the claims of the fund's shareholders with respect to the same earnings or assets. The 1940 Act generally prohibits a fund from issuing senior securities, in order to limit the use of leverage. In general, an investment company uses leverage when it borrows money to enter into securities transactions, or acquires an asset without being required to make payment until a later time. SEC staff interpretations allow a fund to engage in a number of types of transactions which might otherwise be considered to create "senior securities" or "leverage," so long as the fund meets certain collateral requirements designed to protect shareholders. For example, some transactions that may create senior security concerns include short sales, certain options and futures transactions, reverse repurchase agreements and securities transactions that obligate a fund to pay money at a future date (such as when-issued, forward commitment or delayed delivery transactions). When engaging in such transactions, a fund must set aside money or securities to meet the SEC staff's collateralization requirements. This procedure effectively eliminates a fund's ability to engage in leverage for these types of transactions. BORROWING-GENERALLY. Under the 1940 Act, an investment company is permitted to borrow up to 5% of its total assets for temporary purposes. A fund may borrow only from banks. If borrowings exceed 5%, the fund must have assets totaling at least 300% of the borrowing when the amount of the borrowing is added to the fund's other assets. The effect of this provision is to allow a fund to borrow from banks in amounts up to one-third (33 1/3%) of its total assets (including the amount borrowed). Investment companies typically borrow money to meet redemptions in order to avoid a forced, unplanned sale of portfolio securities. This technique allows a fund greater flexibility to buy and sell portfolio securities for investment or tax considerations, rather than for cash flow considerations. The costs of borrowing, however, can also reduce the fund's total return. The borrowing restrictions of the Fund permit borrowing only as a temporary, extraordinary or emergency measure. The proposed investment policy would provide greater flexibility, and would permit the Fund to borrow money, directly or indirectly (such as through reverse repurchase agreements)adviser), andissue senior securities within the limits established under the 1940 Actany entity controlling, controlled by, or underany rule or regulation of the Commission, or any SEC staff interpretation thereof. If the new policy is approved by shareholders, the Fund does not presently anticipate changing its current practices relating to borrowing money and issuing senior securities. As a matter of operating policy, the Fund does not presently intend to engage in leveraging. Upon shareholder approval, the fundamental investment policy governing borrowing money and issuing senior securities for the Fund will state: "The Fund may borrow money, directly or indirectly, and issue senior securities to the maximum extent permitted under the 1940 Act." THE BOARD OF DIRECTORS RECOMMENDS THAT SHAREHOLDERS VOTE FOR THE PROPOSAL PROPOSAL #2(C): TO AMEND THE FUND'S FUNDAMENTAL INVESTMENT POLICY REGARDING INVESTMENTS IN REAL ESTATE Under the 1940 Act, the Fund's policy concerning investments in real estate must be fundamental. The Fund currently has a fundamental investment policy prohibiting the purchase or sale of real estate that states: "The Fund will not purchase or sell real estate, but this shall not prevent the Fund from investing in marketable securities secured by real estate or interests therein or marketable securities of companies which invest or deal in real estate." The proposed fundamental investment policy will not permit the Fund to purchase real estate directly, but will permit the purchase of securities whose payments of interest or principal are secured by mortgages or other rights to real estate in the event of default. The investment policy will also enable the Fund to invest in companies within the real estate industry, provided such investments are consistent with the Fund's investment objective and policies. If the new policy is approved by shareholders, the Fund does not presently anticipate changing its practices relating to investing in real estate. Upon shareholder approval, the fundamental investment policy of the Fund governing investments in real estate will state: "The Fund may not purchase or sell real estate, provided that this restriction does not prevent the Fund from investing in issuers which invest, deal, or otherwise engage in transactions in real estate or interests therein, or investing in securities that are secured by real estate or interests therein. The Fund may exercise its rights under agreements relating to such securities, including the right to enforce security interests and to hold real estate acquired by reason of such enforcement until that real estate can be liquidated in an orderly manner." THE BOARD OF DIRECTORS RECOMMENDS THAT SHAREHOLDERS VOTE FOR THE PROPOSAL PROPOSAL #2(D): TO AMEND THE FUND'S FUNDAMENTAL INVESTMENT POLICY REGARDING INVESTMENTS IN COMMODITIES Under the 1940 Act, the Fund's policy concerning investments in commodities must be fundamental. The Fund is currently subject to a fundamental restriction prohibiting the purchase or sale of commodities and commodity contracts that states: "The Fund will not purchase or sell commodities or commodity contracts, although it may invest in the marketable securities of companies which invest in or sponsor such programs." Historically, the mostcommontypes of commodities have been physical commodities such as wheat, cotton, rice and corn. However, under federal law, futures contracts are considered to be commodities and, therefore, financial futures contracts, such as futures contracts related to currencies, stock indices or interest rates are considered to be commodities. Financial futures contracts enable an investment company to buy (or sell) the right to receive the cash difference between the contract price for an underlying asset or index and the future market price, if the market price is higher. If the future price is lower, the investment company is obligated to pay (or, if the investment company sold the contract, the investment company receives) the amount of the decrease. Investment companies often desire to invest in financial futures contracts and options related to such contracts for hedging or other investment reasons. The Fund does not currently have a policy providing for investment in financial futures contracts and related options. The proposed policy would provide appropriate flexibility for the Fund to invest in financial futures contracts and related options in the future. As proposed, the policy is broad enough to permit investment in financial futures instruments for either investment or hedging purposes. Using financial futures instruments can involve substantial risks, and would be utilized only if the Fund's investment adviser determined that such investments are advisable and such practices were disclosed in the Fund's prospectuses or statement of additional information. Gains or losses on investments in financial futures instruments depend on the direction of securities prices, interest rates and other economic factors, and losses from engaging in these types of transactions are potentially unlimited. At the present time, the Fund does not intend to engage in these activities beyond what is disclosed in the Fund's current prospectus. As a matter of non-fundamental operating policy, for purposes of the proposed fundamental policy, investments in transactions involving futures contracts and options, forward currency contracts, swap transactions and other financial contracts that settle by payment of cash are not deemed to be investments in commodities. Upon shareholder approval, the standardized fundamental investment policy governing investments in commodities for the Fund will state: "The Fund may not purchase or sell physical commodities, provided that the Fund may purchase securities of companies that deal in commodities." THE BOARD OF DIRECTORS RECOMMENDS THAT SHAREHOLDERS VOTE FOR THE PROPOSAL PROPOSAL #2(E): TO AMEND THE FUND'S FUNDAMENTAL INVESTMENT POLICY REGARDING UNDERWRITING SECURITIES Under the 1940 Act, the Fund's policy relating to underwriting is required to be fundamental. The Fund currently is subject to a fundamental investment policy prohibiting it from acting as an underwriter of the securities of other issuers that states: "The Fund will not underwrite any issue of securities, except as it may be deemed to be an underwriter under the Securities Act of 1933, in connection with the sale of securities in accordance with its investment objective, policies, and limitations." A person or company generally is considered an underwriter under the federal securities laws if it participates in the public distribution of securities of OTHER ISSUERS, usually by purchasing the securities from the issuer and re-selling the securities to the public. From time to time, a mutual fund may purchase a security for investment purposes which it later sells or redistributes to institutional investors or others under circumstances where the fund could possibly be considered to be an underwriter under the technical definition of underwriter contained in the securities laws. Upon shareholder approval, the fundamental investment policy concerning underwriting by the Fund will state: "The Fund may not underwrite the securities of other issuers, except that the Fund may engage in transactions involving the acquisition, disposition or resale of its portfolio securities, under circumstances where it may be considered to be an underwriter under the Securities Act of 1933." This does not constitute a substantive change in the Fund's fundamental policy. Rather, it reflects a restatement to the standardized language now to be used by the Federated Funds, and is submitted to shareholders for approval as a result of the 1940 Act's requirements. THE BOARD OF DIRECTORS RECOMMENDS THAT SHAREHOLDERS VOTE FOR THE PROPOSAL PROPOSAL #2(F): TO AMEND THE FUND'S FUNDAMENTAL INVESTMENT POLICY REGARDING LENDING BY THE FUND Under the 1940 Act, the Fund's policy concerning lending must be fundamental. The Fund currently is subject to a fundamental investment policy limiting its ability to make loans that states: "The Fund will not make loans, except through the purchase or holding of securities in accordance with the Fund's investment objective, policies and limitations and except through repurchase agreements. The purchase of a portion of an issue of such securities distributed publicly, whether or not the purchase is made on the original issuance, is not considered the making of a loan. The Fund will not enter into repurchase agreements with securities dealers if such transactions constitute the purchase of an interest in such dealer under applicable law. Lending portfolio securities shall be permitted where the borrower of such securities provides 100% collateral in the form of cash or U.S. Government securities. This collateral must be valued daily and should the market value of the loaned securities increase, the borrower must furnish additional collateral to the Fund. During the time portfolio securities are on loan, the Fund retains the right to any dividends or interest or other distributions paid on them and any increase in their market value. Loans shall be subject to termination at the option of the Fund or the borrower." In order to ensure that the Fund may invest in certain debt securities or repurchase agreements, which could technically be characterized as the making of loans, the Fund's current fundamental investment policy specifically permits such investments. In addition, the Fund's fundamental policy permits the Fund to lend its portfolio securities. Securities lending is a practice that has become common in the mutual fund industry and involves the temporary loan of portfolio securities to parties who use the securities for the settlement of securities transactions. The collateral delivered to a fund in connection with such a transaction is then invested to provide the fund with additional income it might not otherwise have. Securities lending involves certain risks if the borrower fails to return the securities. However, management believes that with appropriate controls, such as 100% or greater collateralization of the loan and regular monitoring of the creditworthiness of the counterparty, the ability to engage in securities lending does not materially increase the risks to which the Fund currently is subject. In addition, securities on loan cannot generally be sold until the term of the loan is over. Upon approval of the Fund's shareholders, the fundamental investment policy governing the lending of assets by the Fund will state: "The Fund may not make loans, provided that this restriction does not prevent the Fund from purchasing debt obligations, entering into repurchase agreements, lending its assets to broker/dealers or institutional investors and investing in loans, including assignments and participation interests." THE BOARD OF DIRECTORS RECOMMENDS THAT SHAREHOLDERS VOTE FOR THE PROPOSAL PROPOSAL #2(G): TO AMEND THE FUND'S FUNDAMENTAL INVESTMENT POLICY REGARDING CONCENTRATION OF THE FUND'S INVESTMENTS IN THE SECURITIES OF COMPANIES IN THE SAME INDUSTRY Under the 1940 Act, the Fund's policy relating to the concentration of its investments in securities of companies in a single industry must be fundamental. The SEC staff considers a mutual fund to "concentrate" its investments if 25% or more of its total assets are invested in a particular industry (not counting U.S. government securities, bank instruments issued by domestic banks and municipal securities). The Fund currently is subject to a fundamental investment policy prohibiting it from concentrating its investments in a single industry. This policy provides: "The Fund will not purchase securities if as a result of such purchase more than 25% of the value of the Fund's assets would be invested in any one industry. However, the Fund may at times invest more than 25% of the value of its assets in cash or cash items (including bank time and demand deposits such as certificates of deposit), securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities or instruments secured by these money market instruments, such as repurchase agreements, for temporary or defensive purposes." Upon the approval by the Fund's shareholders, the fundamental investment policy governing concentration for the Fund will provide: "The Fund will not make investments that will result in the concentration of its investments in the securities of issuers primarily engaged in the same industry. Government securities, municipal securities and bank instruments will not be deemed to constitute an industry. To conform to the current view of the SEC staff that only domestic bank instruments may be excluded from industry concentration limitations, as a matter of non-fundamental policy, the Fund will not exclude foreign bank instruments from industry concentration limitation tests as long as the policy of the SEC remains in effect. In addition, investments in bank instruments, and investments in certain industrial development bonds funded by activities in a single industry, will be deemed to constitute investment in an industry, except when held for temporary defensive purposes. The investment of more than 25% of the value of the Fund's total assets in any one industry will constitute `concentration.'" The Fund's Board has also approved a related non-fundamental investment policy for the Fund, which will be adopted if the new fundamental policy is approved by shareholders. This policy provides that in applying the concentration restriction: (1) utility companies will be divided according to their services, for example, gas, gas transmission, electric and telephone will each be considered a separate industry; (2) financial service companies will be classified according to the end users of their services, for example, automobile finance, bank finance and diversified finance will each be considered a separate industry; and (3) asset-backed securities will be classified according to the underlying assets securing such securities. THE BOARD OF DIRECTORS RECOMMENDS THAT SHAREHOLDERS VOTE FOR THE PROPOSAL PROPOSAL #2(H): TO AMEND, AND TO MAKE NON-FUNDAMENTAL, THE FUND'S FUNDAMENTAL INVESTMENT POLICY REGARDING BUYING SECURITIES ON MARGIN The Fund is not required to have a fundamental restriction on margin transactions. Accordingly, it is proposed that the Fund's existing fundamental policy be replaced with a non-fundamental restriction. The Fund's current policy provides: "The Fund will not purchase any securities on margin, except for such credits as are necessary for the clearance of transactions." The proposed non-fundamental policy makes some changes in wording from the existing fundamental restriction, and contemplates that the Fund may engage in the same types of transactions as it is presently authorized to do. Upon the approval of the elimination of the existing fundamental policy on engaging in margin transactions, the Fund would become subject to the following non-fundamental policy: "The Fund will not purchase securities on margin, provided that the Fund may obtain short-term credits necessary for the clearance of purchases and sales of securities." This does not constitute a substantive change in the Fund's fundamental policy. Rather, it reflects a restatement to the standardized language now to be used by the Federated Funds, and is submitted to shareholders for approval as a result of the 1940 Act's requirements. THE BOARD OF DIRECTORS RECOMMENDS THAT SHAREHOLDERS VOTE FOR THE PROPOSAL PROPOSAL #2(I): TO AMEND, AND TO MAKE NON-FUNDAMENTAL, THE FUND'S FUNDAMENTAL INVESTMENT POLICY REGARDING INVESTING IN SECURITIES OF OTHER INVESTMENT COMPANIES The Fund currently has a fundamental investment policy that governs its investments in the securities of other investment companies that states: "The Fund will not purchase securities of other investment companies, except by purchases in the open market involving only customary brokerage commissions and as a result of which not more than 5% of its total assets would be invested in such securities, or except as part of a merger, consolidation or other acquisition." The Fund's investment adviser believes, and the Board has concluded, that this prohibition unnecessarily limits the Fund's investments in securities of other investment companies. Amending this policy would expand the investment opportunities available to the Fund by allowing the Fund more flexibility to invest in the securities of other investment companies in seeking to achieve the Fund's investment objective. Investments in other investment companies are limited under the 1940 Act and, in the case of the Fund, by an exemptive order issued by the Commission (the "Order"). The 1940 Act and the Order limit both the portion of the Fund's assets which may be so invested in a particular fund, and the percentage of such a fund which may be owned by the Fund. Normally, each investment company in which the Fund invests will have its own operating expenses, including advisory fees. It is expected that the other duplicative expenses are justified by the benefit of having access to the markets in which such mutual fund invests, or in the investment techniques or advisers of the mutual fund. If shareholders approve this item, the new operating policy for the Fund will read as follows: "The Fund may invest its assets in securities of other investment companies, including securities of affiliated investment companies, as an efficient means of carrying out its investment policies and managing its uninvested cash." THE BOARD OF DIRECTORS RECOMMENDS THAT SHAREHOLDERS VOTE FOR THE PROPOSAL PROPOSAL #2(J): TO MAKE NON-FUNDAMENTAL THE FUND'S FUNDAMENTAL INVESTMENT POLICIES RELATING TO INVESTING IN FIXED-INCOME AND CORPORATE DEBT SECURITIES The Fund currently is subject to fundamental investment policies pertaining to its investing in fixed-income and corporate debt securities. These policies state that: "The Fund seeks to achieve its investment objective by investing primarily in a diversified portfolio of professionally managed fixed-income securities. Some of these fixed-income securities may involve equity features. Capital growth will be considered but only when consistentcontrol with the investmentobjective of high current income. "Fixed-income securities include preferred stocks and all types of debt obligations, such as bonds, debentures, convertible securities, notes, equipment lease certificates, equipment trust certificates, conditional sales contracts, certificates of deposit, commercial paper and obligations issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities (including obligations secured by such instruments such as repurchase agreements). "Corporate debt securities may bear fixed, fixed and contingent, or variable rates of interest and may involve equity features, such as conversion or exchange rights or warrants for the acquisition of stock of the same or a different issuer or participations based on revenues, sales or profits or the purchase of common stock in a unit transaction (where corporate debt securities and common stock are offered as a unit)." These investment policies were initially adopted as fundamental policies. However, the Fund is not required under the 1940 Act to have such fundamental policies. Accordingly, to maximize the Fund's investment flexibility, it is proposedadviser thatthe Fund's existing fundamental policies be replaced with identical non-fundamental policies. Establishing the policies as non-fundamental policies will allow the Fund to change the policies without shareholder approval. THE BOARD OF DIRECTORS RECOMMENDS THAT SHAREHOLDERS VOTE FOR THE PROPOSAL PROPOSAL #2(K): TO MAKE NON-FUNDAMENTAL THE FUND'S FUNDAMENTAL INVESTMENT POLICY RELATING TO INVESTING IN EQUITY SECURITIES The Fund currently is subject to a fundamental investment policy pertaining to investing in equity securities. The policy states that: "Under normal circumstances less than 10% of the value of the Fund's total assets will be invested in equity securities including common stocks, warrants or rights." This investment policy was initially adopted as a fundamental policy. However, the Fund is not required under the 1940 Act to have such a fundamental policy. Accordingly, to maximize the Fund's investment flexibility, it is proposed that the Fund's existing fundamental policy be replaced with an identical non-fundamental policy. Establishing this policy as a non-fundamental policy will allow the Fund to change the policy without shareholder approval. THE BOARD OF DIRECTORS RECOMMENDS THAT SHAREHOLDERS VOTE FOR THE PROPOSAL PROPOSAL #2(L): TO AMEND, AND TO MAKE NON-FUNDAMENTAL, THE FUND'S FUNDAMENTAL INVESTMENT POLICY RELATING TO TEMPORARY INVESTMENTS The Fund currently has a fundamental investment policy pertaining to temporary investments. The policy states that: "Pending investment of the proceeds of its initial offering or in periods of unusual market conditions, when management of the Fund believes that investing for defensive purposes is appropriate, part or all the Fund's assets may be temporarily invested in cash and cash items including, but not limited to, short-term obligations, such as certificates of deposit, commercial paper, short-term notes, obligations issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities and repurchase agreements, all in such proportions as management may determine. Any commercial paper purchased will be limited to investment grade issues, rated A-1 or A-2 by Standard & Poor's Corporation, Prime-1 or Prime-2 by Moody's Investors Service, Inc. or F-1 or F-2 by Fitch Investors Service." This investment policy was initially adopted as a fundamental policy. However, the Fund is not required under the 1940 Act to have such a fundamental policy. Accordingly, to maximize the Fund's investment flexibility, it is proposed that the Fund's existing fundamental policy be simplified, and replaced with a non-fundamental investment policy that provides: "The Fund may temporarily depart from its principal investment strategies by investing its assets in cash, cash items and shorter-term, higher-quality debt securities and similar obligations." Establishing this policy as a non-fundamental policy will allow the Fund to change the policy without shareholder approval. THE BOARD OF DIRECTORS RECOMMENDS THAT SHAREHOLDERS VOTE FOR THE PROPOSAL PROPOSAL #3: ELIMINATION OF CERTAIN OF THE FUND'S FUNDAMENTAL INVESTMENT POLICIES The Board has determined that certain of the Fund's current fundamental investment policies are unnecessary and should be removed. Until NSMIA was adopted in 1996, the securities laws of several states required every investment company which intended to sell its shares in those states to adopt policies governing a variety of operational issues, including investments in certain securities. As a consequence of those restrictions, the Fund adopted the investment policies described below and agreed that the policies would be changed only upon the approval of shareholders. Since these prohibitions are no longer required under current law, the management of the Fund has recommended, and the Board has determined, that these policies should be removed. The removal of these policies would provide greater flexibility in the management of the Fund by permitting the Fund to purchase a broader range of securities that are permitted investments and that are consistent with its investment objective and policies. The policies being removed are listed below. Each Proposal will be voted on separately, and the approval of each change by the Fund will require the affirmative vote of a majority of the outstanding voting shares of the Fund as defined in the 1940 Act. (See "PROXIES, QUORUM AND VOTING AT THE SPECIAL MEETING" below.) PROPOSAL #3(A): TO REMOVE THE FUND'S FUNDAMENTAL INVESTMENT POLICY ON SELLING SECURITIES SHORT The Fund is not required to have a fundamental investment policy with respect to short sales of securities. The Fund's restrictions state: "The Fund will not make short sales of securities or maintain a short position, unless at all times when a short position is open it owns an equal amount of such securities or securities convertible into or exchangeable, without payment of any further consideration, for securities of the same issue as, and equal in amountprovides ongoing services to thesecurities sold short, and unlessregistrant that were notmore than 10%pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2−01 of Regulation S-X is compatible with maintaining theFund's net assets (taken at current value) is held as collateral for such sales at any one time." To maximize the Fund's flexibility in this area, the Board believes that the Fund's restrictions on short sales of securities should be eliminated. These restrictions were imposed by state laws and NSMIA preempts that requirement. Notwithstanding the elimination of these fundamental restrictions, the Fund expects to continue not to engage in short sales of securities, except to the extent that the Fund contemporaneously owns or has the right to acquire, at no additional cost, securities identical to, or convertible into or exchangeable for, those sold short. Upon the approval by shareholders of Proposal #3(a), the existing fundamental restrictions prohibiting selling securities short for the Fund will be eliminated. THE BOARD OF DIRECTORS RECOMMENDS THAT SHAREHOLDERSauditor's independence.WHAT VOTEFOR THE PROPOSAL PROPOSAL #3(B):IS REQUIRED TOREMOVE THE FUND'S FUNDAMENTAL INVESTMENT POLICY ON INVESTING IN OIL, GAS AND MINERALS The Fund is not required to have a fundamental restriction with respect to investments in oil, gas and minerals. To maximize the Fund's flexibility in this area, management of the Fund believes that the Fund's fundamental investment policy prohibiting oil, gas and mineral investments should be eliminated. These restrictions were imposed by state laws and NSMIA preempts that requirement. Notwithstanding the elimination of this fundamental policy, the Fund does not expect to invest at this time in oil, gas or mineral exploration or development programs or leases. Upon the approval by shareholders of Proposal #3(b), the following fundamental policy on investments in oil, gas and minerals for the Fund will be eliminated: "The Fund will not purchase oil, gas or other mineral exploration or development programs, although it may invest in the marketable securities of companies which invest in or sponsor such programs." THE BOARD OF DIRECTORS RECOMMENDS THAT SHAREHOLDERS VOTE FOR THE PROPOSAL PROPOSAL #3(C): TO REMOVE THE FUND'S FUNDAMENTAL INVESTMENT POLICY ON INVESTING IN SECURITIES OF NEW ISSUERS The Fund is not required to have a fundamental restriction with respect to investing in securities of companies that have been in operation for less than three years. This limitation was imposed by state laws and NSMIA preempts that requirement. To maximize the Fund's investment flexibility, the Fund's investment adviser believes that the Fund's policy on investments in such companies should be eliminated. Upon the approval of Proposal #3(c) by shareholders, the following fundamental investment policy of the Fund will be eliminated: "The Fund will not purchase any security if as a result the Fund would then have more than 5% of its total assets invested in securities of companies (including predecessors) less than three years old." THE BOARD OF DIRECTORS RECOMMENDS THAT SHAREHOLDERS VOTE FOR THE PROPOSAL PROPOSAL #3(D): TO REMOVE THE FUND'S FUNDAMENTAL INVESTMENT POLICY ON INVESTING IN ISSUERS WHOSE SECURITIES ARE OWNED BY OFFICERS AND DIRECTORS There is no legal requirement that the Fund have a fundamental policy prohibiting investment in issuers whose securities are owned by officers and directors. This restriction was imposed by state laws and was preempted by NSMIA. Moreover, the Board of the Fund and its investment adviser do not believe that this policy provides any safeguards against conflicts of interest that are not already effectively covered under the Fund's Code of Ethics. Accordingly, the Board believes this restriction should be eliminated. Upon the approval by shareholders of Proposal #3(d), the following fundamental investment policy will be eliminated: "The Fund will not purchase or retain the securities of any issuer other than the securities of the Fund, if, to the Fund's knowledge, those officers and directors of the Fund, or of the Fund's investment adviser, who individually own beneficially more than 1/2 of 1% of the outstanding securities of such issuer, together own beneficially more than 5% of such outstanding securities." THE BOARD OF DIRECTORS RECOMMENDS THAT SHAREHOLDERS VOTE FOR THE PROPOSAL PROPOSAL #3(E): TO REMOVE THE FUND'S FUNDAMENTAL INVESTMENT POLICY ON INVESTING FOR THE PURPOSE OF EXERCISING CONTROL The Fund's current policy prohibits the acquisition of the securities of an issuer for the purpose of exercising control over, or management of, any company. The policy states: "The Fund will not purchase securities of a company for the purpose of exercising control or management. The Fund, however, may invest in up to 10% of the voting securities of any one issuer and may exercise its voting powers consistent with the best interests of the Fund. From time to time the Fund, together with other investment companies advised by the Fund's Adviser (Adviser), or its affiliated companies, may together buy and hold substantial amounts of the voting stock of a company and all such stock may be voted together in regard to such Fund's affairs. In some such cases, the Fund and the other investment companies, advised by the Adviser or its affiliated companies holding such stock might collectively be considered to be in control of such company. In some cases, Directors, agents, employees, officers or other persons affiliated with or acting for or on behalf of the Fund, Adviser or affiliated companies, might possibly become directors of corporations in which the Fund holds stock." "Control" is defined under the 1940 Act as owning 25% or more of the voting securities of an issuer. A controlling ownership is likely to have an effect on the outcome of any shareholder voting on changes related to the operation of the issuing company. When the Fund adopted this investment policy, it was required to be fundamental by certain state securities regulators. Since the enactment of NSMIA, those requirements no longer apply. Elimination of this policy would clarify the Fund's ability to exercise freely its rights as a shareholder of the companies in which it invests. The Fund, however, does not currently intend to become involved in directing or administering the day-to-day operations of any company. Upon the approval by shareholders of Proposal #3(e), the Fund's fundamental investment policy on investing for control will be eliminated. THE BOARD OF DIRECTORS RECOMMENDS THAT SHAREHOLDERS VOTE FOR THE PROPOSAL PROPOSAL #3(F): TO REMOVE THE FUND'S FUNDAMENTAL INVESTMENT POLICY ON DEALING IN PUTS AND CALLS There is no legal requirement that the Fund have this fundamental policy. This restriction was imposed by state laws and was preempted by NSMIA. To maximize the Fund's investment flexibility, the Board believes that the Fund's policy on dealing in puts and calls should be eliminated. Upon the approval by shareholders of Proposal #3(f), the following fundamental investment policy will be eliminated: "The Fund will not write, purchase or sell puts, calls or any combination thereof." THE BOARD OF DIRECTORS RECOMMENDS THAT SHAREHOLDERS VOTE FOR THE PROPOSAL PROPOSAL #3(G): TO REMOVE THE FUND'S FUNDAMENTAL INVESTMENT POLICY ON INVESTING IN FOREIGN SECURITIES There is no legal requirement that the Fund have this fundamental policy. This restriction was imposed by state laws and was preempted by NSMIA. To maximize the Fund's investment flexibility, the Board believes that the Fund's policy on investing in foreign securities should be eliminated. Upon the approval by shareholders of Proposal #3(g), the following fundamental investment policy will be eliminated: "The Fund will not invest more than 5% of the value of its total assets in foreign securities which are not publicly traded in the United States." THE BOARD OF DIRECTORS RECOMMENDS THAT SHAREHOLDERS VOTE FOR THE PROPOSAL PROPOSAL #3(H): TO REMOVE THE FUND'S FUNDAMENTAL INVESTMENT POLICY ON SHORT-TERM TRADING AND PORTFOLIO TURNOVER The Fund currently has a fundamental investment policy pertaining to short-term trading and portfolio turnover. The policy states that: "While the Fund does not intend to engage in substantial short-term trading, it may from time to time sell portfolio securities, without regard to the time they have been held: (i) to take advantage of short-term differentials in yields or in market value, (ii) to take advantage of new investment opportunities, (iii) because of changes in creditworthiness or (iv) in an attempt to preserve gains or limit losses. Similarly, efforts to minimize any perceived risk in an individual portfolio security may result in greater portfolio turnover than would otherwise be the case in a portfolio of high rated securities. The Fund will not attempt to achieve or be limited by a predetermined rate of portfolio turnover since turnover is incidental to transactions undertaken with a view to achieving the Fund's investment objective." This investment policy was initially adopted as a fundamental policy. However, the Fund is not required under the 1940 Act to have such a fundamental policy. Accordingly, to maximize the Fund's investment flexibility, the Fund's investment adviser believes that the investment policy should be eliminated. Upon the approval by shareholders of Proposal #3(h), this policy will be eliminated. The Fund's investment adviser intends to continue to operate the Fund by trading and disposing of portfolio securities as necessary to meet the Fund's investment objective. THE BOARD OF DIRECTORS RECOMMENDS THAT SHAREHOLDERS VOTE FOR THE PROPOSAL PROPOSAL #4: TO APPROVE AN AMENDMENT TO THE COMPANY'S ARTICLES OF INCORPORATION TO PERMIT THE BOARD OF DIRECTORS TO LIQUIDATE ASSETS OF THE FUND OR A CLASS WITHOUT SEEKING SHAREHOLDER APPROVAL TO THE EXTENT PERMITTED UNDER MARYLAND LAW Mutual funds, such as the Fund, are required to organize under the laws of a state and to create and be bound by organizational documents outlining how they will operate. In the case of the Fund, these organizational documents are the Articles of Incorporation and the By-Laws. Since the adoption of the Articles of Incorporation in 1977, and the Articles of Restatement (collectively, the "Articles of Incorporation") by the Fund in 1993, the market for mutual funds has evolved, requiring mutual funds to be more flexible in their operation so that they may respond quickly to changes in the market. Certain items in the Fund's current Articles of Incorporation prohibit the Fund from responding quickly and favorably to changing markets without going to the expense and delay of holding a shareholder meeting. Accordingly, the Directors have approved, and have authorized the submission to the shareholders of the Fund for their approval, an amendment to the Fund's Articles of Incorporation which is described below. If the amendment is approved by shareholders, and in light of other amendments that have been adopted to the Articles of Incorporation that do not require shareholder approval, it is contemplated that the Amended and Restated Articles of Incorporation will, following Board approval, be filed in Maryland following the Special Meeting. Shareholders are being asked to approve an amendment to the Fund's Amended and Restated Articles of Incorporation to permit the Directors, to the extent permissible under Maryland law from time to time, to sell and convert into money (i.e., liquidate) all of the assets of the Fund, or a class or series of the Fund, and then redeem all outstanding shares of any series or class of the Fund. Currently, a vote of shareholders is required to liquidate the Fund, or a class or series thereof. The Directors have determined that the current restriction presents a cumbersome structure under which the best interest of all of the Fund's shareholders may not be served. By requiring the Directors to solicit a shareholder vote, by means of a proxy solicitation for a meeting of shareholders, the Articles of Incorporation as currently in effect greatly hinder the Directors' ability to effectively act on decisions about the continued viability of the Fund, or a series or class thereof. If it is determined that it is no longer advisable to continue the Fund, or a series or class thereof, it may not be in the best interest of shareholders to incur the substantial additional expense of a shareholder meeting when it is more important to preserve for shareholders those assets that remain. Depending on the terms of Maryland corporate law, which may change from time to time, if this proposal is approved by shareholders, the Directors may be authorized to liquidate a class or series of the Fund by Board action without a further shareholder vote. The Directors have no present intention of liquidating the Fund or any class of the Fund. If approved by shareholders, the Amended and Restated Articles of Incorporation would provide substantially to the effect that: "To the extent permitted under Maryland law, without the vote of the shares of any class of stock of the Corporation then outstanding, the Corporation may, upon approval of a majority of the Board of Directors, sell and convert into money all the assets of any class or series of the Corporation. Upon making provision for the payment of all outstanding obligations, taxes and other liabilities, accrued or contingent, belonging to the Corporation, or any class or series thereof, the Directors shall distribute the remaining assets of the Corporation ratably among the holders of the outstanding shares of the Corporation, or any affected class or series thereof." In the event that the amendment to the Amended and Restated Articles of Incorporation to allow the Directors to liquidate the Fund, or any class thereof, as set forth above is not approved by the shareholders, the provisions of the Amended and Restated Articles of Incorporation shall remain as they are presently in the Articles of Restatement, and the Directors will consider what action, if any, should be taken. The approval of the proposed amendment will require the approval of a majority of the aggregate number of shares of the Fund entitled to be cast thereon as described in the Articles of Incorporation. (See "PROXIES, QUORUM AND VOTING AT THE SPECIAL MEETING" below.) THE BOARD OF DIRECTORS RECOMMENDS THAT SHAREHOLDERS VOTE FOR THE PROPOSAL INFORMATION ABOUT THE FUND PROXIES, QUORUM AND VOTING AT THE SPECIAL MEETINGELECT DIRECTORS?Only shareholders of record on the Record Date will be entitled to vote at the Special Meeting. Each share of theFundRegistrants is entitled to one vote. Fractional shares are entitled to proportionate shares of one vote.Under the Investment Company Act of 1940, the favorable vote of: (a) the holders of 67% or more of the outstanding voting securities present at the Special Meeting, if the holders of 50% or more of the outstanding voting securities of the Fund are present or represented by proxy; or (b) the vote of the holders of more than 50% of the outstanding voting securities, whichever is less, is required to approve all of the proposals, except the election of Directors and the amendment of the Articles of Incorporation. Any person giving a proxy has the power to revoke it any time prior to its exercise by executing a superseding proxy or by submitting a written notice of revocation to the Secretary of the Fund. In addition, although mere attendance at the Special Meeting will not revoke a proxy, a shareholder present at the Special MeetingInterests maywithdraw his or her proxy and vote in person. All properly executed and unrevoked proxies received in time for the Special Meeting willbe voted inaccordance with the instructions containedperson or by proxy. Proxies may be inthe proxies. IF NO INSTRUCTION IS GIVEN ON THE PROXY, THE PERSONS NAMED AS PROXIES WILL VOTE THE SHARES REPRESENTED THEREBY IN FAVOR OF THE MATTERS SET FORTH IN THE ATTACHED NOTICE.written, telephonic or electronic form.QuorumIn order to hold the Special Meeting, a"quorum"“quorum” of shareholders must be present.Holders of one-third of the total number of outstanding shares of the Fund, presentPlease seeExhibit C for each Registrant's quorum and voting requirements.Votes cast by proxy or in personorat the Special Meeting will be tabulated byproxy, shall be required to constitutethe inspectors of election appointed for the Special Meeting. The inspectors of election will determine whether a quorumforis present at thepurpose of voting on the proposals.Special Meeting.For purposes of determining a quorum for transacting business at the Special Meeting, abstentions and broker"non-votes" (that“non-votes” will be included for purposes of determining whether a quorum isproxies frompresent. Broker non-votes occur when shares held by brokers or nominees,indicating that such personstypically in “street name,” as to which proxies have been returned but (a) voting instructions have not been receivedinstructionsfrom the beneficialownerowners orotherpersons entitled tovote sharesvote; and (b) the broker or nominee does not have discretionary voting power or elects not to exercise discretion on a particularmatter with respectmatter. Abstentions and broker non-votes will not be counted as votes cast. For Registrants that require a plurality of votes towhichelect each of thebrokers ornominees,doabstentions and broker non-votes will not havediscretionary power) will be treated as sharesan effect on the outcome of the vote on the proposal for Election of Directors. However, for Registrants thatare PRESENT but which have not been VOTED. For this reason,require a majority vote to elect each of the nominees, abstentions and broker non-votes will have the same effect as a “no” vote.10The proposal for Election of Directors requires the affirmative vote of either a"no" vote for purposes of obtaining the requisite approval of some“plurality” of theproposals.votes cast at the Special Meeting or a majority of the votes cast entitled to be cast at the Special Meeting provided, in each case, that a quorum is present. A “plurality” is defined as more votes cast for than against each nominee.Please seeExhibit C for each Registrant's quorum and voting requirements.How May Proxies be Revoked?A shareholder executing and returning a proxy has the power to revoke it at any time prior to the time shares are voted by executing a superseding proxy (i.e., a later-dated and signed proxy), by submitting a notice of revocation to the Secretary of the Funds or by subsequently registering his or her vote by telephone, over the Internet or in person at the Special Meeting.AdjournmentIf a quorum is not present,thepersons present or namedas proxiesby proxy and entitled to vote may, by majority vote,those proxies that have been received toadjourn the Special Meeting from time to time until alater date.quorum shall be present. Notice of any adjourned meeting need not be given other than an announcement at the Special Meeting. In the event that a quorum is present but sufficient votes in favor of one or more of the proposals have not been received, the persons named as proxies may propose one or more adjournments of the Special Meeting to permit further solicitations of proxies with respect to such proposal(s). All such adjournments will require the affirmative vote of a majority of the shares present in person or by proxy at the session of the Special Meeting to be adjourned. The persons named as proxies will voteAGAINST an adjournmentthose proxiesthatwhich they arerequiredentitled to voteagainstFOR the proposaland will voteinFAVORfavor of such an adjournmentall otherand will vote those proxiesthat they are authorizedrequired tovote.be voted AGAINST the proposal against any adjournment. A shareholder vote may be taken onthe proposalsany proposal in this proxy statement prior to any such adjournment if sufficient votes have been received for approval.As referred to in thisProxyStatement,Solicitation and Expenses of ProxyThe Board is conducting the"Federated Fund Complex," "The Fund" or "Fund" includes the following investment companies: Cash Trust Series, Inc.; Cash Trust Series II; CCB Fund; Federated Adjustable Rate U.S. Government Fund, Inc.; Federated American Leaders Fund, Inc.; Federated ARMs Fund; Federated Core Trust; Federated Equity Fund; Federated Equity Income Fund, Inc.; Federated Fundsolicitation of proxies forU.S. Government Securities, Inc.; Federated GNMA Trust; Federated Government Income Securities, Inc.; Federated Government Trust; 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 Municipal Opportunities Fund, Inc.; Federated Municipal Securities Fund, Inc.; Federated Municipal Trust; Federated Short-Term Municipal Trust; Federated Stock and Bond Fund, Inc.; Federated Stock Trust; Federated Tax-Free Trust; Federated Total Return Series, Inc.; 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 U.S. Government Securities Fund: 5-10 Years; Federated Utility Fund, Inc.; Federated High Income Bond Fund, Inc.; Intermediate Municipal Trust; International Series, Inc.; Investment Series Fund, Inc.; Edward D. Jones & Co. Daily Passport Cash Trust; Liberty Term Trust, Inc. - 1999; Liberty U.S. Government Money Market Trust; Managed Series Trust; Money Market Management, Inc.; Money Market Obligations Trust; Money Market Obligations Trust II; Money Market Trust; Municipal Securities Income Trust; Newpoint Fund; Regions Fund; RIGGS Fund; Tax-Free Instruments Trust; The Planters Fund; WesMark Fund; WCT Fund; and World Investment Series, Inc. SHARE OWNERSHIP OF THE DIRECTORS Officers and Directors of the Fund own less than 1% of the Fund's outstanding shares. At the close of business on the Record Date, the following persons owned, to the knowledge of management, more than 5% of the outstanding shares of the Fund: Merrill Lynch, Pierce, Fenner & Smith, Jacksonville, FL, on behalf of various customer accounts, owned approximately 10,835,056 Class A Shares (13.44%); Merrill Lynch, Pierce, Fenner & Smith, Jacksonville, FL, on behalf of various customer accounts, owned approximately 7,920,268 Class B Shares (6.74%); and Merrill Lynch, Pierce, Fenner & Smith, Jacksonville, FL, on behalf of various customer accounts, owned approximately 7,215,397 Class C Shares (29.85%).
DIRECTOR COMPENSATION NAME AND POSITION AGGREGATE TOTAL COMPENSATION PAID FROM FUND COMPLEX+ WITH FUND COMPENSATION FROM FUND1#- --------------------------------- --------------------- --------------------------------------------- John F. Donahue*@ $0 $0 for the Fund and 54 other Chairman and Director investment companies in the Fund Complex Thomas G. Bigley $2,209.61 $113,860.22 for the Fund and 54 other Director investment companies in the Fund Complex John T. Conroy, Jr. $2,430.92 $125,264.48 for the Fund and 54 other Director investment companies in the Fund Complex William J. Copeland $2,506.54 $125,264.48 for the Fund and 54 other Director investment companies in the Fund Complex John F. Cunningham** $539.32 $0 for the Fund and 26 other Director investment companies in the Fund Complex J. Christopher Donahue * $0 $0 for the Fund and 16 other Director and investment companies in the Fund Complex Executive Vice President Lawrence D. Ellis, M.D.* $2,209.61 $113,860.22 for the Fund and 54 other Director investment companies in the Fund Complex Peter E. Madden $2,263.64 $113,860.22 for the Fund and 54 other Director investment companies in the Fund Complex Charles F. Mansfield, Jr.** $539.32 $0 for the Fund and 26 other Director investment companies in the Fund Complex John E. Murray, Jr., J.D., $2,263.64 $113,860.22 for the Fund and 54 other S.J.D. @ investment companies in the Fund Director Complex Marjorie P. Smuts $2,209.61 $113,860.22 for the Fund and 54 other Director investment companies in the Fund Complex John S. Walsh** $539.32 $0 for the Fund and 23 other Director investment companies in the Fund Complex1 Information is furnished for the fiscal year ended March 31, 1999. # The aggregate compensation is provided for the Fund, which is comprised of one portfolio. + The information is provided for the last calendar year. *This Director is deemed to be an "interested person" as defined in the 1940 Act. @ Member of the Executive Committee. ** Messrs. Cunningham, Mansfield and Walsh became Directors of the Fund on January 1, 1999. They did not receive any fees from the Fund Complex as of the last calendar year. If the Nominees are elected by shareholdersuse at the Special Meetingit is anticipated that Mr. Copeland will resign as a Director. Duringprincipally through thefiscal year ended March 31, 1999, there were four meetingsdelivery by mail, e-mail or via the Internet, of this proxy statement and accompanying proxy cards. In addition to the solicitation through the mail, proxies may be solicited by officers, employees and agents of theBoard of Directors. The interested Directors, other than Dr. Ellis, do not receive fees from the Fund. Dr. Ellis is an interested person by reason of the employment of his son-in-law by Federated Securities Corp. All Directors were reimbursed for expenses for attendance at Board of Directors meetings. The Executive Committee of the Board of Directors handles the responsibilities of the Board between meetings of the Board. Other than its Executive Committee, the Fund has one Board committee, the Audit Committee. Generally, the function of the Audit Committee is to assist the Board of Directors in fulfilling its duties relating to the Fund's accounting and financial reporting practices and to serve as a direct line of communication between the Board of Directors and the independent auditors. The specific functions of the Audit Committee include recommending the engagement or retention of the independent auditors, reviewing with the independent auditors the plan and the results of the auditing engagement, approving professional services provided by the independent auditors prior to the performance of such services, considering the range of audit and non-audit fees, reviewing the independence of the independent auditors, reviewing the scope and results of the Fund's procedures for internal auditing, and reviewing the Fund's system of internal accounting controls. Messrs. Conroy, Madden and Murray serve on the Audit Committee. These Directors are not interested Directors of the Fund. During the fiscal year ended March 31, 1999, there were four meetings of the Audit Committee. All of the members of the Audit Committee were present for each meeting. Each member of the Audit Committee receives an annual fee of $100 plus $25 for attendance at each meeting and is reimbursed for expenses of attendance. OFFICERS AND INCUMBENT DIRECTORS OF THE FUND The executive officers of the Fund are elected annually by the Board of Directors. Each officer holds the office until qualification of his successor. The names and birth dates of the executive officers of the Fund, as well as the incumbent Directors of the Fund who have previously been elected by shareholders, and their principal occupations during the last five years, are set forth below: JOHN F. DONAHUE Federated Investors Tower 1001 Liberty Avenue Pittsburgh, PA Birth date: July 28, 1924 Chairman and Director Date Became an Officer and a Director: October 10, 1986 and October 18, 1977 Chief Executive Officer and Director or Trustee of the Federated Funds Complex; Chairman and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Chairman and Director, Federated Investment Counseling, and Federated Global Investment Management Corp.; Chairman, Passport Research, Ltd. Mr. Donahue is the father of J. Christopher Donahue, Executive Vice President and Nominee for Trustee of the Trust. JOHN T. CONROY, JR. Wood/IPC Commercial Dept. John R. Wood Associates, Inc. Realtors 3255 Tamiami Trail North Naples, FL Birth date: June 23, 1937 Director Date Became a Director: August 21, 1991 Director or Trustee of the Federated Fund Complex; President, Investment Properties Corporation; Senior Vice President, John R. Wood and Associates, Inc., Realtors; Partner or Trustee in private real estate ventures in Southwest Florida; formerly: President, Naples Property Management, Inc. and Northgate Village Development Corporation. WILLIAM J. COPELAND One PNC Plaza - 23rd Floor Pittsburgh, PA Birth date: July 4, 1918 Director Date Became a Director: February 24, 1984 Director or Trustee of the Federated Fund Complex; Director and Member of the Executive Committee, Michael Baker, Corp. (engineering, construction, operations and technical services); Chairman, Pittsburgh Foundation; Director, Forbes Fund (philanthropy); formerly: Vice Chairman and Director, PNC Bank, N.A. and PNC Bank Corp.; Director, Ryan Homes, Inc. Previous Positions: Director, United Refinery; Director, Forbes Fund; Chairman, Pittsburgh Foundation; Chairman, Pittsburgh Civic Light Opera; Chairman, Health Systems Agency of Allegheny County; Vice President, United Way of Allegheny County; President, St. Clair Hospital; Director, Allegheny Hospital. LAWRENCE D. ELLIS, M.D. 3471 Fifth Avenue Suite 1111 Pittsburgh, PA Birth date: October 11, 1932 Director Date Became a Director: August 26, 1987 Director or Trustee of the Federated Fund Complex; Professor of Medicine, University of Pittsburgh; Medical Director, University of Pittsburgh Medical Center Downtown; Hematologist, Oncologist, and Internist, University of Pittsburgh Medical Center; Member, National Board of Trustees, Leukemia Society of America. PETER E. MADDEN One Royal Palm Way 100 Royal Palm Way Palm Beach, FL Birth date: March 16, 1942 Director Date Became a Director: August 21, 1991 Director or Trustee of the Federated Fund Complex; formerly: Representative, Commonwealth of Massachusetts General Court; President, State Street Bank and Trust Company and State Street Corporation. Previous Positions: Director, VISA USA and VISA International; Chairman and Director, Massachusetts Bankers Association; Director, Depository Trust Corporation; Director, The Boston Stock Exchange. JOHN E. MURRAY, JR., J.D., S.J.D. President, Duquesne University Pittsburgh, PA Birth date: December 20, 1932 Director Director or Trustee of the Federated Fund Complex; President, Law Professor, Duquesne University; Consulting Partner, Mollica & Murray; Director, Michael Baker Corp. (engineering, construction, operations and technical services). Previous Positions: Dean and Professor of Law, University of Pittsburgh; Dean and Professor of Law, Villanova University School of Law. MARJORIE P. SMUTS 4905 Bayard Street Pittsburgh, PA Birth date: June 21, 1935 Director Date Became a Director: February 24, 1984 Director or Trustee of the Federated Fund Complex; Public Relations/Marketing/Conference Planning. Previous Positions: National Spokesperson, Aluminum Company of America; television producer; business owner. RICHARD B. FISHER Federated Investors Tower 1001 Liberty Avenue Pittsburgh, PA Birth date: May 17, 1923 President Date Became an Officer: October 10, 1986 President or Vice President of some of the Funds in the Federated Fund Complex; Director or Trustee of some of the Funds in the Federated Fund Complex; Executive Vice President, Federated Investors, Inc.; Chairman and Director, Federated Securities Corp. J. CHRISTOPHER DONAHUE Federated Investors Tower 1001 Liberty Avenue Pittsburgh, PA Birth date: April 11, 1949 Director and Executive Vice President Date Became a Director and an Officer: July 15, 1987 and June 1, 1995 President or Executive Vice President of the Federated Fund Complex; Director or Trustee of some of the Funds in the Federated Fund Complex; President, Chief Executive Officer and Director, Federated Investors, Inc.; President and Trustee, Federated Investment Management Company; President and Trustee, Federated Investment Counseling; President and Director, Federated Global Investment Management Corp.; President, Passport Research, Ltd.; Trustee,Registrants. In addition, Federated Shareholder ServicesCompany; Director, Federated Services Company. Mr. Donahue is the son of John F. Donahue, Chairman and DirectorCompany, an affiliate of theCompany. EDWARD C. GONZALES Federated Investors Tower 1001 Liberty Avenue Pittsburgh, PA Birth date: October 22, 1930 Executive Vice President Date Became an Officer: June 1, 1995 TrusteeFunds' Advisers, has entered into a contract with Broadridge Financial Solutions, Inc., 51 Mercedes Way, Edgewood, NY 11717 (“Broadridge”), pursuant to which Broadridge will provide certain project management, tabulation, and internet and telephonic voting services in addition to mailing the proxy materials. The fees to be paid to Broadridge under the contract are estimated to be $2.8 million in the aggregate. Shareholders who communicate proxies by telephone orDirector of someby other electronic means have the same power and authority to issue, revoke or otherwise change their voting instructions as shareholders submitting proxies in written form. The cost of the proxy and the solicitation will be borne by the Funds. Certain expenses, such as printing and mailing, will be allocated to the Fundsinbased upon theFederatedactual costs incurred by each Fund,Complex; President, Executive Vice Presidentother expenses, such as tabulation, solicitation andTreasurersimilar expenses, will be allocated based on the number of shareholder accounts within each Fund, while expenses such as legal fees will be divided evenly among the Funds. It is possible that based upon a Fund's current fee waivers that the Fund's Advisers and their affiliates will ultimately bear some or all of these expenses for a particular Fund.How to Obtain More Information About The FundsEach Fund has previously sent its most recent prospectus, annual report and semi-annual report to its shareholders. A copy of theFunds in the Federated Fund Complex; Vice Chairman, Federated Investors, Inc.; Vice President, Federated Investment Management Company, Federated Global Research Corp.current prospectus, annual andPassport Research, Ltd.; Executive Vice Presidentsemi-annual reports andDirector, Federated Securities Corp.; Trustee, Federated Shareholder Services Company. JOHN W. MCGONIGLE Federated Investors Tower 1001 Liberty Avenue Pittsburgh, PA Birth date: October 26, 1938 Executive Vice President and Secretary Date Became an Officer: October 18, 1977 Executive Vice President and SecretaryStatement ofthe Federated Fund Complex; Executive Vice President, Secretary, and Director, Federated Investors, Inc.; Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Director, Federated Global Investment Management Corp.; Director, Federated Services Company; Director, Federated Securities Corp. RICHARD J. THOMAS Federated Investors Tower 1001 Liberty Avenue Pittsburgh, PA Birth date: June 17, 1954 Treasurer Date Became an Officer: November 19, 1998 Treasurer of the Federated Fund Complex; Vice President - Fund Financial Services Division, Federated Investors, Inc.; formerly: various management positions within Fund Financial Services Division of Federated Investors, Inc. J. THOMAS MADDEN Federated Investors Tower 1001 Liberty Avenue Pittsburgh, PA Birth date: October 22, 1945 Chief Investment Officer Date Became an Officer: November 19, 1998 Chief Investment Officer ofAdditional Information may be obtained at no cost through FederatedInvestors.com; by writing to the Fund at 4000 Ericsson Drive, Warrendale, Pennsylvania, 15086-7561 or by calling 1-800-341-7400. Please note that the prospectuses, Statements of Additional Information andvarious othershareholder reports for the following Registrants and their Fundsin theare not available on FederatedInvestors.com: FederatedFund Complex; Executive Vice President,Core Trust, FederatedInvestment Counseling, Federated Global Research Corp.Core Trust II, L.P., FederatedInvestment Management CompanyCore Trust III andPassport Research, Ltd.; Registered Representative,FederatedSecurities Corp.; Portfolio Manager, Federated Administrative Services; Vice President, Federated Investors, Inc.; formerly: Executive Vice President and Senior Vice President, Federated Investment Counseling Institutional Portfolio Management Services Division; Senior Vice President, Federated Research Corp., Federated Investment Management Company and Passport Research, Ltd. MARK E. DURBIANO Federated Investors Tower 1001 Liberty Avenue Pittsburgh, PA Birth date: September 21, 1959 Vice President Date Became an Officer: November 19, 1998 Senior Vice President, Federated Investment Management Company; formerly, Vice President, Federated Investment Management Company. None of the Officers of the Fund received salaries from the Fund during the fiscal year ended March 31, 1999. OTHER MATTERS AND DISCRETION OF ATTORNEYS NAMED INManaged Pool Series but will be provided promptly upon a request made by mail or telephone.THEPROXYBOARDS RECOMMEND THAT SHAREHOLDERS VOTE TO ELECT AS DIRECTORS
THE PROPOSED NOMINEES FOR ELECTION TO THE BOARDSSHAREHOLDER PROPOSALSTheFund isRegistrants are not required, anddoesdo not intend, to hold regular annual meetings of shareholders. Shareholders wishing to submit proposals for consideration for inclusion in a proxy statement for the next meeting of shareholders should send their written proposalsto Federated High Income Bond Fund, Inc., Federated Investors Fund, 5800 Corporateto: 4000 Ericsson Drive,Pittsburgh,Warrendale, Pennsylvania15237-7000,15086-7561, so that they are received within a reasonable time before any such meeting.11OTHER MATTERS AND DISCRETION OF ATTORNEYS NAMED IN THE PROXYNo business other than the matters described above is expected to come before theSpecialMeeting, but should any other matter requiring a vote of shareholders arise, including any question as to an adjournment or postponement of theSpecialMeeting, the persons named on the enclosed proxy card will vote on such matters according to their best judgment in the interests of theFund.Registrants.SHAREHOLDERS ARE REQUESTED TO COMPLETE, DATE AND SIGNTHE ENCLOSED PROXY CARD AND RETURN IT IN THE ENCLOSED ENVELOPE,
WHICH NEEDS NO POSTAGE IF MAILED IN THE UNITED STATES.By Order of theBoard of Directors,Boards,John W. McGonigle
SecretaryDate: September24, 1999FEDERATED HIGH INCOME BOND FUND, INC.9, 201312PROXY STATEMENTINVESTMENTADVISER FEDERATED INVESTMENT MANAGEMENT COMPANYADVISERS OF THE FUNDSFederated Equity Management Company of Pennsylvania
Federated Investment Counseling
Federated Investment Management Company
Passport Research, Ltd.Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, PA 15222-3779Federated Global Investment Management Corp.450 Lexington Avenue
Suite 3700
New York, NY 10017-3943Federated MDTA LLC125 High Street
Oliver Street Tower, 21st Floor
Boston, MA 02110DISTRIBUTOR OF THE FUNDSFederated Securities Corp.Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, PA 15222-3779ADMINISTRATOR OF THE FUNDSFederated Administrative ServicesFederated Investors Tower
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-377913EXHIBIT A– NOMINATING COMMITTEE CHARTERFEDERATED FUNDSThe Nominating Committee (the “Committee”) of each fund which adopts this charter (the “Fund”) shall be composed solely of Directors or Trustees who are not “interested persons” of the Fund as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “1940 Act”) and who are “independent” as defined in the New York Stock Exchange Listing Standards (individually, an “Independent Trustee” and collectively the “Independent Trustees”). The Board of the Fund shall appoint the members of the Committee and, unless otherwise determined by the Board, the members of the Nominating Committee shall consist of all Independent Trustees. Unless otherwise determined by the Committee, the Chairman of the Independent Trustees shall serve as chair of the Committee.Meetings. Meetings of the Committee shall be held at such times and places as determined from time to time by the Chair of the Committee, but not less frequently than annually. A majority of the members of the Committee shall constitute a quorum for the transaction of business. The Committee may meet by telephone and may act by unanimous written consent. The Committee may adopt such rules, procedures or policies as it deems appropriate from time to time to facilitate the conduct of its business.Responsibilities. The Committee shall select and nominate persons for election to the Board as and when vacancies occur or are reasonably anticipated, which nominees shall be presented to the Board for election, or nomination for election by shareholders, as the case may be. The Committee will consider recommendations from Independent Trustees, officers or employees of any of the Fund's agents or service providers, counsel to the Fund or shareholders of the Fund. Any person wishing to recommend an individual for consideration should address such request to the Secretary of the Fund and include detailed information concerning the candidate's qualifications and experience. In identifying and evaluating candidates for consideration, the Committee shall consider such factors as it deems appropriate. These factors ordinarily will include: integrity, intelligence, collegiality, judgment, diversity, skill, business and other experience, qualification as an “Independent Trustee,” the existence of material relationships which may create the appearance of a lack of independence, financial or accounting knowledge and experience, dedication and willingness to devote the time and attention necessary to fulfill Board Responsibilities.Miscellaneous. The Committee shall have the power, in its discretion, to (a) retain and compensate search firms; (b) approve the compensation of members of the Committee; and (c) engage and compensate such other advisers as it deems appropriate.A-1EXHIBIT B– TOTAL BENEFICIAL SHARES OUTSTANDING AS OF AUGUST 29, 2013
REGISTRANT AND FUND(S) / CLASS(ES) TOTAL NUMBER OF SHARES
OF BENEFICIAL INTERESTCash Trust Series, Inc. Federated Government Cash Series 2,499,391,867.61 Federated Municipal Cash Series 344,124,238.17 Federated Prime Cash Series 2,997,217,336.29 Federated Treasury Cash Series 2,418,121,805.86 Cash Trust Series II Federated Treasury Cash Series II Cash II Shares 39,347,472.71 Edward Jones Money Market Fund Investment Shares 11,459,374,472.00 Retirement Shares 3,247,027,407.00 Federated Adjustable Rate Securities Fund Institutional Shares 82,417,222.30 Service Shares 7,379,077.46 Federated Core Trust Federated Bank Loan Core Fund 32,522,401.28 Federated Inflation-Protected Securities Core Fund 6,061,845.70 Federated Mortgage Core Portfolio 167,683,777.85 High Yield Bond Portfolio 365,135,469.65 Federated Core Trust II, L.P. Emerging Markets Fixed Income Core Fund 24,389,155.84 Federated Core Trust III Federated and Project Trade Finance Core Fund 38,110,650.14 Federated Equity Funds Federated Absolute Return Fund Class A Shares 12,381,173.41 Class B Shares 2,030,250.83 Class C Shares 10,022,093.82 Institutional Shares 3,182,457.86 Federated Clover Small Value Fund Class A Shares 6,012,139.69 Class C Shares 871,411.25 Class R Shares 338,632.77 Institutional Shares 13,676,528.97 Federated Clover Value Fund Class A Shares 34,247,813.47 Class B Shares 1,754,142.70 Class C Shares 2,134,118.51 Class R Shares 1,252,208.46 Institutional Shares 10,467,628.04 Federated Global Equity Fund Institutional Shares 1,023,893.22 Federated InterContinental Fund Class A Shares 5,409,785.26 Class B Shares 185,996.44 Class C Shares 843,791.88 Class R Shares 104,715.66 Class R6 Shares 1.96 Institutional Shares 5,339,448.69 B-1
REGISTRANT AND FUND(S) / CLASS(ES) TOTAL NUMBER OF SHARES
OF BENEFICIAL INTERESTFederated International Strategic Value Dividend Fund Class A Shares 55,592,032.92 Class C Shares 15,302,742.45 Institutional Shares 65,834,320.05 Federated Kaufmann Fund Class A Shares 236,753,343.38 Class B Shares 27,579,047.05 Class C Shares 72,521,618.08 Class R Shares 517,166,711.37 Federated Kaufmann Large Cap Fund Class A Shares 20,544,245.58 Class C Shares 10,268,946.60 Class R Shares 906,179.80 Institutional Shares 18,861,263.23 Federated Kaufmann Small Cap Fund Class A Shares 16,505,367.62 Class B Shares 1,384,069.58 Class C Shares 6,566,458.45 Class R Shares 1,218,691.98 Federated MDT Mid Cap Growth Strategies Fund Class A Shares 5,562,335.04 Class B Shares 109,225.82 Class C Shares 297,538.71 Class R Shares 96,097.65 Institutional Shares 2,031,365.46 Federated Prudent Bear Fund Class A Shares 111,646,876.56 Class C Shares 25,124,792.12 Institutional Shares 102,786,043.72 Federated Strategic Value Dividend Fund Class A Shares 328,778,234.77 Class C Shares 171,386,834.23 Institutional Shares 851,525,945.30 Federated Equity Income Fund, Inc. Class A Shares 47,207,915.44 Class B Shares 3,036,028.18 Class C Shares 4,935,091.89 Class F Shares 1,689,200.73 Class R Shares 1,031,219.22 Institutional Shares 7,377,547.52 Federated Fixed Income Securities, Inc. Federated Municipal Ultrashort Fund Class A Shares 179,540,047.42 Institutional Shares 179,320,719.12 Federated Strategic Income Fund Class A Shares 77,078,959.14 Class B Shares 12,024,850.67 Class C Shares 30,915,301.33 Class F Shares 10,107,928.72 Institutional Shares 19,235,245.03 B-2
REGISTRANT AND FUND(S) / CLASS(ES) TOTAL NUMBER OF SHARES
OF BENEFICIAL INTERESTFederated GNMA Trust Institutional Shares 32,501,033.64 Service Shares 4,325,154.28 Federated Global Allocation Fund Class A Shares 9,121,014.02 Class B Shares 1,459,885.50 Class C Shares 3,398,428.80 Class R Shares 3,205,503.94 Institutional Shares 2,133,665.41 Federated Government Income Securities, Inc. Class A Shares 6,171,882.40 Class B Shares 608,129.26 Class C Shares 1,277,785.36 Class F Shares 25,425,856.98 Federated High Income Bond Fund, Inc. Class A Shares 114,004,264.84 Class B Shares 9,168,904.19 Class C Shares 27,193,341.00 Federated High Yield Trust Institutional Shares 335,913.56 Service Shares 65,849,172.06 Federated Income Securities Trust Federated Capital Income Fund Class A Shares 45,625,286.93 Class B Shares 5,912,290.24 Class C Shares 28,614,947.41 Class F Shares 13,406,051.31 Class R Shares 12.48 Institutional Shares 11,075,757.18 Federated Floating Rate Strategic Income Fund Class A Shares 15,764,398.02 Institutional Shares 14,350,293.98 Federated Fund for U.S. Government Securities Class A Shares 57,063,377.54 Class B Shares 2,310,828.48 Class C Shares 6,141,031.01 Federated Intermediate Corporate Bond Fund Institutional Shares 19,680,709.00 Service Shares 3,733,056.84 Federated Muni and Stock Advantage Fund Class A Shares 30,281,713.69 Class B Shares 2,470,784.06 Class C Shares 11,290,986.08 Class F Shares 5,420,492.84 Institutional Shares 3,271,582.73 Federated Prudent DollarBear Fund Class A Shares 10,379,913.55 Class C Shares 1,178,339.20 Institutional Shares 1,854,221.16 B-3
REGISTRANT AND FUND(S) / CLASS(ES) TOTAL NUMBER OF SHARES
OF BENEFICIAL INTERESTFederated Real Return Bond Fund Class A Shares 2,581,394.95 Class C Shares 1,192,182.79 Institutional Shares 2,197,053.65 Federated Short-Term Income Fund Class A Shares 14,258,803.64 Class Y Shares 45,437,362.57 Institutional Shares 84,173,134.46 Service Shares 22,251,940.69 Federated Unconstrained Bond Fund Class A Shares 1,504,854.64 Institutional Shares 1,262,626.92 Federated Income Trust Institutional Shares 38,259,373.43 Service Shares 2,835,983.73 Federated Index Trust Federated Max-Cap Index Fund Class C Shares 2,277,446.99 Class R Shares 2,957,426.03 Institutional Shares 15,359,968.67 Service Shares 15,597,175.56 Federated Mid-Cap Index Fund Institutional Shares 3,678,347.05 Service Shares 33,053,116.06 Federated Institutional Trust Federated Government Ultrashort Duration Fund Class A Shares 2,824,589.28 Institutional Shares 73,350,298.20 Service Shares 60,209,619.31 Federated Institutional High Yield Bond Fund Institutional Shares 266,379,673.78 Federated Intermediate Government/Corporate Fund Institutional Shares 10,304,742.81 Service Shares 3,369,435.02 Federated Insurance Series Federated Fund for U.S. Government Securities II 19,465,083.89 Federated High Income Bond Fund II Primary Shares 31,468,109.85 Service Shares 9,657,015.76 Federated Kaufmann Fund II Primary Shares 2,880,830.44 Service Shares 3,592,637.61 Federated Managed Tail Risk Fund II Primary Shares 24,874,693.46 Service Shares 635,556.69 Federated Managed Volatility Fund II 33,764,873.02 Federated Prime Money Fund II 163,425,497.99 Federated Quality Bond Fund II Primary Shares 20,908,021.79 Service Shares 3,598,992.63 B-4
REGISTRANT AND FUND(S) / CLASS(ES) TOTAL NUMBER OF SHARES
OF BENEFICIAL INTERESTFederated Intermediate Government Fund, Inc. Institutional Shares 796,377.36 Service Shares 2,108,493.93 Federated International Series, Inc. Federated International Bond Fund Class A Shares 4,821,599.34 Class B Shares 215,482,12 Class C Shares 907,346.22 Federated Investment Series Funds, Inc. Federated Bond Fund Class A Shares 101,809,994.97 Class B Shares 6,391,283.49 Class C Shares 15,853,387.75 Class F Shares 22,215,546.83 Institutional Shares 21,474,617.92 Federated MDT Series Federated MDT All Cap Core Fund Class A Shares 1,957,801.31 Class C Shares 1,688,493.04 Class R Shares 237,423.77 Institutional Shares 2,305,310.07 Federated MDT Balanced Fund Class A Shares 3,493,072.12 Class C Shares 2,509,327.67 Class R Shares 28,928.28 Institutional Shares 3,210,267.33 Federated MDT Large Cap Growth Fund Class A Shares 3,643,732.02 Class B Shares 597,210.17 Class C Shares 776,108.59 Institutional Shares 382,244.34 Federated MDT Small Cap Core Fund Class A Shares 273,718.76 Class C Shares 253,710.30 Institutional Shares 1,000,825.90 Federated MDT Small Cap Growth Fund Class A Shares 1,837,530.53 Class B Shares 128,819.21 Class C Shares 327,369.51 Institutional Shares 1,881,353.39 Federated MDT Stock Trust Institutional Shares 1,356,740.38 Service Shares 8,180,599.01 Federated Managed Pool Series Federated Corporate Bond Strategy Portfolio 4,696,055.81 Federated High-Yield Strategy Portfolio 1,541,464.23 Federated International Bond Strategy Portfolio 462,678.75 Federated Mortgage Strategy Portfolio 5,187,724.45 B-5
REGISTRANT AND FUND(S) / CLASS(ES) TOTAL NUMBER OF SHARES
OF BENEFICIAL INTERESTFederated Municipal Securities Fund, Inc. Class A Shares 38,036,295.29 Class B Shares 923,226.02 Class C Shares 2,271,018.96 Class F Shares 1,990,567.01 Federated Municipal Securities Income Trust Federated Michigan Intermediate Municipal Trust Class A Shares 11,161,649.19 Federated Municipal High Yield Advantage Fund Class A Shares 26,605,993.30 Class B Shares 1,941,372.49 Class C Shares 6,528,012.35 Class F Shares 22,069,715.87 Institutional Shares 299,183.36 Federated New York Municipal Income Fund Class A Shares 2,797,998.64 Class B Shares 267,041.67 Federated Ohio Municipal Income Fund Class A Shares 4,251,145.32 Class F Shares 11,093,021.75 Federated Pennsylvania Municipal Income Fund Class A Shares 22,456,638.70 Class B Shares 372,367.36 Federated Short-Intermediate Duration Municipal Trust Class A Shares 47,695,645.47 Institutional Shares 50,954,513.72 Service Shares 3,673,925.48 Federated Total Return Government Bond Fund Institutional Shares 63,515,329.13 Service Shares 14,135,279.20 Federated Total Return Series, Inc. Federated Mortgage Fund Institutional Shares 18,978,685.58 Service Shares 4,243,037.82 Federated Total Return Bond Fund Class A Shares 62,511,575.94 Class B Shares 2,987,499.91 Class C Shares 12,812,385.76 Class R Shares 8,226,812.60 Institutional Shares 357,143,884.49 Service Shares 80,088,010.74 Federated Ultrashort Bond Fund Class A Shares 63,864,424.93 Institutional Shares 193,175,528.77 Service Shares 16,553,572.74 Federated U.S. Government Securities Fund: 1-3 Years Class Y Shares 19,841,888.82 Institutional Shares 13,556,977.23 Service Shares 3,272,760.62 B-6
REGISTRANT AND FUND(S) / CLASS(ES) TOTAL NUMBER OF SHARES
OF BENEFICIAL INTERESTFederated U.S. Government Securities Fund: 2-5 Years Class R Shares 1,625,624.14 Institutional Shares 45,357,981.69 Service Shares 7,295,394.27 Federated World Investment Series, Inc. Federated Emerging Market Debt Fund Class A Shares 10,542,787.48 Class B Shares 1,076,415.47 Class C Shares 3,499,199.44 Institutional Shares 3,765,970.07 Federated International Leaders Fund Class A Shares 12,129,409.99 Class B Shares 706,701.87 Class C Shares 1,420,914.71 Class R Shares 3.69 Class R6 Shares 3.30 Institutional Shares 9,448,110.48 Federated International Small-Mid Company Fund Class A Shares 3,333,251.79 Class B Shares 180,434.92 Class C Shares 672,440.44 Institutional Shares 558,675.17 Intermediate Municipal Trust Federated Intermediate Municipal Trust Class Y Shares 707,355.29 Institutional Shares 8,977,772.51 B-7EXHIBIT C– QUORUM AND VOTING REQUIREMENTS OF THE REGISTRANTS
REGISTRANT QUORUM VOTE REQUIRED
TO ELECT DIRECTORSCash Trust Series II
Federated Adjustable Rate Securities Fund
Federated Income Securities Trust
Federated Insurance Series
Federated Municipal Securities Income Trust
Federated U.S. Government Securities Fund: 1-3 YearsMore than 50% of Outstanding Shares of each Registrant Plurality Cash Trust Series, Inc.
Edward Jones Money Market Fund
Federated Core Trust
Federated Core Trust II, L.P.
Federated Core Trust III
Federated Global Allocation Fund
Federated High Yield Trust
Federated Managed Pool Series
Federated MDT Series
Federated Total Return Government Bond Fund1/3 of Outstanding Shares of each Registrant Plurality Federated Equity Funds
Federated GNMA Trust
Federated Income Trust
Federated Index Trust
Federated Institutional Trust
Federated MDT Stock Trust
Federated Short-Intermediate Duration Municipal Trust
Intermediate Municipal Trust1/4 of Outstanding Shares of each Registrant Plurality Federated Equity Income Fund, Inc.
Federated Fixed Income Securities, Inc.
Federated High Income Bond Fund, Inc.
Federated Intermediate Government Fund, Inc.
Federated International Series, Inc.
Federated Investment Series Funds, Inc.
Federated Municipal Securities Fund, Inc.
Federated Total Return Series, Inc.
Federated World Investment Series, Inc.1/3 of Outstanding Shares of each Registrant Majority Federated Government Income Securities, Inc. All Shareholders entitled to cast a majority in number of votes Majority Federated U.S. Government Securities Fund: 2-5 Years More than 1/4 of Outstanding Shares Plurality C-1EXHIBIT D– INFORMATION ABOUT THE NOMINEES, DIRECTORS AND OFFICERS OF THE REGISTRANTSnominees standing for election TO THE REGISTRANTS' BOARDFollowing is information about the nominees standing for election. For each nominee, their address is 4000 Ericsson Drive, Warrendale, Pennsylvania 15086-7561. Each nominee, if elected by shareholders, will oversee 124 Funds that comprise the entire Federated Family of Funds. As of August 29, 2013, no Independent Nominee owns beneficially or of record any securities issued by (1) the investment adviser or principal underwriter of the Registrants, or (2) any person directly or indirectly controlling, controlled by, or under common control with the investment adviser or principal underwriter of the Funds.INTERESTED DIRECTOR NOMINEE
Name and Date of Birth Position(s) Held with Registrants Principal Occupations for Past Five Years, Other Directorships Held and Previous Positions and Qualifications Registrants Currently Serving as Director Registrants for which Nominee is Standing for Election as Director J. Christopher Donahue*
Birth Date: April 11, 1949
* Family relationships and reasons for “interested” status: J. Christopher Donahue is the son of John F. Donahue. Both are “interested” due to their beneficial ownership of shares of Federated Investors, Inc. and the positions they hold with Federated and its subsidiaries.Interested Director and President Principal Occupations: Principal Executive Officer and President of some of the Funds in the Federated Fund Complex; Director or Trustee of some of the Funds in the Federated Fund Complex; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman, Federated Equity Management Company of Pennsylvania and Passport Research, Ltd. (Investment advisory subsidiary of Federated); Trustee, Federated Shareholder Services Company; Director, Federated Services Company.
Previous Positions: President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd.
Qualifications: Legal, business management, mutual fund and director experience.All except Federated U.S. Government Securities Fund: 2-5 Years Federated U.S. Government Securities Fund: 2-5 Years INDEPENDENT DIRECTOR NOMINEES
Name and Date of Birth Position(s) Held with Registrants Principal Occupations for Past Five Years, Other Directorships Held and Previous Positions and Qualifications Registrants Currently Serving as Director Registrants for which Nominee is Standing for Election as Director John T. Collins
Birth Date:
January 24, 1947Independent Director Principal Occupations: Director or Trustee of certain Funds in the Federated Fund Complex; Chairman and CEO, The Collins Group, Inc. (a private equity firm).
Other Directorships Held: Chairman Emeriti, Bentley University; Director, Sterling Suffolk Downs, Inc.; Director, National Association of Printers and Lithographers.
Previous Position:Director and Audit Committee Member, Bank of America Corp.
Qualifications: Business management and director experience.Federated Core Trust III, Federated Short-Intermediate Duration Municipal Trust, Intermediate Municipal Trust and Money Market Obligations Trust All Registrants D-1
Name and Date of Birth Position(s) Held with Registrants Principal Occupations for Past Five Years, Other Directorships Held and Previous Positions and Qualifications Registrants Currently Serving as Director Registrants for which Nominee is Standing for Election as Director Maureen Lally-Green
Birth Date: July 5, 1949Independent Director Principal Occupations: Director or Trustee of the Federated Fund Complex; Director, Office of Church Relations, and Associate General Secretary, Diocese of Pittsburgh; Adjunct Professor of Law, Duquesne University School of Law
Other Directorships Held: Director, Auberle; Member, Pennsylvania State Board of Education; Director, Saint Vincent College; Director, Ireland Institute of Pittsburgh; Chair and Director, UPMC Mercy Hospital; Regent, St. Vincent Seminary; Director, Epilepsy Foundation of Western and Central Pennsylvania; Director, Saint Thomas More Society, Allegheny County; Director, Our Campaign for the Church Alive, Inc.
Previous Position: Pennsylvania Superior Court Judge
Qualifications: Legal and director experience.All except Federated U.S. Government Securities Fund: 2-5 Years All Registrants except Federated Core Trust III Thomas M. O'Neill
Birth Date: June 14, 1951Independent Director Principal Occupations: Director or Trustee, Vice Chairman of the Audit Committee of the Federated Fund Complex; Sole Proprietor, Navigator Management Company (investment and strategic consulting).
Other Directorships Held: Board of Overseers, Children's Hospital of Boston; Visiting Committee on Athletics, Harvard College; Board of Directors, Medicines for Humanity; Board of Directors, The Golisano Children's Museum of Naples, Florida.
Previous Positions: Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aletus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; Credit Analyst and Lending Officer, Fleet Bank; Director and Consultant, EZE Castle Software (investment order management software); Director, Midway Pacific (lumber).
Qualifications: Business management, mutual fund, director and investment experience.All Registrants All Registrants except Federated Core Trust III, Federated Short-Intermediate Municipal Trust, and Intermediate Municipal Trust P. Jerome Richey
Birth Date:
February 23, 1949Independent Director Principal Occupations: Director or Trustee of certain Funds in the Federated Fund Complex; General Counsel, University of Pittsburgh.
Other Directorships Held: Board Chairman, Epilepsy Foundation of Western Pennsylvania; Board Member, World Affairs Council of Pittsburgh; Board Member, Energy & Mineral Law Foundation.
Previous Positions: Chief Legal Officer and Executive Vice President, CONSOL Energy Inc.; Shareholder, Buchanan Ingersoll & Rooney PC.
Qualifications: Business management, legal and director experience.Federated Core Trust III, Federated Short-Intermediate Duration Municipal Trust, Federated U.S. Government Securities Fund: 2-5 Years, Intermediate Municipal Trust and Money Market Obligations Trust All Registrants D-2Other Directors of the Registrants' BOARD NOT STANDING FOR ELECTIONFollowing is information about the other Directors of the Registrants currently serving and who are not standing for election. For each Director, their address is 4000 Ericsson Drive, Warrendale, Pennsylvania 15086-7561. Each Director currently oversees 137 Funds that comprise the Registrants. J. Christopher Donahue oversees 136 Funds. As of August 29, 2013, no Independent Director owns beneficially or of record any securities issued by (1) the investment adviser or principal underwriter of the Registrants, or (2) any person directly or indirectly controlling, controlled by, or under common control with the investment adviser or principal underwriter of the Funds.INTERESTED DIRECTOR
Name and Date of Birth Position(s) Held with Registrants Principal Occupations for Past Five Years, Other Directorships Held and Previous Positions and Qualifications Registrants Currently Serving as Director John F. Donahue*
Birth Date: July 28, 1924
* Family relationships and reasons for “interested” status: John F. Donahue is the father of J. Christopher Donahue. Both are “interested” due to their beneficial ownership of shares of Federated Investors, Inc. and the positions they hold with Federated and its subsidiaries.Interested Director Principal Occupations: Director or Trustee of the Federated Fund Complex; Chairman and Director, Federated Investors, Inc.; Chairman of the Federated Fund Complex's Executive Committee.
Previous Positions: Chairman of the Federated Fund Complex; Trustee, Federated Investment Management Company and Chairman and Director, Federated Investment Counseling.
Qualifications: Legal, business management, mutual fund and director experience.All Registrants INDEPENDENT DIRECTORS
Name and Date of Birth Position(s) Held with Registrants Principal Occupations for Past Five Years, Other Directorships Held and Previous Positions and Qualifications Registrants Currently Serving as Director Peter E. Madden
Birth Date: March 16, 1942Independent Director Principal Occupation: Director or Trustee, and Chairman of the Board of Directors or Trustees, of the Federated Fund Complex.
Previous Positions: Representative, Commonwealth of Massachusetts General Court; President, Chief Operating Officer and Director, State Street Bank and Trust Company and State Street Corporation (retired); Director, VISA USA and VISA International; Chairman and Director, Massachusetts Bankers Association; Director, Depository Trust Corporation; Director, The Boston Stock Exchange.
Qualifications: Business management, mutual fund services and director experience.All Registrants Charles F. Mansfield, Jr.
Birth Date: April 10, 1945Independent Director Principal Occupations: Director or Trustee of the Federated Fund Complex; Management Consultant.
Previous Positions: Chief Executive Officer, PBTC International Bank; Partner, Arthur Young & Company (now Ernst & Young LLP); Chief Financial Officer of Retail Banking Sector, Chase Manhattan Bank; Senior Vice President, HSBC Bank USA (formerly Marine Midland Bank); Vice President, Citibank; Assistant Professor of Banking and Finance, Frank G. Zarb School of Business, Hofstra University; Executive Vice President DVC Group, Inc. (marketing, communications and technology).
Qualifications: Banking, business management, education and director experience.All Registrants D-3
Name and Date of Birth Position(s) Held with Registrants Principal Occupations for Past Five Years, Other Directorships Held and Previous Positions and Qualifications Registrants Currently Serving as Director John S. Walsh
Birth Date: November 28, 1957Independent Director Principal Occupations: Director or Trustee, Chairman of the Audit Committee of the Federated Fund Complex; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc.
Previous Position: Vice President, Walsh & Kelly, Inc.
Qualifications: Business management and director experience.All Registrants Executive Officers Of the RegistrantsFollowing is information about the Executive Officers of the Registrants. Note that positions with the Registrants can be found in the Service Dates table below. Unless otherwise indicated, the address for each Officer is 1001 Liberty Avenue, Pittsburgh, Pennsylvania,15222-3779 DISTRIBUTOR FEDERATED SECURITIES CORP.15222. Officers do not receive any compensation from the Registrants.
Name
Date of BirthPosition(s) Held with Registrants Principal Occupations for Past Five Years and Previous Positions John W. McGonigle
Birth Date: October 26, 1938Executive Vice President and Secretary Principal Occupations: Executive Vice President and Secretary of the Federated Fund Complex; Vice Chairman, Executive Vice President, Secretary and Director, Federated Investors, Inc.
Previous Positions: Director, Federated Investment Management Company and Federated Investment Counseling; Director, Federated Global Investment Management Corp., Federated Services Company and Federated Securities Corp.Lori A. Hensler, CPA
Birth Date: January 6, 1967Treasurer Principal Occupations: Principal Financial Officer and Treasurer of the Federated Fund Complex; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc.
Previous Positions: Controller of Federated Investors, Inc.; Vice President, Finance of Federated Services Company; held various financial management positions within The Mercy Hospital of Pittsburgh; Auditor, Arthur Andersen & Co.John B. Fisher
Birth Date: May 16, 1956President Principal Occupations: Vice Chairman or Vice President of some of the Funds in the Federated Fund Complex; Vice Chairman, Federated Investors, Inc.; Chairman, Federated Securities Corp.
Previous Positions: President and Director or Director of some of the Funds in the Federated Fund Complex; Executive Vice President, Federated Investors, Inc. and Director and Chief Executive Officer, Federated Securities Corp.Richard B. Fisher
Birth Date: May 17, 1923Chairman,
Vice PresidentPrincipal Occupations: Vice Chairman or Vice President of some of the Funds in the Federated Fund Complex; Vice Chairman, Federated Investors, Inc.; Chairman, Federated Securities Corp.
Previous Positions: President and Director or Director of some of the Funds in the Federated Fund Complex; Executive Vice President, Federated Investors, Inc. and Director and Chief Executive Officer, Federated Securities Corp.Brian P. Bouda
Birth Date: February 28, 1947Senior Vice President
and Chief Compliance OfficerPrincipal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Complex; Vice President and Chief Compliance Officer of Federated Investors, Inc.; and Chief Compliance Officer of its subsidiaries. Mr. Bouda joined Federated in 1999 and is a member of the American Bar Association and the State Bar Association of Wisconsin. D-4
Name
Date of BirthPosition(s) Held with Registrants Principal Occupations for Past Five Years and Previous Positions Peter J. Germain
Birth Date: September 3, 1959Chief Legal Officer Principal Occupations: Mr. Germain is Chief Legal Officer of the Federated Fund Complex. He is General Counsel and Vice President, Federated Investors, Inc; President, Federated Administrative Services and Federated Administrative Services, Inc.; Vice President, Federated Securities Corp.; Secretary, Federated Private Asset Management, Inc.; and Secretary, Retirement Plan Service Company of America. Mr. Germain joined Federated in 1984 and is a member of the Pennsylvania Bar.
Previous Positions: Deputy General Counsel, Special Counsel, Managing Director of Mutual Fund Services, Federated Investors, Inc.; Senior Vice President, Federated Services Company; and Senior Corporate Counsel, Federated Investors, Inc.Todd A. Abraham
Birth Date: February 10, 1966Vice President Principal Occupations: Todd A. Abraham is a Portfolio Manager and Vice President Mr. Abraham has been a Portfolio Manager since 1995. Mr. Abraham joined Federated in 1993 as an Investment Analyst and served as Assistant Vice President of the Fund's Adviser from 1995 to 1997. Mr. Abraham served as a Portfolio Analyst at Ryland Mortgage Co. from 1992-1993. Mr. Abrahamhas received the Chartered Financial Analyst designation and holds an M.B.A. in Finance from Loyola College. J. Scott Albrecht
Birth Date: June 1, 1960Vice President Principal Occupations: J. Scott Albrecht is a portfolio manager and Vice President. Mr. Albrecht joined Federated in 1989. He became a Senior Vice President of the Fund's Adviser in January 2005 and served as a Vice President of the Fund's Adviser from 1994 through 2004. He has been a Senior Portfolio Manager since 1997 and was a Portfolio Manager from 1994 to 1996. Mr. Albrecht has received the Chartered Financial Analyst designation and holds an M.S. in Public Management from Carnegie Mellon University. Lawrence Auriana
Birth Date: January 8, 1944
140 East 45th Street
New York, NY 10017Vice President Principal Occupations: Lawrence Auriana is a portfolio manager and Vice President. Mr. Auriana joined Federated in April 2001 as Co-Head of Investments/Federated Kaufmann. From August 1984 to April 2001, Mr. Auriana was President and Treasurer of Edgemont Asset Management Corp., and Chairman of the Board and Portfolio Manager to The Kaufmann Fund, Inc. (predecessor to the Federated Kaufmann Fund). Mr. Auriana earned a B.S. in economics from Fordham University and has been engaged in the securities business since 1965. Stephen F. Auth
Birth Date: September 3, 1956
450 Lexington Avenue
Suite 3700
New York, NY 10017-3943Chief Investment Officer Principal Occupations: Stephen F. Auth is Chief Investment Officer of various Funds in the Federated Fund Complex; Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp. and Federated Equity Management Company of Pennsylvania.
Previous Positions: Executive Vice President, Federated Investment Management Company and Passport Research, Ltd. (investment advisory subsidiary of Federated); Senior Vice President, Global Portfolio Management Services Division; Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and Portfolio Manager, Prudential Investments.Randall S. Bauer
Birth Date: November 16, 1957Vice President Principal Occupations: Randall S. Bauer is a portfolio manager and Vice President. Mr. Bauer joined Federated in 1989 and has been a Portfolio Manager and a Vice President of the Fund's Adviser since 1994, and a Senior Vice President of the Fund's Adviser since January 2007. Mr. Bauer has received the Chartered Financial Analyst designation and an M.B.A. in Finance from the Pennsylvania State University. Walter C. Bean
Birth Date: June 22, 1945Vice President Principal Occupations: Walter C. Bean is a portfolio manager and Vice President. Mr. Bean is a Senior Vice President, Senior Portfolio Manager and the Head of the Equity Income Management Team of the Fund's Adviser. Mr. Bean joined Federated in 2000. His previous associations included: various investment management and research positions with C.S. McKee & Company, First Chicago Investment Advisors, CIGNA Investment Advisors and Mellon Bank. Mr. Bean earned a B.S. in Business Administration from Ohio University and an M.B.A. from the Pennsylvania State University. Mr. Bean has received the Chartered Financial Analyst designation and has 43 years of investment experience. Jerome Conner
Birth Date: June 3, 1968Vice President Principal Occupations: Jerome Conner, CFA is a portfolio manager and Vice President. Mr. Conner joined Federated in 2002 as an Investment Analyst, responsible for research and competitive analysis in the domestic fixed income area concentrating on high-grade corporate and commercial mortgage-backed securities. He became an Assistant Vice President of the Fund's Adviser in 2004 and a Vice President and Senior Investment Analyst in 2007. Previous associations: Associate, Riggs Capital Partners; Associate, Allied Capital; Relationship Manager, Mellon Bank Corporate Banking Department; Officer, U.S. Marine Corps. B.S., U.S. Naval Academy; M.S., Boston University. D-5
Name
Date of BirthPosition(s) Held with Registrants Principal Occupations for Past Five Years and Previous Positions Deborah A. Cunningham
Birth Date: September 15, 1959Chief Investment Officer Principal Occupations: Deborah A. Cunningham is a portfolio manager and was named Chief Investment Officer of money market products in 2004. She joined Federated in 1981 and has been a Senior Portfolio Manager since 1997 and an Executive Vice President of the Fund's Adviser since 2009. Ms. Cunningham has received the Chartered Financial Analyst designation and holds an M.S.B.A. in Finance from Robert Morris College. Lee R. Cunningham II
Birth Date: August 26, 1964Vice President Principal Occupations:Lee R. Cunningham II is a portfolio manager and Vice President. He joined Federated in 1995 as an Investment Analyst and has been a Portfolio Manager since 1998. He was named an Assistant Vice President of the Fund's Adviser in January 1998 and became a Vice President of the Fund's Adviser in July 2000. From 1986 through 1994, Mr. Cunningham was a Project Engineer with Pennsylvania Power and Light Company. He received his M.B.A. with concentrations in Finance and Operations from the University of Pittsburgh. Anthony Delserone
Birth Date: July 2, 1960Vice President Principal Occupations:B. Anthony Delserone, Jr., is a portfolio manager and Vice President. Mr. Delserone joined Federated in 1998 and has been a Senior Portfolio Manager since 2002. In 1999, Mr. Delserone was a Portfolio Manager and a Vice President of the Fund's Adviser. From 1998 through 1999, Mr. Delserone was a Senior Investment Analyst and an Assistant Vice President of the Fund's Adviser. Mr. Delserone has received the Chartered Financial Analyst designation, a B.B.A. from The College of William and Mary in Virginia and an M.B.A. in Finance from the Sellinger School of Business, Loyola College of Maryland. Bryan J. Dingle
Birth Date: February 12, 1971Vice President Principal Occupations: Bryan J. Dingle is a portfolio manager and Vice President. Mr. Dingle joined Federated in 2006 as a Senior Investment Analyst and an Assistant Vice President of a Federated advisory subsidiary. He became a Vice President of the Fund's Adviser in 2008. From 1997 to 2006, he served as a Vice President and Senior Credit Analyst of Fixed Income Corporate Bond Research for MTB Investment Advisors, from 1995 to 1997 he was an Investment Officer and Junior Credit Analyst at MTB Investment Advisors and from 1994 to 1995 served as a Relationship Manager and Credit Analyst Trainee for M&T Bank. Mr. Dingle earned his B.S. at the University of Delaware and received his M.B.A. in Business and Management from the University of Maryland. Mark E. Durbiano
Birth Date: September 21, 1959Vice President Principal Occupations: Mark E. Durbiano is a portfolio manager and Vice President. Mr. Durbiano joined Federated in 1982 and has been a Senior Portfolio Manager and a Senior Vice President of the Fund's Adviser since 1996. From 1988 through 1995, Mr. Durbiano was a Portfolio Manager and a Vice President of the Fund's Adviser. Mr. Durbiano has received the Chartered Financial Analyst designation and an M.B.A. in Finance from the University of Pittsburgh. Donald T. Ellenberger
Birth Date: July 24, 1958Vice President Principal Occupations: Donald T. Ellenberger is a portfolio manager and Vice President. He is a Senior Portfolio Manager and Head of Multi-Sector Strategies. He joined Federated in 1996 as a Portfolio Manager and a Vice President of a Federated advisory subsidiary. He became a Senior Vice President of the Fund's Adviser in January 2005 and served as a Vice President of the Fund's Adviser from 1997 through 2004. From 1986 to 1996, he served as a Trader/Portfolio Manager for Mellon Bank, N.A. Mr. Ellenberger received his M.B.A. in Finance from Stanford University. John B. Fisher
Birth Date: May 16, 1956President Principal Occupations: President, Director/Trustee and CEO, Federated Advisory Services Company, Federated Equity Management Company of Pennsylvania, Federated Global Investment Management Corp., Federated Investment Counseling, Federated Investment Management Company; President and CEO of Passport Research, Ltd.; President of some of the Funds in the Federated Fund Complex and Director, Federated Investors Trust Company.
Previous Positions: President and Director of the Institutional Sales Division of Federated Securities Corp.; President and Director of Federated Investment Counseling; Director, Edgewood Securities Corp.; Director, Federated Services Company; Director, Federated Investors, Inc.; Chairman and Director, Southpointe Distribution Services, Inc. and President, Technology, Federated Services Company.R. J. Gallo
Birth Date: June 10, 1969Vice President Principal Occupations: R.J. Gallo is a Vice President, Senior Portfolio Manager and Head of the Municipal Bond Investment Group. Mr. Gallo joined Federated in 2000 as an Investment Analyst. He became a Senior Vice President of the Fund's Adviser in 2011. From 2005 to 2010 Mr. Gallo served as Vice President and from January 2002 through 2004 and as an Assistant Vice President of the Fund's Adviser. He has been a Portfolio Manager since December 2002. From 1996 to 2000, Mr. Gallo was a Financial Analyst and Trader at the Federal Reserve Bank of New York. Mr. Gallo has received the Chartered Financial Analyst designation and a Master's in Public Affairs with a concentration in Economics and Public Policy from Princeton University. D-6
Name
Date of BirthPosition(s) Held with Registrants Principal Occupations for Past Five Years and Previous Positions Stephen K. Gutch
Birth Date: May 22, 1968Vice President Principal Occupations: Stephen K. Gutch is a portfolio manager and Vice President. Mr. Gutch joined Federated in 2008 and is a Senior Vice President of the Fund's Adviser. Prior to joining Federated, Mr. Gutch was employed with Clover Capital Management, Inc. (“Clover”) where he served as Director of Research, overseeing the firm's portfolio management effort, and co-manager of Clover's small-cap value strategy. Prior to joining Clover in 2003, Mr. Gutch worked for Continental Advisors, LLC where he was managing director for the firm's financial services hedge fund. Prior to this, Mr. Gutch managed the financial services portfolio of Fulcrum Investment Group, LLC in Chicago for five years. Mr. Gutch has received the Chartered Financial Analyst designation. He received his B.A. in Economics from the University of Rochester and his M.B.A. from the William E. Simon Graduate School of Business Administration from the University of Rochester. Marc Halperin
Birth Date: July 18, 1951
450 Lexington Avenue
Suite 3700
New York, NY 10017-3943Vice President Principal Occupations: Marc Halperin is a portfolio manager and Vice President. Mr. Halperin joined the Fund's Adviser as a Vice President and Portfolio Manager in 1998. Previously, Mr. Halperin served as Associate Director/Portfolio Manager at UOB Asset Management from 1996 through 1998. From 1993 through 1995, Mr. Halperin was Vice President, Asian Equities, at Massachusetts Financial Services Co. Mr. Halperin earned his M.A. with a major in Municipal Finance from the University of Illinois. Susan R. Hill
Birth Date: June 20, 1963Vice President Principal Occupations: Susan R. Hill is a portfolio manager and Vice President. Ms. Hill joined Federated in 1990 and has been a Senior Portfolio Manager since 2003 and a Senior Vice President of the Fund's Adviser since 2005. Ms. Hill was a Portfolio Manager from 1994 until 2003 and served as Vice President of the Fund's Adviser from 1997 until 2004 and an Assistant Vice President of the Fund's Adviser from 1994 until 1997. Ms. Hill has received the Chartered Financial Analyst designation and holds an M.S. in Industrial Administration from Carnegie Mellon University. Audrey H. Kaplan
Birth Date: February 20, 1967Vice President Principal Occupations: Audrey H. Kaplan is a portfolio manager and Vice President. Prior to joining Federated, Ms. Kaplan was employed with Rochdale Investment Management LLC where she served as a Portfolio Manager for several portfolios including the Rochdale Investment Trust Atlas Portfolio and Senior Vice President in Quantitative Research from February 2004 to August 2007. Prior to joining Rochdale, Ms. Kaplan was a Hedge Fund Consultant at BlueCrest Capital Management from December 2002 to December 2003, Vice President and European Quantitative Strategist with Merrill Lynch International from August 2000 to December 2002, and Project Manager of Global Emerging Markets Research with Robert Fleming & Co., Ltd from February 1998 to December 1999. Ms. Kaplan has 24 years of experience in quantitative analysis, portfolio strategy and research. Ms. Kaplan earned her B.S. in Computer and Systems Engineering from Rensselear Polytechnic Institute and her Masters in Finance from London Business School. Matthew P. Kaufler
Birth Date: March 26, 1962Vice President Principal Occupations: Matthew P. Kaufler is a portfolio manager and Vice President. Mr. Kaufler joined Federated in 2008. Prior to joining Federated, Mr. Kaufler was employed with Clover Capital Management, Inc. (“Clover”), where he co-managed Clover's all-cap value investment strategy. He joined Clover in 1991 and was a senior member of Clover's research team. Mr. Kaufler also worked in the trust investment division at Chase Manhattan Bank and in the brokerage industry prior to his employment with Clover. Mr. Kaufler has received the Chartered Financial Analyst designation. He received his B.S. in Business from the New York Institute of technology and his M.B.A. from the Rochester Institute of Technology. Mr. Kaufler is the recipient of the Financial Executives Institute award for academic excellence. J. Andrew Kirschler
Birth Date: May 23, 1968Vice President Principal Occupations: J. Andrew Kirschler is a portfolio manager and Vice President. ]Mr. Kirschler joined Federated in 1990 in the Internal Sales department. In 1994 he was an Assistant Trader, in 1996 a Trader and in 2003 a Senior Trader on the fixed income desk concentrating on government securities. Mr. Kirschler became a Senior Investment Analyst in 2013. In 2000 he was appointed Asst. Vice President and in 2003 appointed Vice President of a Federated advisory subsidiary. Mr. Kirschler received his M.B.A from the University of Pittsburgh. Jeff A. Kozemchak
Birth Date: January 15, 1960Vice President Principal Occupations: Jeff A. Kozemchak is a portfolio manager and Vice President. Mr. Kozemchak joined Federated in 1987 and has been a Senior Portfolio Manager since 1996 and a Senior Vice President of the Fund's Adviser since 1999. He was a Portfolio Manager until 1996 and a Vice President of the Fund's Adviser from 1993 to 1998. Mr. Kozemchak has received the Chartered Financial Analyst designation and holds an M.S. in Industrial Administration from Carnegie Mellon University in 1987. D-7
Name
Date of BirthPosition(s) Held with Registrants Principal Occupations for Past Five Years and Previous Positions Daniel Mahr
Birth Date: April 9, 1981
125 High Street
Oliver Tower
21st Floor
Boston, MA 02110-2704Vice President Principal Occupations: Daniel Mahr is a portfolio manager and Vice President. Mr. Mahr joined the MDT Advisers Investment Team in 2002. As Managing Director, Research, he is responsible for leading the Investment Team as it relates to the ongoing design, development and implementation of the Optimum Q Process. Mr. Mahr received his A.B., Computer Science from Harvard College and his S.M., Computer Science from Harvard University. Chris McGinley
Birth Date: July 28, 1978Vice President Principal Occupations:Chris McGinleyis a portfolio manager and Vice President. Mr. McGinley joined Federated in 2004 as an associate research analyst in the international fixed-income department. He became an Assistant Vice President of the Fund's Adviser in 2005. Mr. McGinley worked in Senator Rick Santorum's office in 2001 and from 2002 to 2004 he served as Legislative Correspondent for Senator Santorum. Mr. McGinley earned his B.S. and received his M.P.I.A. from the University of Pittsburgh. Dana L. Meissner
Birth Date: November 12, 1968Vice President Principal Occupations: Dana L. Meissner is a portfolio manager and Vice President. Mr. Meissner, a Vice President of a Federated advisory subsidiary, joined Federated in May 2000 as an investment analyst and became senior investment analyst and assistant vice president in 2003. Mr. Meissner has received the Chartered Financial Analyst designation and is a member of the CFA Society of Pittsburgh. He received his MSIA from Carnegie Mellon University and M.S. and B.S. in Engineering from the University of Toledo. Ian L. Miller
Birth Date: August 31, 1972Vice President Principal Occupations: Ian L. Miller is a portfolio manager and Vice President. Mr. Miller joined Federated in January 2006 as a Quantitative Analyst. Mr. Miller earned a B.S. in Molecular Biology from Clarion University and an M.S. in Biotechnology from The Johns Hopkins University. John L. Nichol
Birth Date: May 21, 1963Vice President Principal Occupations: John L. Nichol is a portfolio manager and Vice President. Mr. Nichol joined Federated in September 2000 as an Assistant Vice President/Senior Investment Analyst. He has been a Portfolio Manager since December 2000 and was named a Vice President of the Fund's Adviser in January 2004. Mr. Nichol served as a portfolio manager and analyst for the Public Employees Retirement System of Ohio from 1992 through August 2000. Mr. Nichol has received the Chartered Financial Analyst designation. He received his M.B.A. with an emphasis in Finance and Management and Information Science from the Ohio State University. Douglas C. Noland
Birth Date: December 2, 1962Vice President Principal Occupations: Douglas C. Noland is a portfolio manager and Vice President. Mr. Noland joined Federated in December 2008 and was named a Senior Vice President of the Fund's Adviser in December 2008. Prior to joining Federated, Mr. Noland was employed with David Tice & Associates, Inc. where he served as an Assistant Portfolio Manager and strategist of Prudent Bear Fund and Prudent Global Income Fund from January 1999. From 1990 through 1998, Mr. Noland worked as a trader, portfolio manager and analyst for short-biased hedge funds including G.W. Ringoen & Associates from January 1990 to September 1996, Fleckenstein Capital from September 1996 to March 1997 and East Shore Partners, Inc. from October 1997 to December 1998. Mr. Noland earned a B.S. in Accounting and Finance from the University of Oregon and a M.B.A. from Indiana University. Mary Jo Ochson
Birth Date: September 12, 1953Chief Investment Officer,
Vice PresidentPrincipal Occupations:Mary Jo Ochson is a portfolio manager and Vice President. Ms. Ochson was named Chief Investment Officer of tax-exempt fixed-income products in 2004 and Chief Investment Officer of Tax-Free Money Markets in 2010. She joined Federated in 1982 and has been a Senior Portfolio Manager since 1996. Ms. Ochson has received the Chartered Financial Analyst designation and holds an M.B.A. in Finance from the University of Pittsburgh. Liam O'Connell
Birth Date: October 17, 1976Vice President Principal Occupations: Liam O'Connell is a portfolio manager and Vice President. Mr. O'Connell joined Federated in September 2003 as an Investment Analyst of the Fund's Adviser. He was named an Assistant Vice President of the Adviser in January 2005 and in 2013 was named Vice President of the Adviser. From 2001 to 2003, Mr. O'Connell attended MIT's Sloan School of Management, receiving his M.B.A. Mr. O'Connell served as an engineer with the Naval Surface Warfare Center from 1998 to 2001. Mr. O'Connell also holds a B.S. in Naval Architecture and Marine Engineering from the Webb Institute of Naval Architecture and an M.S. from the Johns Hopkins University. D-8
Name
Date of BirthPosition(s) Held with Registrants Principal Occupations for Past Five Years and Previous Positions Philip Orlando
Birth Date: June 22, 1958
450 Lexington Avenue
Suite 3700
New York, NY 10017-3943Vice President Principal Occupations: Philip Orlando is a portfolio manager and Vice President and is responsible for the asset allocation and equity security selection of the Fund. Mr. Orlando joined the Fund's Adviser in March 2003 as a Senior Vice President and Senior Portfolio Manager and currently serves as Chief Equity Market Strategist. From November 1995 to March 2003, Mr. Orlando was the Chief Investment Officer and Senior Equity Portfolio Manager at Value Line Asset Management. Mr. Orlando has received the Chartered Financial Analyst designation and earned his B.A. in Journalism and M.B.A. with a concentration in Economics from New York University. Robert J. Ostrowski
Birth Date: April 26, 1963Chief Investment Officer Principal Occupations: Robert J. Ostrowski joined Federated in 1987 as an Investment Analyst and became a Portfolio Manager in 1990. He was named Chief Investment Officer of taxable fixed-income products in 2004 and also serves as a Senior Portfolio Manager. Mr. Ostrowski became an Executive Vice President of the Fund's Adviser/Sub-Adviser in 2009 and served as a Senior Vice President of the Fund's Adviser/Sub-Adviser from 1997 to 2009. Mr. Ostrowski has received the Chartered Financial Analyst designation. He received his M.S. in Industrial Administration from Carnegie Mellon University. Ihab Salib
Birth Date: December 14, 1964Vice President Principal Occupations: Ihab Salib is a portfolio manager and Vice President. Mr. Salib joined Federated in April 1999 as a Senior Fixed-Income Trader/Assistant Vice President of the Fund's Adviser. In July 2000, he was named a Vice President of the Fund's Adviser and in January 2007 he was named a Senior Vice President of the Fund's Adviser. He has served as a Portfolio Manager since January 2002. From January 1994 through March 1999, Mr. Salib was employed as a Senior Global Fixed-Income Analyst with UBS Brinson, Inc. Mr. Salib received his B.A. with a major in Economics from Stony Brook University. John F. Sherman
Birth Date: August 28, 1967
125 High Street
Oliver Tower
21st Floor
Boston, MA 02110-2704Vice President Principal Occupations: John Sherman is a portfolio manager and Vice President. Mr. Sherman joined MDT Advisers Investment Team in 2000. He is Vice President of the Trust with respect to the Fund. Mr. Sherman is a member of the CFA Institute and the Boston Security Analysts Society. He received a B.S.B.A. from North Adams State College and an M.B.A. from Boston University Graduate School of Management. Michael W. Sirianni, Jr.
Birth Date: April 29, 1965Vice President Principal Occupations:Michael W. Sirianni Jr. is a portfolio manager and Vice President. Mr. Sirianni joined Federated in 1988 and has been a Senior Portfolio Manager since September 2007 and Vice President of the Fund's Adviser since January 1999. Mr. Sirianni received his B.A. from Pennsylvania State University and M.B.A. from the University of Pittsburgh. Christopher Smith
Birth Date: August 25, 1954Vice President Principal Occupations:Christopher Smithis a portfolio manager and Vice President.. Mr. Smith joined Federated in 1995 and has been a Senior Portfolio Manager since 2006 and Senior Vice President of the Fund's Adviser since 2011. He was a Vice President of the Fund's Adviser from 1997 to 2011. He was an Assistant Vice President of Provident Life & Accident Insurance Company from 1987 through 1994. Mr. Smith has received the Chartered Financial Analyst designation. He received his M.A. in Economics and Finance from the University of Kentucky. Hans P. Utsch
Birth Date: July 3, 1936
140 East 45th Street
New York, NY 10017Vice President Principal Occupations: Hans P. Utsch is a portfolio manager and Vice President. Mr. Utsch joined Federated in April 2001 as Co-Head of Investments/Federated Kaufmann. From August 1984 to April 2001, Mr. Utsch was Chairman of the Board and Secretary of Edgemont Asset Management Corp., and President and Portfolio Manager to The Kaufmann Fund, Inc. (predecessor to the Federated Kaufmann Fund). Mr. Utsch graduated from Amherst College and holds an M.B.A. from Columbia University. He has been engaged in the securities business since 1962. Leonardo A. Vila
Birth Date: March 21, 1961
450 Lexington Avenue
Suite 3700
New York, NY 10017-3943Vice President Principal Occupations: Leonardo A. Vila is a portfolio manager and Vice President. Mr. Vila joined Federated in 1995 as a Quantitative Analyst and currently serves as Senior Vice President and Senior Portfolio Manager of the Fund's Adviser. Previously, Mr. Vila was an Equity Research Manager with the American Stock Exchange from 1994 to 1995. Mr. Vila earned his M.B.A. from St. John's University. Steven J. Wagner
Birth Date: July 23, 1967Vice President Principal Occupations:Steven J. Wagner is a portfolio manager and Vice President. Mr. Wagner joined Federated in 1997 as an analyst in the high yield area and has been Senior Investment Analyst and Vice President of the Fund's Adviser since 2003. Mr. Wagner received his B.S. from Boston College and his M.B.A. in Finance from the University of Pittsburgh. D-9
Name
Date of BirthPosition(s) Held with Registrants Principal Occupations for Past Five Years and Previous Positions Mark Weiss
Birth Date: January 8, 1972Vice President Principal Occupations:Mark Weissis a portfolio manager and Vice President. Mr. Weiss joined Federated in 1994 and has been a Vice President of the Fund's Adviser and a Senior Investment Analyst since January 2007. He is responsible for portfolio management and investment research in the fixed-income area concentrating on taxable money market instruments. Mr. Weiss has received the Chartered Financial Analyst designation and holds a B.A. and M.B.A. in Finance from the University of Pittsburgh. Paige M. Wilhelm
Birth Date: May 28, 1962Vice President Principal Occupations: Paige M. Wilhelm is a portfolio manager and Vice President. Ms. Wilhelm joined Federated in 1985 and has been a Sr. Vice President of the Fund's Adviser since January 2006 and a Senior Portfolio Manager since January 2004. She is responsible for portfolio management and research in the fixed-income area concentrating on taxable money market instruments. Previous associations include Senior Credit Analyst, Federated Investors; Performance Analysis Supervisor; Performance Analyst, Federated Investment Counseling. Ms. Wilhelm is a member of the CFA Society of Pittsburgh and received her B.S. from Indiana University and her M.B.A. from Duquesne University. Directors and Officers - Appointment and Effective Dates of Service
REGISTRANT/FUNDS DIRECTOR INFORMATION: OFFICER INFORMATION: Trustees / Directors Date Effective Title Name Date Effective CASH TRUST SERIES, INC. Donahue, John F. 5/16/89 Vice Chairman: Fisher, Richard B. 8/23/02 Federated Government Cash Series Donahue, J. Christopher 5/16/89 President: Donahue, J. Christopher 8/23/02 Federated Municipal Cash Series Lally-Green, Maureen 8/1/09 Chief Investment Officers: Cunningham, Deborah A.
(all funds)5/14/04 Federated Prime Cash Series Madden, Peter E. 8/21/91 Ochson, Mary Jo
(MCS)6/1/12 Federated Treasury Cash Series Mansfield, Charles F. Jr. 1/1/99 Chief Legal Officer: Germain, Peter J. 1/1/05 O'Neill, Thomas M. 10/1/06 Chief Compliance Officer: Bouda, Brian P. 8/20/04 Walsh, John S. 1/1/99 Exec. Vice President: McGonigle, John W. 6/1/95 Sr. Vice President: Bouda, Brian P. 12/16/05 Vice Presidents: Hill, Susan (GCS, TCS) 6/1/12 Ochson, [Mary Jo
(MCS)11/19/98 Weiss, Mark (PCS) 8/16/13 Wilhelm, Paige (PCS) 6/1/12 Treasurer: Hensler, Lori A. 4/1/13
(date elected 2/14/13)Secretary: McGonigle, John W. 5/19/89 CASH TRUST SERIES II Donahue, John F. 11/14/90 Vice Chairman: Fisher, Richard B. 8/23/02 Federated Treasury Cash Series II Donahue, J. Christopher 11/14/90 President: Donahue, J. Christopher 8/23/02 Lally-Green, Maureen 8/1/09 Chief Investment Officer: Cunningham, Deborah A. 5/14/04 Madden, Peter E. 8/21/91 Chief Legal Officer: Germain, Peter J. 1/1/05 Mansfield, Charles F. Jr. 6/28/99 Chief Compliance Officer: Bouda, Brian P. 8/20/04 O'Neill, Thomas M. 10/1/06 Exec. Vice President: McGonigle, John W. 6/1/95 Walsh, John S. 6/28/99 Sr. Vice President: Bouda, Brian P. 1/1/06 Vice Presidents: Cunningham, Deborah A. 2/11/10 D-10
REGISTRANT/FUNDS DIRECTOR INFORMATION: OFFICER INFORMATION: Trustees / Directors Date Effective Title Name Date Effective Hill, Susan R. 8/13/09 Treasurer: Hensler, Lori A. 4/1/13
(date elected 2/14/13)Secretary: McGonigle, John W. 11/15/90 EDWARD JONES MONEY MARKET FUND Donahue, John F. 1/9/80 Vice Chairman: Fisher, Richard B. 8/23/02 Donahue, J. Christopher 11/17/98 President: Donahue, J. Christopher 8/23/02 Lally-Green, Maureen 8/1/09 Chief Investment Officer: Cunningham, Deborah A. 5/14/04 Madden, Peter E. 8/21/91 Chief Legal Officer: Germain, Peter J. 1/1/05 Mansfield, Charles F. Jr. 11/17/98 Chief Compliance Officer: Bouda, Brian P. 8/20/04 O'Neill, Thomas M. 10/1/06 Exec. Vice President: McGonigle, John W. 6/1/95 Walsh, John S. 11/17/98 Sr. Vice President: Bouda, Brian P. 12/16/05 Vice President: Hill, Susan R. 11/19/98 Treasurer: Hensler, Lori A. 4/1/13
(date elected 2/14/13)Secretary: McGonigle, John W. 1/10/80 FEDERATED ADJUSTABLE RATE SECURITIES FUND Donahue, John F. President: Donahue, J. Christopher 8/15/00 Donahue, J. Christopher Chief Investment Officer: Ostrowski, Robert J. 5/14/04 Lally-Green, Maureen 8/1/09 Chief Legal Officer: Germain, Peter J. 1/1/05 Madden, Peter E. Chief Compliance Officer: Bouda, Brian P. 8/20/04 Mansfield, Charles F. Jr. Exec. Vice President: McGonigle, John W. 6/1/95 O'Neill, Thomas M. Sr. Vice President: Bouda, Brian P. 1/1/06 Walsh, John S. Vice Presidents: Abraham, Todd A. 11/19/98 Fisher, Richard B. 5/23/85 Treasurer: Hensler, Lori A. 4/1/13
(date elected 2/14/13)Secretary: McGonigle, John W. 5/23/85 FEDERATED CORE TRUST Donahue, John F. President: Fisher, John B. 11/13/04 Federated Bank Loan Core Fund Donahue, J. Christopher Chief Investment Officer: Ostrowski, Robert J. 5/14/04 Federated Inflation-Protected Securities Core Fund Lally-Green, Maureen 8/1/09 Chief Legal Officer: Germain, Peter J. 1/1/05 Federated Mortgage Core Portfolio Madden, Peter E. Chief Compliance Officer: Bouda, Brian P. 8/20/04 High Yield Bond Portfolio Mansfield, Charles F. Jr. Exec. Vice President: McGonigle, John W. 11/20/97 O'Neill, Thomas M. Sr. Vice President: Bouda, Brian P. 1/1/06 Walsh, John S. Vice Presidents: Abraham, Todd A.
(MBCORE)5/16/03 Delserone, Anthony
(BLCORE)6/1/12 D-11
REGISTRANT/FUNDS DIRECTOR INFORMATION: OFFICER INFORMATION: Trustees / Directors Date Effective Title Name Date Effective Durbiano, Mark E.
(BLCORE, HYCORE)11/19/98 Ellenberger, Donald
(IPCORE)6/1/12 Fisher, Richard B. 11/20/97 Kirschler, Andrew (IPCORE) 8/16/13 Treasurer: Hensler, Lori A. 4/1/13
(date elected 2/14/13)Secretary: McGonigle, John W. 11/20/97 FEDERATED CORE TRUST II, L.P. Donahue, John F. Vice Chairman: Fisher, Richard B. 8/23/02 Emerging Markets Fixed Income Core Fund Donahue, J. Christopher President: Donahue, J. Christopher 11/14/00 Lally-Green, Maureen 8/1/09 Chief Investment Officer: Ostrowski, Robert J. 5/14/04 Madden, Peter E. Chief Legal Officer: Germain, Peter J. 1/1/05 Mansfield, Charles F. Jr. Chief Compliance Officer: Bouda, Brian P. 8/20/04 O'Neill, Thomas M. Exec. Vice President: McGonigle, John W. 2/12/01 Walsh, John S. Sr. Vice President: Bouda, Brian P. 1/1/06 Vice Presidents: Salib, Ihab L. 5/19/06 Treasurer: Hensler, Lori A. 4/1/13
(date elected 2/14/13)Secretary: McGonigle, John W. 11/14/00 FEDERATED CORE TRUST III Collins, John T. 9/1/13 Vice Chairman: Fisher, Richard B. 2/13/08 Federated Project and Trade Finance Core Fund Donahue, John F. President: Donahue, J. Christopher 2/13/08 Donahue, J. Christopher Chief Investment Officer: Ostrowski, Robert J. 2/13/08 Lally-Green, Maureen 8/1/09 Chief Legal Officer: Germain, Peter J. 2/13/08 Madden, Peter E. Chief Compliance Officer: Bouda, Brian P. 2/13/08 Mansfield, Charles F. Jr. Exec. Vice President: McGonigle, John W. 2/13/08 O'Neill, Thomas M. Sr. Vice President: Bouda, Brian P. 2/13/08 Richey, P. Jerome 9/1/13 Vice Presidents: McGinley, Chris 6/1/12 Walsh, John S. Ostrowski, Robert J. 2/13/08 Salib, Ihab 6/1/12 Treasurer: Hensler, Lori A. 4/1/13
(date elected 2/14/13)Secretary: McGonigle, John W. 2/13/08 FEDERATED EQUITY FUNDS Donahue, John F. President: Donahue, J. Christopher 8/15/00 Federated Absolute Return Fund Donahue, J. Christopher Chief Investment Officer: Auth, Stephen F. 11/14/02 Federated Clover Small Value Fund Lally-Green, Maureen 8/1/09 Chief Legal Officer: Germain, Peter J. 1/1/05 D-12
REGISTRANT/FUNDS DIRECTOR INFORMATION: OFFICER INFORMATION: Trustees / Directors Date Effective Title Name Date Effective Federated Clover Value Fund Madden, Peter E. Chief Compliance Officer: Bouda, Brian P. 8/20/04 Federated Global Equity Fund Mansfield, Charles F. Jr. Exec. Vice President: McGonigle, John W. 7/1/95 Federated InterContinental Fund O'Neill, Thomas M. Sr. Vice President: Bouda, Brian P. 1/1/06 Federated International Strategic Value Dividend Fund Walsh, John S. Vice Presidents: Fisher, Richard B. 4/17/87 Federated Kaufmann Fund Auriana, Lawrence
(FKAUF, FKLCF, FKSCF)11/15/01 Federated Kaufmann Large Cap Fund Bean, Walter C.
(FISVF, FSVF)11/16/06 Federated Kaufmann Small Cap Fund Gutch, Stephen
(FCSVF, FCVF)2/17/11 Federated MDT Mid Cap Growth Strategies Fund Kaplan, Audrey
(FGLEF, FICF)2/17/11 Federated Prudent Bear Fund Mahr, Daniel
(FMMGSF)1/18/13 Federated Strategic Value Dividend Fund Meisser, Dana
(FARSF)8/16/13 Orlando, Philip
(FMRF)8/16/13 Utsch, Hans P.
(FKAUF, FKLCF, FKSCF)11/15/01 Treasurer: Hensler, Lori A. 4/1/13
(date elected 2/14/13)Secretary: McGonigle, John W. 4/17/84 FEDERATED EQUITY INCOME FUND, INC. Donahue, John F. Vice Chairman: Fisher, Richard B. 8/23/02 Donahue, J. Christopher President: Donahue, J. Christopher 8/23/02 Lally-Green, Maureen 8/1/09 Chief Investment Officer: Auth, Stephen F. 11/14/02 Madden, Peter E. Chief Legal Officer: Germain, Peter J. 1/1/05 Mansfield, Charles F. Jr. Chief Compliance Officer: Bouda, Brian P. 8/20/04 O'Neill, Thomas M. Exec. Vice President: McGonigle, John W. 6/1/95 Walsh, John S. Sr. Vice President: Bouda, Brian P. 1/1/06 Vice President: Nichol, John L. 5/14/04 Treasurer: Hensler, Lori A. 4/1/13
(date elected 2/14/13)Secretary: McGonigle, John W. 6/30/86 FEDERATED FIXED INCOME SECURITIES, INC. Donahue, John F. Vice Chairman: Fisher, Richard B. 8/23/02 Federated Municipal Ultrashort Fund Donahue, J. Christopher President: Donahue, J. Christopher 8/23/02 Federated Strategic Income Fund Lally-Green, Maureen 8/1/09 Chief Investment Officers: Cunningham, Deborah A.
(FMUSF)6/1/12 D-13
REGISTRANT/FUNDS DIRECTOR INFORMATION: OFFICER INFORMATION: Trustees / Directors Date Effective Title Name Date Effective Madden, Peter E. Ochson, Mary Jo
(FMUSF)5/14/04 Mansfield, Charles F. Jr. Ostrowski, Robert J. (SIF) 5/14/04 O'Neill, Thomas M. Chief Legal Officer: Germain, Peter J. 1/1/05 Walsh, John S. Chief Compliance Officer: Bouda, Brian P. 8/20/04 Exec. Vice President: McGonigle, John W. 7/14/95 Sr Vice President: Bouda, Brian P. 1/1/06 Vice Presidents: Kozemchak, Jeffrey A.
(FMUSF)11/19/98 Durbiano, Mark (SIF) 5/17/13 Treasurer: Hensler, Lori A. 4/1/13
(date elected 2/14/13)Secretary: McGonigle, John W. 11/4/91 FEDERATED GNMA TRUST Donahue, John F. President: Donahue, J. Christopher 8/15/00 Donahue, J. Christopher Chief Investment Officer: Ostrowski, Robert J. 5/14/04 Lally-Green, Maureen 8/1/09 Chief Legal Officer: Germain, Peter J. 1/1/05 Madden, Peter E. Chief Compliance Officer: Bouda, Brian P. 8/20/04 Mansfield, Charles F. Jr. Exec. Vice President: McGonigle, John W. 6/11/95 O'Neill, Thomas M. Sr. Vice President: Bouda, Brian P. 1/1/06 Walsh, John S. Vice Presidents: Abraham, Todd A. 11/16/99 Fisher, Richard B. 12/11/81 O'Connell, Liam 6/1/12 Treasurer: Hensler, Lori A. 4/1/13
(date elected 2/14/13)Secretary: McGonigle, John W. 12/11/81 FEDERATED GLOBAL ALLOCATION FUND Donahue, John F. President: Donahue, J. Christopher 8/23/02 Donahue, J. Christopher Chief Investment Officer: Auth, Stephen F. 11/21/02 Lally-Green, Maureen 8/1/09 Chief Legal Officer: Germain, Peter J. 1/1/05 Madden, Peter E. Chief Compliance Officer: Bouda, Brian P. 8/20/04 Mansfield, Charles F. Jr. Exec. Vice President: McGonigle, John W. 6/1/95 O'Neill, Thomas M. Sr. Vice President: Bouda, Brian P. 1/1/06 Walsh, John S. Vice Presidents: Fisher, Richard B. 5/24/76 Orlando, Philip 6/1/12 Treasurer: Hensler, Lori A. 2/14/13 Secretary: McGonigle, John W. 9/30/69 FEDERATED GOVERNMENT INCOME SECURITIES, INC. Donahue, John F. Vice Chairman: Fisher, Richard B. 8/23/02 Donahue, J. Christopher President: Donahue, J. Christopher 8/23/02 D-14
REGISTRANT/FUNDS DIRECTOR INFORMATION: OFFICER INFORMATION: Trustees / Directors Date Effective Title Name Date Effective Lally-Green, Maureen 8/1/09 Chief Investment Officer: Ostrowski, Robert J. 5/14/04 Madden, Peter E. Chief Legal Officer: Germain, Peter J. 1/1/05 Mansfield, Charles F. Jr. Chief Compliance Officer: Bouda, Brian P. 8/20/04 O'Neill, Thomas M. Exec. Vice President: McGonigle, John W. 6/1/95 Walsh, John S. Sr. Vice President: Bouda, Brian P. 1/1/06 Vice President: Abraham, Todd A. 8/19/05 Treasurer: Hensler, Lori A. 4/1/13
(date elected 2/14/13)Secretary: McGonigle, John W. 11/19/98 FEDERATED HIGH INCOME BOND FUND, INC. Donahue, John F. 9/16/75 Vice Chairman: Fisher, Richard B. 8/23/02 Donahue, J. Christopher 7/15/87 President: Donahue, J. Christopher 8/23/02 Lally-Green, Maureen 8/1/09 Chief Investment Officer: Ostrowski, Robert J. 5/14/04 Madden, Peter E. 8/21/91 Chief Legal Officer: Germain, Peter J. 1/1/05 Mansfield, Charles F. Jr. 1/1/99 Chief Compliance Officer: Bouda, Brian P. 8/20/04 O'Neill, Thomas M. 10/1/06 Exec. Vice President: McGonigle, John W. 6/1/95 Walsh, John S. 1/1/99 Sr. Vice President: Bouda, Brian P. 12/16/05 Vice President: Durbiano, Mark E. 11/19/98 Treasurer: Hensler, Lori A. 4/1/13
(date elected 2/14/13)Secretary: McGonigle, John W. 9/16/75 FEDERATED HIGH YIELD TRUST Donahue, John F. 4/17/84 President: Donahue, J. Christopher 8/15/00 Donahue, J. Christopher 3/23/99 Chief Investment Officer: Ostrowski, Robert J. 5/14/04 Lally-Green, Maureen 8/1/09 Chief Legal Officer: Germain, Peter J. 1/1/05 Madden, Peter E. 8/21/91 Chief Compliance Officer: Bouda, Brian P. 8/20/04 Mansfield, Charles F. Jr. 3/23/99 Exec. Vice President: McGonigle, John W. 6/1/95 O'Neill, Thomas M. 10/1/06 Sr. Vice President: Bouda, Brian P. 12/16/05 Walsh, John S. 3/23/99 Vice Presidents: Fisher, Richard B. 4/17/84 Durbiano, Mark E. 11/19/98 Treasurer: Hensler, Lori A. 4/1/13
(date elected 2/14/13)Secretary: McGonigle, John W. 4/17/84 FEDERATED INCOME SECURITIES TRUST Donahue, John F. 1/24/86 President: Donahue, J. Christopher 8/14/00 Federated Capital Income Fund Donahue, J. Christopher 1/1/00 Chief Investment Officer: Auth, Stephen F.
(FCIF, FMSAF, FPDBF)5/14/04 Federated Floating Rate Strategic Income Fund Lally-Green, Maureen 8/1/09 Ostrowski, Robert J.
(All Funds)5/14/04 D-15
REGISTRANT/FUNDS DIRECTOR INFORMATION: OFFICER INFORMATION: Trustees / Directors Date Effective Title Name Date Effective Federated Fund for U.S. Government Securities Madden, Peter E. 11/13/91 Chief Legal Officer: Germain, Peter J. 1/1/05 Federated Intermediate Corporate Bond Fund Mansfield, Charles F. Jr. 1/1/00 Chief Compliance Officer: Bouda, Brian P. 8/20/04 Federated Muni and Stock Advantage Fund O'Neill, Thomas M. 10/1/06 Exec. Vice President: McGonigle, John W. 7/1/95 Federated Prudent DollarBear Fund Walsh, John S. 1/1/00 Sr. Vice President: Bouda, Brian P. 12/16/05 Federated Real Return Bond Fund Vice Presidents: Abraham, Todd
(FUSG)6/1/12 Federated Short-Term Income Fund Bauer, Randall S. (FSTIF) 11/19/98 Federated Unconstrained Bond Fund Dingle, Bryan
(FICBF)5/17/13 Durbiano, Mark
(FRSIF)6/1/12 Fisher, Richard B. 1/29/86 Gallo, R.J.
(FMSAF)6/1/12 Kirschler, Andrew (FRRBF) 8/16/13 Nichol, John L.
(FCIF, FMSAF)5/14/04 Noland, Douglas
(FPDBF)6/1/12 Salib, Ihab
(FPDBF, FUNBF)6/1/12 Smith, Christopher
(FUNBF)5/17/13 Wagner, Steven J.
(FRSIF)6/1/12 Treasurer: Hensler, Lori A. 4/1/13
(date elected 2/14/13)Secretary: McGonigle, John W. 1/29/86 FEDERATED INCOME TRUST Donahue, John F. President: Donahue, J. Christopher 8/15/00 Donahue, J. Christopher Chief Investment Officer: Ostrowski, Robert J. 5/14/04 Lally-Green, Maureen 8/1/09 Chief Legal Officer: Germain, Peter J. 1/1/05 Madden, Peter E. Chief Compliance Officer: Bouda, Brian P. 8/20/04 Mansfield, Charles F. Jr. Exec. Vice President: McGonigle, John W. 6/1/95 O'Neill, Thomas M. Sr. Vice President: Bouda, Brian P. 1/1/06 Walsh, John S. Vice Presidents: Fisher, Richard B. 11/18/81 Abraham, Todd A. 5/16/03 Treasurer: Hensler, Lori A. 4/1/13
(date elected 2/14/13)Secretary: McGonigle, John W. 11/18/81 FEDERATED INDEX TRUST Donahue, John F. President: Donahue, J. Christopher 8/15/00 D-16
REGISTRANT/FUNDS DIRECTOR INFORMATION: OFFICER INFORMATION: Trustees / Directors Date Effective Title Name Date Effective Federated Max-Cap Index Fund Donahue, J. Christopher Chief Investment Officer: Auth, Stephen F. 11/14/02 Federated Mid-Cap Index Fund Lally-Green, Maureen 8/1/09 Chief Legal Officer: Germain, Peter J. 1/1/05 Madden, Peter E. Chief Compliance Officer: Bouda, Brian P. 8/20/04 Mansfield, Charles F. Jr. Exec. Vice President: McGonigle, John W. 6/1/95 O'Neill, Thomas M. Sr. Vice President: Bouda, Brian P. 1/1/06 Walsh, John S. Vice Presidents: Fisher, Richard B. 2/1/90 Miller, Ian 11/15/12 Treasurer: Hensler, Lori A. 4/1/13
(date elected 2/14/13)Secretary: McGonigle, John W. 2/1/90 FEDERATED INSTITUTIONAL TRUST Donahue, John F. President: Donahue, J. Christopher 8/15/00 Federated Government Ultrashort Duration Fund Donahue, J. Christopher Chief Investment Officer: Ostrowski, Robert J. 5/14/04 Federated Institutional High Yield Bond Fund Lally-Green, Maureen 8/1/09 Chief Legal Officer: Germain, Peter J. 1/1/05 Federated Intermediate Government/Corporate Fund Madden, Peter E. Chief Compliance Officer: Bouda, Brian P. 8/20/04 Mansfield, Charles F. Jr. Exec. Vice President: McGonigle, John W. 6/9/94 O'Neill, Thomas M. Sr. Vice President: Bouda, Brian P. 1/1/06 Walsh, John S. Vice Presidents: Durbiano, Mark E.
(FIHYBF)11/14/02 Ellenberger, Donald
(FGUSF)6/1/12 Fisher, Richard B. 11/19/98 Hill, Susan R.
(FGUSF)11/19/98 O'Connell, Liam
(FGUSF)6/1/12 Smith, Christopher
(FIGCF)6/1/12 Treasurer: Hensler, Lori A. 4/1/13
(date elected 2/14/13)Secretary: McGonigle, John W. 8/24/01 FEDERATED INSURANCE SERIES Donahue, John F. 10/1/93 President: Fisher, John B. 11/18/04 Federated Fund for U.S. Government Securities II Donahue, J. Christopher 10/1/93 Chief Investment Officers: Auth, Stephen A. 11/14/02 Federated High Income Bond Fund II Lally-Green, Maureen 8/1/09 Cunningham, Deborah A. 6/1/12 Federated Kaufmann Fund II Madden, Peter E. 10/1/93 Ostrowski, Robert J. 5/14/04 Federated Managed Tail Risk Fund II Mansfield, Charles F. Jr. 11/15/99 Chief Legal Officer: Germain, Peter J. 1/1/05 D-17
REGISTRANT/FUNDS DIRECTOR INFORMATION: OFFICER INFORMATION: Trustees / Directors Date Effective Title Name Date Effective Federated Managed Volatility Fund II O'Neill, Thomas M. 10/1/06 Chief Compliance Officer: Bouda, Brian P. 8/20/04 Federated Prime Money Fund II Walsh, John S. 1/1/99 Exec. Vice President: McGonigle, John W. 9/15/93 Federated Quality Bond Fund II Sr. Vice President: Bouda, Brian P. 12/16/05 Vice President: Fisher, Richard B. 9/15/93 Treasurer: Hensler, Lori A. 4/1/13
(date elected 2/14/13)Secretary: McGonigle, John W. 9/15/93 FEDERATED INTERMEDIATE GOVERNMENT FUND,
INC.Donahue, John F. 4/1/91 Vice Chairman: Fisher, Richard B. 8/23/02 Donahue, J. Christopher 9/10/99 President: Donahue, J. Christopher 8/23/02 Lally-Green, Maureen 8/1/09 Chief Investment Officer: Ostrowski, Robert J. 5/14/04 Madden, Peter E. 10/1/91 Chief Legal Officer: Germain, Peter J. 1/1/05 Mansfield, Charles F. Jr. 9/10/99 Chief Compliance Officer: Bouda, Brian P. 8/20/04 O'Neill, Thomas M. 10/1/06 Exec. Vice President: McGonigle, John W. 6/1/95 Walsh, John S. 9/10/99 Sr. Vice President: Bouda, Brian P. 12/16/05 Vice President: O'Connell, Liam 6/1/12 Treasurer: Hensler, Lori A. 4/1/13
(date elected 2/14/13)Secretary: McGonigle, John W. 3/21/91 FEDERATED INTERNATIONAL SERIES, INC. Donahue, John F. President: Donahue, J. Christopher 8/15/00 Federated International Bond Fund Donahue, J. Christopher Chief Investment Officers: Ostrowski, Robert J. 5/14/04 Lally-Green, Maureen 8/1/09 Chief Legal Officer: Germain, Peter J. 1/1/05 Madden, Peter E. Chief Compliance Officer: Bouda, Brian P. 8/20/04 Mansfield, Charles F. Jr. Exec. Vice President: McGonigle, John W. 6/1/95 O'Neill, Thomas M. Sr. Vice President: Bouda, Brian P. 1/1/06 Walsh, John S. Vice Presidents: Fisher, Richard B. 3/9/84 Salib, Ihab L. 5/19/06 Treasurer: Hensler, Lori A. 4/1/13
(date elected 2/14/13)Secretary: McGonigle, John W. 3/9/84 FEDERATED INVESTMENT SERIES FUNDS, INC. Donahue, John F. President: Donahue, J. Christopher 5/20/92 Federated Bond Fund Donahue, J. Christopher Chief Investment Officer: Ostrowski, Robert J. 5/14/04 Lally-Green, Maureen 8/1/09 Chief Legal Officer: Germain, Peter J. 1/1/05 Madden, Peter E. Chief Compliance Officer: Bouda, Brian P. 8/20/04 D-18
REGISTRANT/FUNDS DIRECTOR INFORMATION: OFFICER INFORMATION: Trustees / Directors Date Effective Title Name Date Effective Mansfield, Charles F. Jr. Exec. Vice President: McGonigle, John W. 7/1/95 O'Neill, Thomas M. Sr. Vice President: Bouda, Brian P. 1/1/06 Walsh, John S. Vice Presidents: Fisher, Richard B. 5/20/92 Ruffner, Brian 5/17/13 Treasurer: Hensler, Lori A. 4/1/13 Secretary: McGonigle, John W. 5/20/92 FEDERATED MDT SERIES Donahue, John F. 6/2/06 President: Donahue, J. Christopher 5/18/06 Federated MDT All Cap Core Fund Donahue, J. Christopher 6/2/06 Chief Investment Officers: Auth, Stephen F.
(All Funds)6/1/12 Federated MDT Balanced Fund Lally-Green, Maureen 8/1/09 Ostrowski, Robert J.
(FMBF)6/1/12 Federated MDT Large Cap Growth Fund Madden, Peter E. 6/2/06 Chief Legal Officer: Germain, Peter J. 6/7/06 Federated MDT Small Cap Core Fund Mansfield, Charles F. Jr. 6/2/06 Chief Compliance Officer: Bouda, Brian P. 6/7/06 O'Neill, Thomas M. 10/1/06 Sr. Vice President: Bouda, Brian P. 6/7/06 Federated MDT Small Cap Growth Fund Walsh, John S. 6/2/06 Vice Presidents: Mahr, Daniel
(FMACC, FMLCG, FMSCC, FMSCG)6/1/12 Sherman, John
(FMBF)6/1/12 Treasurer: Hensler, Lori A. 4/1/13
(date elected 2/14/13)Secretary: McGonigle, John W. 5/24/06 FEDERATED MDT STOCK TRUST Donahue, John F. 12/30/81 President: Donahue, J. Christopher 8/15/00 Donahue, J. Christopher 11/17/99 Chief Investment Officer: Auth, Stephen F. 11/14/02 Lally-Green, Maureen 8/1/09 Chief Legal Officer: Germain, Peter J. 1/1/05 Madden, Peter E. 11/13/91 Chief Compliance Officer: Bouda, Brian P. 8/20/04 Mansfield, Charles F. Jr. 11/17/99 Exec. Vice President: McGonigle, John W. 6/1/95 Sr. Vice President: Bouda, Brian P. 12/16/05 O'Neill, Thomas M. 10/1/06 Vice Presidents: Fisher, Richard B. 1/8/82 Walsh, John S. 11/17/99 Mahr, Daniel 6/1/12 Treasurer: Hensler, Lori A. 4/1/13
(date elected 2/14/13)Secretary: McGonigle, John W. 1/8/82 FEDERATED MANAGED POOL SERIES Donahue, John F. Vice Chairman: Fisher, Richard B. 10/6/05 Federated Corporate Bond Strategy Portfolio Donahue, J. Christopher President: Donahue, J. Christopher 10/6/05 Federated High-Yield Strategy Portfolio Lally-Green, Maureen 8/1/09 Chief Compliance Officer: Bouda, Brian P. 10/6/05 Federated International Bond Strategy Portfolio Madden, Peter E. Chief Investment Officer: Ostrowski, Robert J. 9/5/06 Federated Mortgage Strategy Portfolio Mansfield, Charles F. Jr. Chief Legal Officer: Germain, Peter J. 10/6/05 D-19
REGISTRANT/FUNDS DIRECTOR INFORMATION: OFFICER INFORMATION: Trustees / Directors Date Effective Title Name Date Effective O'Neill, Thomas M. Executive Vice President: McGonigle, John W. 10/6/05 Walsh, John S. Sr. Vice President: Bouda, Brian P. 1/1/06 Vice Presidents: Abraham, Todd
(FMSP)6/1/12 �� Conner, Jerome
(FCP)6/1/12 Durbiano, Mark
(FHYSP)6/1/12 Salib, Ihab
(FIBSP)6/1/12 Treasurer: Hensler, Lori A. 4/1/13
(date elected 2/14/13)Secretary: McGonigle, John W. Secretary: McGonigle, John W. FEDERATED MUNICIPAL SECURITIES FUND, INC Donahue, John F. 9/10/76 President: Donahue, J. Christopher 6/1/95 Donahue, J. Christopher 12/9/86 Chief Investment Officer: Ostrowski, Robert J. 2/11/10 Lally-Green, Maureen 8/1/09 Chief Legal Officer: Germain, Peter J. 1/1/05 Madden, Peter E. 8/21/91 Chief Compliance Officer: Bouda, Brian P. 8/20/04 Mansfield, Charles F. Jr. 6/30/99 Exec. Vice President: McGonigle, John W. 9/10/76 O'Neill, Thomas M. 10/1/06 Sr. Vice President: Bouda, Brian P. 12/16/05 Walsh, John S. 1/1/99 Vice Presidents: Fisher, Richard B. 1/29/85 Albrecht, J. Scott 5/14/04 Treasurer: Hensler, Lori A. 4/1/13
(date elected 2/14/13)Secretary: McGonigle, John W. 9/10/76 FEDERATED MUNICIPAL SECURITIES INCOME TRUST Donahue, John F. 8/6/90 Vice Chairman: Fisher, Richard B. 8/23/02 Federated Michigan Intermediate Municipal Trust Donahue, J. Christopher 8/6/90 President: Donahue, J. Christopher 8/23/02 Federated Municipal High Yield Advantage Fund Lally-Green, Maureen 8/1/09 Chief Investment Officer: Ostrowski, Robert J. 2/11/10 Federated New York Municipal Income Fund Madden, Peter E. 8/21/91 Chief Legal Officer: Germain, Peter J. 1/1/05 Federated Ohio Municipal Income Fund Mansfield, Charles F. Jr. 1/1/99 Chief Compliance Officer: Bouda, Brian P. 8/20/04 Federated Pennsylvania Municipal Income Fund O'Neill, Thomas M. 10/1/06 Exec. Vice President: McGonigle, John W. 6/1/95 Walsh, John S. 6/25/99 Sr. Vice President: Bouda, Brian P. 12/16/05 Vice Presidents: Albrecht, J. Scott
(NYMIF, OHMIF, PAMIF)11/16/99 D-20
REGISTRANT/FUNDS DIRECTOR INFORMATION: OFFICER INFORMATION: Trustees / Directors Date Effective Title Name Date Effective Cunningham, Lee
(MIIMT, FMHYAF)6/1/12 Gallo, R.J.
(FMHYAF)6/1/12 Treasurer: Hensler, Lori A. 4/1/13
(date elected 2/14/13)Secretary: McGonigle, John W. 8/6/90 FEDERATED SHORT- INTERMEDIATE DURATION MUNICIPAL TRUST Collins, John T. 9/1/13 President: Fisher, John B. 11/18/04 Donahue, John F. 5/8/81 Chief Investment Officers: Cunningham, Deborah A. 8/12/11 Donahue, J. Christopher 10/1/99 Ochson, Mary Jo 5/14/04 Lally-Green, Maureen 8/1/09 Chief Legal Officer: Germain, Peter J. 1/1/05 Madden, Peter E. 11/13/91 Chief Compliance Officer: Bouda, Brian P. 8/20/04 Mansfield, Charles F. Jr. 3/23/99 Exec. Vice President: McGonigle, John W. 6/1/95 O'Neill, Thomas M. 10/1/06 Sr. Vice President: Bouda, Brian P. 12/16/05 Richey, P. Jerome 9/1/13 Vice Presidents: Fisher, Richard B. 5/11/81 Walsh, John S. 3/23/99 Kozemchak, Jeffrey A. 11/19/98 Treasurer: Hensler, Lori A. 4/1/13
(date elected 2/14/13)Secretary: McGonigle, John W. 5/11/81 FEDERATED TOTAL RETURN GOVERNMENT BOND FUND Donahue, John F. 7/19/95 President: Donahue, J. Christopher 6/16/95 Donahue, J. Christopher 6/21/99 Chief Investment Officer: Ostrowski, Robert J. 5/14/04 Lally-Green, Maureen 8/1/09 Chief Legal Officer: Germain, Peter J. 1/1/05 Madden, Peter E. 7/19/95 Chief Compliance Officer: Bouda, Brian P. 8/20/04 Mansfield, Charles F. Jr. 1/1/99 Exec. Vice President: McGonigle, John W. 6/16/95 O'Neill, Thomas M. 10/1/06 Sr. Vice President: Bouda, Brian P. 12/16/05 Walsh, John S. 1/1/99 Vice Presidents: Abraham, Todd A. 8/19/05 Fisher, Richard B. 6/16/95 Treasurer: Hensler, Lori A. 4/1/13
(date elected 2/14/13)Secretary: McGonigle, John W. 6/16/95 FEDERATED TOTAL RETURN SERIES, INC. Donahue, John F. 10/12/93 President: Donahue, J. Christopher 8/15/00 Federated Mortgage Fund Donahue, J. Christopher 3/23/95 Chief Investment Officer: Ostrowski, Robert J. 5/14/04 Federated Total Return Bond Fund Lally-Green, Maureen 8/1/09 Chief Legal Officer: Germain, Peter J. 1/1/05 Federated Ultrashort Bond Fund Madden, Peter E. 10/12/93 Chief Compliance Officer: Bouda, Brian P. 8/20/04 D-21
REGISTRANT/FUNDS DIRECTOR INFORMATION: OFFICER INFORMATION: Trustees / Directors Date Effective Title Name Date Effective Mansfield, Charles F. Jr. 3/23/99 Exec. Vice President: McGonigle, John W. 6/1/95 O'Neill, Thomas M. 10/1/06 Sr. Vice President: Bouda, Brian P. 12/16/05 Walsh, John S. 3/23/99 Vice Presidents: Abraham, Todd
(FMF)6/1/12 Bauer, Randall
(FUSBF)6/1/12 Ellenberger, Donald
(FTRBF)5/17/13 Treasurer: Hensler, Lori A. 4/1/13
(date elected 2/14/13)Secretary: McGonigle, John W. 11/18/93 FEDERATED U.S.
GOVERNMENT
SECURITIES
FUND:
1-3 YEARSDonahue, John F. President: Donahue, J. Christopher 8/15/00 Donahue, J. Christopher Chief Investment Officer: Ostrowski, Robert J. 5/14/04 Lally-Green, Maureen 8/1/09 Chief Legal Officer: Germain, Peter J. 1/1/05 Madden, Peter E. Chief Compliance Officer: Bouda, Brian P. 8/20/04 Mansfield, Charles F. Jr. Exec. Vice President: McGonigle, John W. 6/1/95 O'Neill, Thomas M. Sr. Vice President: Bouda, Brian P. 1/1/06 Walsh, John S. Vice Presidents: Ellenberger, Donald T. 8/19/05 Fisher, Richard B. 2/2/84 Kirschler, Andrew 8/16/13 Treasurer: Hensler, Lori A. 4/1/13
(date elected 2/14/13)Secretary: McGonigle, John W. 11/19/98 FEDERATED U.S.
GOVERNMENT
SECURITIES
FUND:
2-5 YEARSDonahue, John F. President: Donahue, J. Christopher 8/15/00 Madden, Peter E. Chief Investment Officer: Ostrowski, Robert J. 5/14/04 Mansfield, Charles F. Jr. Chief Legal Officer: Germain, Peter J. 1/1/05 O'Neill, Thomas M. Chief Compliance Officer: Bouda, Brian P. 8/20/04 Richey, P. Jerome 9/1/13 Exec. Vice President: McGonigle, John W. 6/1/95 Walsh, John S. Sr. Vice President: Bouda, Brian P. 1/1/06 Vice Presidents: Ellenberger, Donald T. 8/19/05 Fisher, Richard B. 12/11/81 Kirschler, Andrew 8/16/13 Treasurer: Hensler, Lori A. 4/1/13
(date elected 2/14/13)Secretary: McGonigle, John W. 2/11/81 FEDERATED WORLD INVESTMENT SERIES, INC. Donahue, John F. Vice Chairman: Fisher, Richard B. 8/12/02 D-22
REGISTRANT/FUNDS DIRECTOR INFORMATION: OFFICER INFORMATION: Trustees / Directors Date Effective Title Name Date Effective Federated Emerging Market Debt Fund Donahue, J. Christopher President: Donahue, J. Christopher 8/12/02 Federated International Leaders Fund Lally-Green, Maureen 8/1/09 Chief Investment Officers: Auth, Stephen F.
(FILF, FISCF)11/14/02 Federated International Small Mid Company Fund Madden, Peter E. Ostrowski, Robert J.
(FEMDF)5/14/04 Mansfield, Charles F. Jr. Chief Legal Officer: Germain, Peter J. 1/1/05 O'Neill, Thomas M. Chief Compliance Officer: Bouda, Brian P. 8/20/04 Walsh, John S. Exec. Vice President: McGonigle, John W. 7/14/95 Sr. Vice President: Bouda, Brian P. 1/1/06 Vice Presidents: Halperin, Marc
(FILF)6/1/12 Salib, Ihab
(FEMDF)8/16/13 Vila, Leonardo
(FISCF)Treasurer: Hensler, Lori A. 4/1/13
(date elected 2/14/13)Secretary: McGonigle, John W. 1/26/94 INTERMEDIATE MUNICIPAL TRUST Collins, John T. 9/1/13 President: Donahue, J. Christopher 8/15/00 Federated Intermediate Municipal Trust Donahue, John F. 5/31/85 Chief Investment Officer: Ostrowski, Robert J. 2/11/10 Donahue, J. Christopher 10/1/99 Chief Legal Officer: Germain, Peter J. 1/1/05 Lally-Green, Maureen 8/1/09 Chief Compliance Officer: Bouda, Brian P. 8/20/04 Madden, Peter E. 11/13/91 Exec. Vice President: McGonigle, John W. 6/1/95 Mansfield, Charles F. Jr. 3/23/99 Sr. Vice President: Bouda, Brian P. 12/16/05 O'Neill, Thomas M. 10/1/06 Vice Presidents: Fisher, Richard B. 5/31/85 Richey, P. Jerome 9/1/13 Albrecht, J. Scott 11/19/98 Walsh, John S. 3/23/99 Treasurer: Hensler, Lori A. 4/1/13
(date elected 2/14/13)Secretary: McGonigle, John W. 5/31/85 D-23EXHIBIT E– MEETINGS OF THE BOARD and MEETINGS OF THE COMMITTEES OF THE BOARDThe following table provides the number of Regular and Special Board Meetings as well as Board Committee meetings held during the most recently completed fiscal year of the Funds. Regular and Special Board Meetings as well as Board Committee meetings are also provided for calendar year 2012 and calendar year-to-date 2013.
REGISTRANT AND FUND(S) FISCAL
YEAR
ENDEDREGULAR
BOARD
MEETINGSSPECIAL
BOARD
MEETINGSEXECUTIVE
COMMITTEE
MEETINGSNOMINATING
COMMITTEE
MEETINGSAUDIT
COMMITTEE
MEETINGSAll Registrants and Funds for Calendar Year Ended 12/31/2012*
*One meeting was convened only for Cash Trust Series, Inc., Cash Trust Series II and Edward Jones Money Market Fund4 1 2* 1 7 All Registrants and Funds for Calendar Year To Date 8/29/2013 3 0 0 1 6 Cash Trust Series, Inc. Federated Government Cash Series 5/31/2013 4 1 2 1 7 Federated Municipal Cash Series 5/31/2013 4 1 2 1 7 Federated Prime Cash Series 5/31/2013 4 1 2 1 7 Federated Treasury Cash Series 5/31/2013 4 1 2 1 7 Cash Trust Series II Federated Treasury Cash Series II 5/31/2013 4 1 2 1 7 Edward Jones Money Market Fund 2/28/2013 4 1 2 1 7 Federated Adjustable Rate Securities Fund 8/31/2012 4 1 1 1 7 Federated Core Trust Federated Bank Loan Core Fund 6/30/2013 4 1 1 1 7 Federated Inflation-Protected Securities Core Fund 12/31/2012 4 1 1 1 7 Federated Mortgage Core Portfolio 12/31/2012 4 1 1 1 7 High Yield Bond Portfolio 12/31/2012 4 1 1 1 7 Federated Core Trust II, L.P. 1 1 Emerging Markets Fixed Income Core Fund 11/30/2012 4 0 1 7 Federated Core Trust III Federated and Project Trade Finance Core Fund 3/31/2013 4 1 1 1 7 Federated Equity Funds Federated Absolute Return Fund 10/31/2012 4 0 1 1 7 Federated Clover Small Value Fund 9/30/2012 4 0 1 1 7 Federated Clover Value Fund 9/30/2012 4 0 1 1 7 Federated Global Equity Fund 11/30/2012 4 0 1 1 7 Federated InterContinental Fund 11/30/2012 4 0 1 1 7 Federated International Strategic Value Dividend Fund 11/30/2012 4 0 1 1 7 Federated Kaufmann Fund 10/31/2012 4 0 1 1 7 Federated Kaufmann Large Cap Fund 10/31/2012 4 0 1 1 7 Federated Kaufmann Small Cap Fund 10/31/2012 4 0 1 1 7 Federated MDT Mid Cap Growth Strategies Fund 10/31/2012 4 0 1 1 7 Federated Prudent Bear Fund 9/30/2012 4 0 1 1 7 Federated Strategic Value Dividend Fund 10/31/2012 4 0 1 1 7 Federated Equity Income Fund, Inc. 11/30/2012 4 0 1 1 7 Federated Fixed Income Securities, Inc. Federated Municipal Ultrashort Fund 9/30/2012 4 0 1 1 7 Federated Strategic Income Fund 11/30/2012 4 0 1 1 7 Federated GNMA Trust 1/31/2013 4 1 1 1 7 Federated Global Allocation Fund 11/30/2012 4 0 1 1 7 Federated Government Income Securities, Inc. 2/28/2013 4 1 1 1 7 Federated High Income Bond Fund, Inc. 3/31/2013 4 1 1 1 7 Federated High Yield Trust 2/28/2013 4 1 1 1 7 E-1
REGISTRANT AND FUND(S) FISCAL
YEAR
ENDEDREGULAR
BOARD
MEETINGSSPECIAL
BOARD
MEETINGSEXECUTIVE
COMMITTEE
MEETINGSNOMINATING
COMMITTEE
MEETINGSAUDIT
COMMITTEE
MEETINGSFederated Income Securities Trust Federated Capital Income Fund 11/30/2012 4 0 1 1 7 Federated Floating Rate Strategic Income Fund 3/31/2013 4 1 1 1 7 Federated Fund for U.S. Government Securities 3/31/2013 4 1 1 1 7 Federated Intermediate Corporate Bond Fund 4/30/2013 4 1 1 1 7 Federated Muni and Stock Advantage Fund 10/31/2012 4 0 1 1 7 Federated Prudent DollarBear Fund 9/30/2012 4 0 1 1 7 Federated Real Return Bond Fund 3/31/2013 4 1 1 1 7 Federated Short-Term Income Fund 4/30/2013 4 1 1 1 7 Federated Unconstrained Bond Fund 11/30/2012 4 0 1 1 7 Federated Income Trust 1/31/2013 4 1 1 1 7 Federated Index Trust Federated Max-Cap Index Fund 10/31/2012 4 0 1 1 7 Federated Mid-Cap Index Fund 10/31/2012 4 0 1 1 7 Federated Institutional Trust Federated Government Ultrashort Duration Fund 7/31/2013 4 1 1 1 7 Federated Institutional High Yield Bond Fund 10/31/2012 4 0 1 1 7 Federated Intermediate Government/Corporate Fund 8/31/2012 4 0 1 1 7 Federated Insurance Series Federated Fund for U.S. Government Securities II 12/31/2012 4 1 1 1 7 Federated High Income Bond Fund II 12/31/2012 4 1 1 1 7 Federated Kaufmann Fund II 12/31/2012 4 1 1 1 7 Federated Managed Tail Risk Fund II 12/31/2012 4 1 1 1 7 Federated Managed Volatility Fund II 12/31/2012 4 1 1 1 7 Federated Prime Money Fund II 12/31/2012 4 1 1 1 7 Federated Quality Bond Fund II 12/31/2012 4 1 1 1 7 Federated Intermediate Government Fund, Inc. 2/28/2013 4 1 1 1 7 Federated International Series, Inc. Federated International Bond Fund 11/30/2012 4 0 1 1 7 Federated Investment Series Funds, Inc. Federated Bond Fund 11/30/2012 4 0 1 1 7 Federated MDT Series Federated MDT All Cap Core Fund 7/31/2013 4 1 1 1 7 Federated MDT Balanced Fund 7/31/2013 4 1 1 1 7 Federated MDT Large Cap Growth Fund 7/31/2013 4 1 1 1 7 Federated MDT Small Cap Core Fund 7/31/2013 4 1 1 1 7 Federated MDT Small Cap Growth Fund 7/31/2013 4 1 1 1 7 Federated MDT Stock Trust 10/31/2012 4 0 1 1 7 Federated Managed Pool Series Federated Corporate Bond Strategy Portfolio 12/31/2012 4 1 1 1 7 Federated High-Yield Strategy Portfolio 12/31/2012 4 1 1 1 7 Federated International Bond Strategy Portfolio 11/30/2012 4 0 1 1 7 Federated Mortgage Strategy Portfolio 12/31/2012 4 1 1 1 7 Federated Municipal Securities Fund, Inc. 3/31/2013 4 1 1 1 7 Federated Municipal Securities Income Trust Federated Michigan Intermediate Municipal Trust 8/31/2012 4 0 1 1 7 Federated Municipal High Yield Advantage Fund 8/31/2012 4 0 1 1 7 Federated New York Municipal Income Fund 8/31/2012 4 0 1 1 7 Federated Ohio Municipal Income Fund 8/31/2012 4 0 1 1 7 Federated Pennsylvania Municipal Income Fund 8/31/2012 4 0 1 1 7 Federated Short-Intermediate Duration Municipal Trust 6/30/2013 4 1 1 1 7 E-2
REGISTRANT AND FUND(S) FISCAL
YEAR
ENDEDREGULAR
BOARD
MEETINGSSPECIAL
BOARD
MEETINGSEXECUTIVE
COMMITTEE
MEETINGSNOMINATING
COMMITTEE
MEETINGSAUDIT
COMMITTEE
MEETINGSFederated Total Return Government Bond Fund 2/28/2013 4 1 1 1 7 Federated Total Return Series, Inc. Federated Mortgage Fund 9/30/2012 4 0 1 1 7 Federated Total Return Bond Fund 11/30/2012 4 0 1 1 7 Federated Ultrashort Bond Fund 9/30/2012 4 0 1 1 7 Federated U.S. Government Securities Fund: 1-3 Years 2/28/2013 4 1 1 1 7 Federated U.S. Government Securities Fund: 2-5 Years 1/31/2013 4 1 1 1 7 Federated World Investment Series, Inc. Federated Emerging Market Debt Fund 11/30/2012 4 0 1 1 7 Federated International Leaders Fund 11/30/2012 4 0 1 1 7 Federated International Small-Mid Company Fund 11/30/2012 4 0 1 1 7 Intermediate Municipal Trust Federated Intermediate Municipal Trust 5/31/2013 4 1 1 1 7 E-3EXHIBIT F– COMPENSATION OF DIRECTORS FROM FUNDS AND FUND COMPLEXFollowing is information about the compensation of the Independent Directors of the Registrants as of the most recently ended Fiscal Year of a Fund as well as aggregate compensation from all Funds for the calendar periods ended December 31, 2012 and August 29, 2013. Aggregate compensation includes amounts paid to Independent Directors for services to both the Funds and other funds in the Federated Family of Funds in existence during the period but which are not electing Directors at the Special Meeting. Interested Directors do not receive compensation from the Funds. John T. Collins and P. Jerome Richey were not directors of any funds in the Federated Family of Funds during the periods noted (Mr. Collins and Mr. Richey became Independent Directors of certain Registrants effective September 1, 2013) and thus received no compensation from the Federated Family of Funds.
AGGREGATE COMPENSATION FROM THE FEDERATED FAMILY OF FUNDS MAUREEN
LALLY-GREENPETER E.
MADDENCHARLES F.
MANSFIELD, JR.THOMAS M.
O'NEILLJOHN S.
WALSHAggregate Compensation from the Federated Family of Funds
for Calendar Year Ended 12/31/2012$223,617.71 $310,000.00 $247,500.00 $247,500.00 $253,125.00 Aggregate Compensation from the Federated Family of Funds
for Calendar Year To Date 8/29/2013$173,336.26 $232,500.00 $185,625.00 $185,625.00 $189,843.75
COMPENSATION FROM INDIVIDUAL REGISTRANTS
AND FUNDSFISCAL
YEAR ENDEDMAUREEN
LALLY-GREENPETER E.
MADDENCHARLES F.
MANSFIELD, JR.THOMAS M.
O'NEILLJOHN S.
WALSHCompensation as of most recently ended Fiscal Year
of the following Funds:Cash Trust Series, Inc. Federated Government Cash Series 5/31/2013 $1,920.66 $2,646.24 $2,112.73 $2,112.73 $2,160.73 Federated Municipal Cash Series 5/31/2013 $533.25 $734.71 $586.58 $586.58 $599.91 Federated Prime Cash Series 5/31/2013 $2,168.77 $2,988.10 $2,385.65 $2,385.65 $2,439.87 Federated Treasury Cash Series 5/31/2013 $1,764.90 $2,431.64 $1,941.38 $1,941.38 $1,985.50 Cash Trust Series II Federated Treasury Cash Series II 5/31/2013 $941.23 $1,296.82 $1,035.37 $1,035.37 $1,058.88 Edward Jones Money Market Fund 2/28/2013 $9,671.92 $13,325.74 $10,639.11 $10,639.11 $10,880.89 Federated Adjustable Rate Securities Fund 8/31/2012 $1,509.63 $2,079.95 $1,670.54 $1,660.61 $1,688.41 Federated Core Trust Federated Bank Loan Core Fund 6/30/2013 $292.46 $402.94 $321.70 $321.70 $329.01 Federated Inflation-Protected Securities Core Fund 12/31/2012 $220.75 $304.11 $242.79 $242.79 $248.31 Federated Mortgage Core Portfolio 12/31/2012 $1,892.14 $2,606.95 $2,081.35 $2,081.35 $2,128.65 High Yield Bond Portfolio 12/31/2012 $1,433.53 $1,975.08 $1,576.88 $1,576.88 $1,612.72 Federated Core Trust II, L.P. Emerging Markets Fixed Income Core Fund 11/30/2012 $1,363.06 $1,877.99 $1,499.35 $1,499.35 $1,533.44 Federated Core Trust III Federated and Project Trade Finance Core Fund 3/31/2013 $1,036.26 $1,427.72 $1,139.85 $1,139.85 $1,165.78 Federated Equity Funds Federated Absolute Return Fund 10/31/2012 $459.22 $632.70 $508.29 $505.16 $513.51 Federated Clover Small Value Fund 9/30/2012 $228.45 $314.72 $252.74 $251.29 $255.54 Federated Clover Value Fund 9/30/2012 $631.23 $869.71 $698.68 $694.36 $705.83 Federated Global Equity Fund 11/30/2012 $75.31 $103.77 $82.85 $82.85 $84.74 Federated InterContinental Fund 11/30/2012 $419.07 $577.37 $460.97 $460.97 $471.45 Federated International Strategic Value Dividend Fund 11/30/2012 $140.92 $194.13 $155.01 $155.01 $158.53 Federated Kaufmann Fund 10/31/2012 $3,847.79 $5,301.39 $4,261.91 $4,232.56 $4,299.40 Federated Kaufmann Large Cap Fund 10/31/2012 $270.80 $373.08 $299.67 $297.87 $302.83 Federated Kaufmann Small Cap Fund 10/31/2012 $709.34 $977.27 $785.86 $780.24 $792.37 Federated MDT Mid Cap Growth Strategies Fund 10/31/2012 $261.52 $360.31 $289.55 $287.65 $292.30 Federated Prudent Bear Fund 9/30/2012 $987.31 $1,360.28 $1,092.01 $1,086.04 $1,104.40 Federated Strategic Value Dividend Fund 10/31/2012 $2,980.13 $4,105.96 $3,291.10 $3,278.13 $3,339.68 Federated Equity Income Fund, Inc. 11/30/2012 $1,176.99 $1,621.61 $1,294.67 $1,294.67 $1,324.08 F-1
COMPENSATION FROM INDIVIDUAL REGISTRANTS
AND FUNDSFISCAL
YEAR ENDEDMAUREEN
LALLY-GREENPETER E.
MADDENCHARLES F.
MANSFIELD, JR.THOMAS M.
O'NEILLJOHN S.
WALSHFederated Fixed Income Securities, Inc. Federated Municipal Ultrashort Fund 9/30/2012 $2,526.64 $3,481.16 $2,793.60 $2,779.30 $2,828.16 Federated Strategic Income Fund 11/30/2012 $1,295.51 $1,784.91 $1,425.04 $1,425.04 $1,457.44 Federated GNMA Trust 1/31/2013 $1,210.57 $1,667.88 $1,331.62 $1,331.62 $1,361.88 Federated Global Allocation Fund 11/30/2012 $1,118.93 $1,541.63 $1,230.81 $1,230.81 $1,258.80 Federated Government Income Securities, Inc. 2/28/2013 $1,149.42 $1,583.63 $1,264.36 $1,264.36 $1,293.08 Federated High Income Bond Fund, Inc. 3/31/2013 $1,622.82 $2,235.88 $1,785.09 $1,785.09 $1,825.66 Federated High Yield Trust 2/28/2013 $1,064.93 $1,467.24 $1,171.41 $1,171.41 $1,198.04 Federated Income Securities Trust Federated Capital Income Fund 11/30/2012 $340.55 $469.19 $374.59 $374.59 $383.10 Federated Floating Rate Strategic Income Fund 3/31/2013 $131.86 $181.66 $145.04 $145.04 $148.33 Federated Fund for U.S. Government Securities 3/31/2013 $499.22 $687.83 $549.12 $549.12 $561.62 Federated Intermediate Corporate Bond Fund 4/30/2013 $366.31 $504.68 $402.93 $402.93 $412.08 Federated Muni and Stock Advantage Fund 10/31/2012 $373.90 $515.14 $413.69 $411.28 $418.22 Federated Prudent DollarBear Fund 9/30/2012 $315.46 $434.63 $349.13 $347.00 $352.75 Federated Real Return Bond Fund 3/31/2013 $146.43 $201.73 $161.06 $161.06 $164.72 Federated Short-Term Income Fund 4/30/2013 $842.80 $1,161.18 $927.08 $927.08 $948.15 Federated Unconstrained Bond Fund 11/30/2012 $170.77 $235.29 $187.86 $187.86 $192.12 Federated Income Trust 1/31/2013 $1,246.34 $1,717.16 $1,370.97 $1,370.97 $1,402.13 Federated Index Trust Federated Max-Cap Index Fund 10/31/2012 $797.00 $1,098.09 $882.05 $876.72 $891.31 Federated Mid-Cap Index Fund 10/31/2012 $1,058.12 $1,457.85 $1,171.08 $1,163.92 $1,183.23 Federated Institutional Trust Federated Government Ultrashort Duration Fund 7/31/2012 $1,107.69 $1,526.13 $1,218.44 $1,218.44 $1,246.12 Federated Institutional High Yield Bond Fund 10/31/2012 $778.51 $1,072.60 $860.93 $856.35 $871.23 Federated Intermediate Government/Corporate Fund 8/31/2012 $330.27 $455.00 $365.33 $363.28 $648.74 Federated Insurance Series Federated Fund for U.S. Government Securities II 12/31/2012 $303.10 $417.58 $333.38 $333.38 $340.95 Federated High Income Bond Fund II 12/31/2012 $281.76 $388.21 $309.94 $309.94 $316.98 Federated Kaufmann Fund II 12/31/2012 $204.09 $281.16 $224.48 $224.48 $229.58 Federated Managed Tail Risk Fund II 12/31/2012 $245.20 $337.83 $269.73 $269.73 $275.84 Federated Managed Volatility Fund II 12/31/2012 $215.78 $297.28 $237.35 $237.35 $242.74 Federated Prime Money Fund II 12/31/2012 $251.97 $347.14 $277.15 $277.15 $283.44 Federated Quality Bond Fund II 12/31/2012 $332.85 $458.57 $366.12 $366.12 $374.43 Federated Intermediate Government Fund, Inc. 2/28/2013 $914.20 $1,259.53 $1,005.59 $1,005.59 $1,028.45 Federated International Series, Inc. Federated International Bond Fund 11/30/2012 $949.35 $1,307.96 $1,044.26 $1,044.26 $1,067.99 Federated Investment Series Funds, Inc. Federated Bond Fund 11/30/2012 $1,774.19 $2,444.42 $1,951.60 $1,951.60 $1,995.96 Federated MDT Series Federated MDT All Cap Core Fund 7/31/2013 $243.18 $335.04 $267.48 $267.48 $273.56 Federated MDT Balanced Fund 7/31/2013 $262.14 $361.14 $288.33 $288.33 $294.89 Federated MDT Large Cap Growth Fund 7/31/2013 $216.40 $298.14 $238.04 $238.04 $243.45 Federated MDT Small Cap Core Fund 7/31/2013 $188.74 $260.02 $207.60 $207.60 $212.31 Federated MDT Small Cap Growth Fund 7/31/2013 $216.12 $297.76 $237.73 $237.73 $243.13 Federated MDT Stock Trust 10/31/2012 $1,033.32 $1,423.69 $1,143.32 $1,136.65 $1,155.81 Federated Managed Pool Series Federated Corporate Bond Strategy Portfolio 12/31/2012 $248.69 $342.62 $273.55 $273.55 $279.77 Federated High-Yield Strategy Portfolio 12/31/2012 $229.89 $316.74 $252.87 $252.87 $258.63 Federated International Bond Strategy Portfolio 11/30/2012 $226.97 $312.72 $249.67 $249.67 $255.35 Federated Mortgage Strategy Portfolio 12/31/2012 $249.20 $343.33 $274.10 $274.10 $280.35 Federated Municipal Securities Fund, Inc. 3/31/2013 $1,217.77 $1,677.81 $1,339.52 $1,339.52 $1,369.97 F-2
COMPENSATION FROM INDIVIDUAL REGISTRANTS
AND FUNDSFISCAL
YEAR ENDEDMAUREEN
LALLY-GREENPETER E.
MADDENCHARLES F.
MANSFIELD, JR.THOMAS M.
O'NEILLJOHN S.
WALSHFederated Municipal Securities Income Trust Federated Michigan Intermediate Municipal Trust 8/31/2012 $259.21 $357.14 $286.78 $285.12 $289.93 Federated Municipal High Yield Advantage Fund 8/31/2012 $469.97 $647.47 $519.91 $516.97 $525.77 Federated New York Municipal Income Fund 8/31/2012 $202.16 $278.53 $223.67 $222.38 $226.15 Federated Ohio Municipal Income Fund 8/31/2012 $289.24 $398.51 $319.99 $318.15 $323.57 Federated Pennsylvania Municipal Income Fund 8/31/2012 $341.06 $469.89 $377.31 $375.16 $381.52 Federated Short-Intermediate Duration Municipal Trust 6/30/2013 $1,443.16 $1,988.34 $1,587.46 $1,587.46 $1,623.55 Federated Total Return Government Bond Fund 2/28/2013 $1,744.95 $2,404.14 $1,919.41 $1,919.41 $1,963.05 Federated Total Return Series, Inc. Federated Mortgage Fund 9/30/2012 $501.32 $690.69 $554.65 $551.43 $560.74 Federated Total Return Bond Fund 11/30/2012 $5,435.55 $7,488.98 $5,979.08 $5,979.08 $6,114.98 Federated Ultrashort Bond Fund 9/30/2012 $1,170.13 $1,612.17 $1,294.34 $1,287.12 $1,309.17 Federated U.S. Government Securities Fund: 1-3 Years 2/28/2013 $1,189.37 $1,638.66 $1,308.30 $1,308.30 $1,338.01 Federated U.S. Government Securities Fund: 2-5 Years 1/31/2013 $0.00 $1,904.49 $1,520.53 $1,520.53 $1,555.07 Federated World Investment Series, Inc. Federated Emerging Market Debt Fund 11/30/2012 $420.14 $578.84 $462.15 $462.15 $472.64 Federated International Leaders Fund 11/30/2012 $560.99 $772.91 $617.07 $617.07 $631.11 Federated International Small-Mid Company Fund 11/30/2012 $431.90 $595.06 $475.08 $475.08 $485.88 Intermediate Municipal Trust Federated Intermediate Municipal Trust 5/31/2013 $972.45 $1,339.82 $1,069.70 $1,069.70 $1,094.01 F-3EXHIBIT G– BOARD OWNERSHIP OF REGISTRANTSFollowing is information about the dollar range of securities owned by each Director of the Registrants as of August 29, 2013. A * indicates an Interested Director. An ** indicates an Independent Director. A + indicates a Director Nominee. As of August 29, 2013, John T. Collins and P. Jerome Richey were not directors (having been appointed as directors of certain Registrants as of September 1, 2013) and did not own shares of the Registrants' Funds. Note that Thomas R. Donahue, Chief Financial Officer, Vice President and Treasurer of Federated Investors,Tower 1001 Liberty Avenue Pittsburgh, Pennsylvania 15222-3779 ADMINISTRATOR FEDERATED SERVICES COMPANYInc. is the son of John F. Donahue and the brother of J. Christopher Donahue, who are Director and Chairman and Director and President/CEO, respectively of Federated Investors,Tower 1001 Liberty Avenue Pittsburgh, Pennsylvania 15222-3779KNOW ALL PERSONS BY THESE PRESENTSInc. Thomas Donahue owns less than 1% of the outstanding shares of any of the Registrants.
John F.
Donahue*J. Christopher
Donahue*+Maureen
Lally-Green**+Peter E.
Madden**Charles F.
Mansfield, Jr.**Thomas M.
O'Neill**+John S.
Walsh**Aggregate Dollar Range of Equity Securities in All Funds Overseen or to be Overseen by Director or Nominee in the Federated Family of Investment
CompaniesOver $100,000 Over $100,000 Over $100,000 Over $100,000 Over $100,000 Over $100,000 Over $100,000 REGISTRANT and FUNDS Federated Adjustable Rate Securities Fund $50,001 - $100,000 Federated Equity Funds Federated Absolute Return Fund Over $100,000 $10,001 - $50,000 $1 - $10,000 $50,001 - $100,000 Federated Clover Small Value Over $100,000 Over $100,000 Federated Clover Value Fund Over $100,000 Over $100,000 Federated InterContinental
FundOver $100,000 Over $100,000 $10,001 - $50,000 Over $100,000 $10,001 - $50,000 Federated Kaufmann Fund Over $100,000 Over $100,000 $50,001 - $100,000 Federated Kaufmann Large Cap Fund Over $100,000 Over $100,000 Over $100,000 Federated Kaufmann Small Cap Fund Over $100,000 Over $100,000 Over $100,000 Federated MDT Mid Cap Growth Strategies Fund Over $100,000 G-1
John F.
Donahue*J. Christopher
Donahue*+Maureen
Lally-Green**+Peter E.
Madden**Charles F.
Mansfield, Jr.**Thomas M.
O'Neill**+John S.
Walsh**Federated Strategic Value Dividend Fund Over $100,000 Over $100,000 $10,001-$50,000 $50,001 - $100,000 Federated
Equity Income
Fund, Inc.Over $100,000 Federated Fixed Income Securities, Inc. Federated Municipal Ultrashort Fund $10,001 - $50,000 Federated Global Allocation Fund Over $100,000 Federated Income Securities Trust Federated Floating Rate Strategic Income Fund Over $100,000 Federated Muni and Stock Advantage Fund Over $100,000 Over $100,000 Federated Real Return Bond Fund $10,001 - $50,000 Over $100,000 Federated Short-Term Income Fund Over $100,000 $50,001 - $100,000 Federated Unconstrained Bond Fund Over $100,000 Federated Index Trust Federated Max-Cap Index Fund Over $100,000 Over $100,000 $10,001 - $50,000 Over $100,000 Federated Mid-Cap Index Fund Over$100,000 Federated International Series, Inc. Federated International Bond Fund Over $100,000 G-2
John F.
Donahue*J. Christopher
Donahue*+Maureen
Lally-Green**+Peter E.
Madden**Charles F.
Mansfield, Jr.**Thomas M.
O'Neill**+John S.
Walsh**Federated MDT Series Federated MDT All Cap Core Fund $50,001 - $100,000 Federated MDT Large Cap Growth Fund Over $100,000 Federated MDT Small Cap Core Fund Over $100,000 Federated MDT Stock Trust Over $100,000 $10,001 - $50,000 Federated Municipal Securities Income Trust Federated New York Municipal Income Fund $10,001 - $50,000 Federated Total Return Series, Inc. Federated Total Return Bond Fund $50,001 - $100,000 Over $100,000 $50,001 - $100,000 $10,001 - $50,000 $10,001 - $50,000 Federated Ultrashort Bond Fund $50,001 - $100,000 Federated World Investment Series, Inc. Federated Emerging Market Debt Fund Over $100,000 Federated International Leaders Fund Over $100,000 Over $100,000 Federated International Small-Mid Company Fund Over $100,000 Over $100,000 Intermediate Municipal Trust Federated Intermediate Municipal Trust Over $100,000 G-3Directors and Officers of the Registrants as a group own less than 1% of the outstanding shares of each class of each Fund except in the Funds and Classes as follows:
REGISTRANT/FUND/CLASS TOTAL SHARES OWNED BY
DIRECTORS AND OFFICERS
AS A GROUPPERCENTAGE OF SHARES
OWNED BY DIRECTORS AND
OFFICERS AS A GROUPFederated Equity Funds Federated InterContinental Fund– A 78,773.609 1.456% Federated Kaufmann Large Cap Fund - IS 384,518.495 2.039% Federated Kaufmann Small Cap Fund - A 180,769.735 1.095% Federated Global Allocation Fund 191,655.675 8.982% Federated Institutional Trust Federated Institutional High Yield Bond Fund - IS 246,284.299 0.092% Federated Income Securities Trust Federated Prudent DollarBear Fund - IS 174,586.129 9.415% Federated Unconstrained Bond Fund– IS 17,723.935 1.403% Federated Real Return Bond Fund - IS 159,731.847 7.270% Federated MDT Series Federated MDT Small Cap Core Fund - IS 39,348.378 3.931% Federated MDT Small Cap Core Fund - A 19,699.31 7.196% Federated MDT Large Cap Growth Fund - A 75,303.187 2.066% Federated Municipal Securities Income Trust Federated Municipal High Yield Advantage Fund - A 928,557.819 3.490% Federated World Investment Series, Inc. Federated Emerging Market Debt Fund - A 105,209.906 0.99% Federated International Small-Mid Company Fund - IS 16,301.311 2.917% Federated International Small-Mid Company Fund - A 33,828.553 1.014% G-4EXHIBIT H– SIGNIFICANT SHAREOWNERS OF THE FUNDS / CLASSES AS OF AUGUST 29, 2013The following table lists the shareholders of record as of the Record Date that owned more than 5% of theundersigned Shareholdersindicated classes of shares.
FUND– CLASS SHAREOWNER AND ADDRESS SHARES OWNED PERCENTAGE OWNED Emerging Markets Fixed Income Core Fund Federated Strategic Income Fund, Boston, MA 11,002,435.0320 45.11% Federated Total Return Bond Fund, Boston, MA 5,394,500.8670 22.12% Federated Capital Income Fund, Boston, MA 4,974,758.1810 20.40% Federated Absolute Return Fund– A Edward Jones & Co. for the Benefit of Customers, St. Louis, MO 1,578,890.9310 12.75% National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 1,810,828.3460 14.63% Pershing LLC, Jersey City, NJ 1,041,349.3620 8.41% MLPF&S for the Sole Benefit of its Customers, Jacksonville, FL 925,740.1590 7.48% First Clearing, LLC, St. Louis, MO 909,329.7290 7.34% UBS WM USA, Jersey City, NJ 1,501,433.1830 12.13% Morgan Stanley & Co, Jersey City, NJ 676,816.3720 5.47% Federated Absolute Return Fund– B Edward Jones & Co for the Benefit of Customers, Saint Louis, MO 147,196.6660 7.25% National Financial Services LLC for the Exclusive Benefit of our Customers, New York, New York 193,060.7200 9.51% Pershing LLC, Jersey City, NJ 247,988.7490 12.21% MLPF&S for the Sole Benefit of its Customers Jacksonville, FL 368,102.6640 18.13% First Clearing, LLC, St. Louis Mo 249,079.3320 12.27% Federated Absolute Return Fund– C National Financial Services LLC for the exclusive Benefit of our Customers, New York, NY 804,655.1350 8.03% Pershing LLC, Jersey City, NJ 511,186.0150 5.10% MLPF&S for the Sole Benefit of its Customers, Jacksonville, FL 1,524,950.5770 15.22% Stifel Nicolaus & Co Inc. Exclusive Benefit of Customers, St. Louis, MO 617,778.6720 6.16% First Clearing, LLC, St. Louis, MO 1,493,694.5870 14.90% UBS WM USA, Jersey City, NJ 1,134,931.7840 11.32% Morgan Stanley & Co, Jersey City, NJ 1,384,697.9770 13.82% Federated Absolute Return Fund– IS Merrill Lynch Pierce Fenner & Smith for the Sole Benefit of its Customers, Jacksonville. FL 995,969.6590 31.30% Pioneer Bank & Trust, Belle Fourche SD 261,445.1090 8.22% Special Custody Acct for the Exclusive Benefit of Customer, Glen Allen VA 654,056.0260 20.55% Morgan Stanley & Co, Jersey City, NJ 634,469.4210 19.94% Emjay Corporation Custodian, Greenwood Village, CO 244,520.4950 7.68% Federated Adjustable Rate Securities Fund– IS Merrill Lynch Pierce Fenner & Smith for the Sole Benefit of its Customers, Jacksonville, FL 15,771,606.0180 19.14% National Financial Services LLC for the Exclusive Benefit of our Customers, Jersey City, NJ 4,380,170.1810 5.31% Charles Schwab & Co Inc., San Francisco, CA 39,354,031.8560 47.75% Federated Adjustable Rate Securities Fund– SS National Financial Services LLC for the Exclusive Benefit of our Customers Jersey City, NJ 1,325,198.5320 17.96% First Clearing, LLC St. Louis, MO 2,330,158.6120 31.58% UBS WM USA, Jersey City, NJ 1,608,162.3880 21.79% Federated Bank Loan Core Fund Federated Ultrashort Bond Fund, Boston, MA 4,284,602.9920 13.17% Federated Short-Term Income Fund, Boston MA 3,195,235.7270 9.82% Federated Floating Rate Strategic Income Fund, Boston, MA 17,492,757.1400 53.79% Federated Total Return Bond Fund, Boston, MA 2,454,405.0730 7.55% FII Holding Inc, Pittsburgh, PA 3,365,443.3240 10.35% H-1
FUND– CLASS SHAREOWNER AND ADDRESS SHARES OWNED PERCENTAGE OWNED Federated Bond Fund– A Edward D Jones & Co for the Benefit of Customers, Saint Louis, MO 6,612,118.6810 6.49% National Financial Services LLC for the Exclusive Benefit of our Customers, New York, NY 11,541,311.0300 11.34% Pershing LLC, Jersey City, NJ 6,850,913.8240 6.73% CPF Managed Portfolio III Pittsburgh, PA 6,992,630.0480 6.87% American Enterprise INV SVC, Minneapolis, MN 29,456,241.2230 28.93% Planmember Services Corp, Kansas City, MO 5,280,537.8170 5.19% Federated Bond Fund– B Edward D Jones & Co for the Benefit of Customers, St. Louis, MO 718,837.8310 11.25% National Financial Services LLC for the Exclusive Benefit of our Customers, New York, NY 971,177.9390 15.20% Pershing LLC, Jersey City, NJ 983,076.5860 15.38% Charles Schwab & Co Inc., San Francisco, CA 328,187.5620 5.13% MLPF&S for the Sole Benefit of its Customers, Jacksonville, FL 366,397.8230 5.73% LPL Financial, San Diego, CA 332,456.0330 5.20% First Clearing, LLC, St. Louis, MO 1,429,892.1350 22.37% Federated Bond Fund– C National Financial Services LLC for the Exclusive Benefit of our Customers, New York, NY 1,052,742.9640 6.64% Pershing LLC, Jersey City, NJ 1,485,508.9710 9.37% MLPF&S for the Sole Benefit of its Customers, Jacksonville, FL 2,171,781.7450 13.70% First Clearing, LLC, St. Louis, MO 2,255,035.6240 14.22% UBS WM USA, Jersey City, NJ 931,008.5640 5.87% Morgan Stanley & Co, Jersey City, NJ 1,188,680.2080 7.50% Federated Bond Fund– F Edward D Jones & Co for the Sole Benefit of its Customers, Saint Louis, MO 2,955,103.1640 13.30% National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 2,733,985.8460 12.31% Pershing LLC, Jersey City, NJ 4,626,689.1430 20.83% Nationwide Trust Company FSB, Columbus, OH 2,812,578.7610 12.66% Nationwide Life Insurance Company, Columbus, OH 2,649,222.1640 11.93% Federated Bond Fund– IS Merrill Lynch Pierce Fenner & Smith for the Sole Benefit of its Customers, Jacksonville, FL 1,929,878.5730 8.99% National Financial Services LLC for the Exclusive Benefit of our Customers, Jersey City, NJ 5,183,358.1770 24.14% First Clearing, LLC, St. Louis, MO 3,690,891.9870 17.19% Morgan Stanley & Co, Jersey City, NJ 1,774,614.9170 8.26% Wendel & Co 244174, New York, NY 1,926,172.0640 8.97% SEI Private Trust Company, Oaks PA 1,183,368.9820 5.51% Federated Capital Income Fund– A Edward D Jones & Co for the Benefit of Customers, Saint Loius, MO 13,486,166.6920 29.56% National Financial Services LLC for the Exclusive Benefit of our Customers, New York, NY 4,621,597.0130 10.13% Pershing LLC, Jersey City, NJ 3,607,512.9450 7.91% First Clearing, LLC, St. Louis, MO 3,388,422.6070 7.43% Federated Capital Income Fund– B Edward D Jones & Co for the Benefit of its Customers, Saint Louis, MO 917,520.6650 15.52% National Financial Services LLC for the Exclusive Benefit of our Customers, New York, NY 528,765.9960 8.94% Pershing, LLC, Jersey City NJ 1,241,816.2980 21.00% First Clearing, LLC, St. Louis, MO 1,778,409.3400 30.08% H-2
FUND– CLASS SHAREOWNER AND ADDRESS SHARES OWNED PERCENTAGE OWNED Federated Capital Income Fund– C National Financial Services LLC for the Exclusive Benefit of our Customers, New York, NY 1,713,604.3050 5.99% Pershing, LLC, Jersey City, NJ 2,375,328.5350 8.30% MLPF&S for the Sole Benefit of its Customers, Jacksonville, FL 2,121,969.1920 7.42% First Clearing, LLC, St. Louis, MO 8,424,084.9800 29.44% Raymond James, St. Petersburg, FL 2,671,148.9010 9.33% Morgan Stanley & Co, Jersey City, NJ 4,133,436.2270 14.45% Federated Capital Income Fund– F Edward D Jones & Co, for the Benefit of Customers Saint Louis, MO 3,082,460.1660 22.99% National Financial Services LLC for the Exclusive Benefit of our Customers, New York, NY 1,462,126.6910 10.91% Pershing, LLC, Jersey City, NJ 1,487,762.1660 11.10% MLPF&S for the sole Benefit of its Customers, Jacksonville, FL 1,195,008.1190 8.91% First Clearing, LLC, St. Louis, MO 1,136,033.1320 8.47% Federated Capital Income Fund– IS Merrill Lynch Pierce Fenner & Smith for the sole Benefit of its customers, Jacksonville FL 1,357,445.3990 12.26% Pershing LLC, Jersey City, NJ 965,898.0620 8.72% Raymond James, St. Petersburg, FL 602,481.2680 5.44% Morgan Stanley & Co, Jersey City, NJ 1,271,523.3060 11.48% Federated Capital Income Fund– R Federated Equity Management Company of Pennsylvania, Pittsburgh, PA 12.4840 100.00% Federated Clover Small Value Fund– A National Financial Services LLC for the Exclusive Benefit of our Customers, New York, NY 1,029,471.5880 17.12% Pershing LLC, Jersey City, NJ 408,345.0060 6.79% Charles Schwab Co Inc., Denver, CO 1,212,689.5310 20.17% TD Ameritrade Inc. FBO our Customers, Omaha, NE 323,067.9050 5.37% Federated Clover Small Value Fund– C Pershing LLC, Jersey City, NJ 49,640.6070 5.70% MLPF&S the sole benefit of for its Customers, Jacksonville, FL 47,592.2610 5.46% First Clearing, LLC, St. Louis, MO 52,738.9350 6.05% Raymond James, St. Petersburg, FL 208,999.1950 23.98% Morgan Stanley & Co, Jersey City, NJ 52,290.6180 6.00% Federated Clover Small Value Fund– IS Federated Managed Tail Risk Fund II, Boston, MA 825,858.6450 6.04% National Financial Services LLC for the Exclusive Benefit of our Customers, Jersey City, NJ 2,961,960.5230 21.66% JPMorgan Chase as Trustee FBO, Overland Park, KS 1,227,585.4830 8.98% Olturst & Co Cash/Cash, Evansville IN 813,852.3560 5.95% Nabank & Co, Tulsa, OK 684,614.8090 5.01% DCGT AS TTEE and/or Cust FBO Principal Financial Group Qualified FIA Omnibus, Des Moines, IA 923,327.5850 6.75% ING National Trust as Trustee for the ADP Totalsource Retirement Savings Plan, Braintree, MA 2,270,680.5230 16.60% Federated Clover Small Value - R Hartford Life Insurance Co, Account 401, Hartford, CT 20,084.1190 5.93% Federated Clover Value Fund– A Edward D Jones & Co for the Benefit of Customers, St. Louis, MO 5,437,121.5610 15.88% National Financial Services LLC for the Exclusive Benefit of our Customers, New York, NY 4,565,491.1750 13.33% Pershing LLC, Jersey City, NJ 2,311,254.5180 6.75% First Clearing, LLC, St. Louis, MO 1,994,444.9210 5.82% Federated Clover Value Fund– B Edward D Jones & Co for the Benefit of its Customers, Saint Louis, MO 419,234.7450 23.90% National Financial Services LLC for the Exclusive Benefit of our Customers, New York, NY 126,112.3940 7.19% Pershing LLC, Jersey City, NJ 189,420.8080 10.80% First Clearing, LLC, St. Louis, MO 244,491.0790 13.94% American Enterprise INV SVC, Minneapolis, MN 128,57.2060 7.34% H-3
FUND– CLASS SHAREOWNER AND ADDRESS SHARES OWNED PERCENTAGE OWNED Federated Clover Value Fund– C Edward D Jones & Co for the Benefit of its Customers, Saint Louis, MO 168,540.0440 7.90% Pershing LLC, Jersey City 134,756.1200 6.31% MLPF & S the Sole Benefit of for its Customers, Jacksonville, FL 198,056.6600 9.28% First Clearing, LLC, St. Louis, MO 166,238.0890 7.79% Federated Clover Value Fund– IS National Financial Services LLC for the Exclusive Benefit of our Customers, Jersey City, NJ 979,165.0950 9.35% Bill Melinda Gates Foundation Trust, Kirkland WA 3,498,389.9780 33.42% Nonab & Co, Wellsboro PA 539,252.2090 5.15% Federated Corporate Bond Strategy Portfolio The Fulton Company, Lancaster, PA 1,897,023.9960 40.40% Raymond James Omnibus for Mutual Funds, St. Petersburg, FL 963,797.7260 20.52% Morgan Stanley & Co., Jersey City, NJ 364,467.9630 7.76% Maril Co FBO NJ c/o M&I Trust Company NA, Milwaukee, WI 278,121.0000 5.92% Federated Equity Income Fund, Inc.– A Edward D Jones & Co for the Benefit of its Customers, Saint Louis, MO 8,390,479.9170 17.77% National Financial Services LLC for Exclusive Benefit of our Customers, New York, NY 3,396,057.4830 7.19% Pershing LLC, Jersey City 3,704,974.4990 7.85% First Clearing, LLC, St. Louis, MO 2,438,006.9500 5.16% Federated Equity Income Fund, Inc.– B Edward D Jones & Co for the Benefit of its Customers, Saint Louis, MO 383,980.1960 12.65% National Financial Services LLC for the Exclusive Benefit of our Customers, New York, NY 338,998.5930 11.17% Pershing LLC, Jersey City, NJ 388,400.2340 12.79% Charles Schwab & Co Inc., San Francisco 207,507.8070 6.83% MLPF&S for the Sole Benefit of Its Customers, Jacksonville, FL 186,692.9920 6.15% First Clearing, LLC, St. Louis, MO 551,241.4920 18.16% Edward D Jones & Co for the Benefit of its Customers, Saint Louis, MO 316,609.9180 6.42% National Financial Services LLC for the Exclusive Benefit of our Customers, New York, NY 267,560.8360 5.42% Pershing LLC, Jersey City NJ 335,113.7560 6.79% MLPF&S for the Sole Benefit of its customers, Jacksonville, FL 548,863.9270 11.12% First Clearing, LLC, St. Louis, MO 374,594.7300 7.59% UBS WM USA, Jersey City, NJ 353,722.5870 7.17% Raymond James, St. Petersburg, FL 372,855.9150 7.56% Morgan Stanley & Co, Jersey City, NJ 404,604.3290 8.20% Federated Equity Income Fund, Inc.– F Edward D Jones & Co for the Benefit of its Customers, Saint Louis, MO 466,071.3360 27.59% National Financial Services LLC for the Exclusive Benefit of our Customers, New York, NY 194,864.1540 11.54% Pershing LLC, Jersey City NJ 170,978.6460 10.12% MLPF&S for the Sole Benefit of its Customers, Jacksonville, FL 119,776.6550 7.09% First Clearing, LLC, St. Louis, MO 165,141.3660 9.78% Federated Equity Income Fund, Inc.– IS Federated Managed Tail Risk Fund II, Boston, MA 1,075,957.8630 14.58% National Financial Services LLC for the Exclusive Benefit of our Customers, Jersey City, NJ 2,835,991.9880 38.44% Wells Fargo Bank NA, FBO, Charlotte, NC 703,877.5140 9.54% First Clearing, LLC, Saint Louis, MO 409,297.5380 5.55% Emjay Corporation Custodian, Greenwood VLG, CO 636,477.0490 8.63% H-4
FUND– CLASS SHAREOWNER AND ADDRESS SHARES OWNED PERCENTAGE OWNED Federated Emerging Market Debt Fund– A Edward D Jones & Co for the Benefit of its Customers, Saint Louis, MO 714,983.8730 6.78% National Financial Services LLC for the Exclusive Benefit of our Customers, New York, NY 1,027,099.8770 9.74% Pershing LLC, Jersey City NJ 826,640.2380 7.84% Charles Schwab & Co Inc. San Francisco, CA 701,925.5150 6.66% MLPF&S for the Sole Benefit of its Customers, Jacksonville, FL 593,495.4920 5.63% LPL Financial, San Diego, CA 648,645.9410 6.15% First Clearing, LLC, St. Louis, MO 663,777.3140 6.30% American Enterprise INV SVC, Minneapolis, MN 754,713.0650 7.16% UBS WM USA, Jersey City, NJ 1,190,051.6190 11.29% Federated Emerging Market Debt Fund– B National Financial Services LLC for the Exclusive Benefit of our Customers, New York, NY 163,761.4140 15.21% Pershing LLC, Jersey City, NJ 60,338.5140 5.61% MLPF&S for the Sole Benefit of its Customers, Jacksonville, FL 182,036.4690 16.91% LPL Financial, San Diego, CA 57,030.9140 5.30% First Clearing, LLC, St. Louis, MO 149,757.2570 13.91% Federated Emerging Market Debt Fund– C Pershing LLC, Jersey City, NJ 232,655.9130 6.65% MLPF&S for the Sole Benefit of its Customers, Jacksonville, FL 916,162.1790 26.18% LPL Financial, San Diego, CA 205,718.8520 5.88% Stifel Nicolaus & Co Inc, Saint Louis, MO 210,201.9660 6.01% First Clearing, LLC, St. Louis, MO 399,104.8030 11.41% UBS WM USA, Jersey City, NJ 206,476.2650 5.90% Raymond James, St. Petersburg, FL 191,766.5200 5.48% Morgan Stanley & Co, Jersey City, NJ 443,589.2150 12.68% Federated Emerging Market Debt Fund– IS Merrill Lynch Pierce Fenner & Smith for the Sole Benefit of its Customers, Jacksonville, FL 323,011.1970 8.58% First Clearing, LLC, St. Louis, MO 2,107,542.1240 55.96% Morgan Stanley & Co, Jersey City, NJ 452,423.6380 12.01% Emjay Corporation Custodian, Greenwood VLG, CO 224,015.3810 5.95% Fordyce & Co, Boston, MA 311,105.9840 8.26% Federated Global Allocation Fund– A Edward D Jones & Co for the Benefit of its Customers, Saint Louis, MO 1,124,756.2870 12.33% National Financial Services LLC for the Exclusive Benefit of our Customers, New York, NY 825,311,0990 9.05% Pershing LLC, Jersey City, NJ 479,311.1880 5.26% Emjay Corporation Custodian, Greenwood VLG, CO 461,023.4330 5.05% Paychex Securities Corporation W Henrietta, NY 902,843.5980 9.90% Federated Global Allocation Fund– B Edward D Jones & Co for the Benefit of its Customers, Saint Louis, MO 116,029.5350 7.95% National Financial Services LLC for the Exclusive Benefit of our Customers, New York, NY 303,492.5210 20.79% Pershing, LLC, Jersey City, NJ 328,094.8440 22.47% First Clearing, LLC, St. Louis, MO 134,664.0870 9.22% Federated Global Allocation Fund– C Federated Global Allocation Fund– IS Wells Fargo Bank, NA FBO, Charlotte, NC 326,196.8750 15.29% Sand Fleas Partners LP, Pittsburgh PA 509,922.6530 23.90% Foxhoven Partners LP, Pittsburgh, PA 114,605.5650 5.37% Richmond Farm LP, Pittsburgh, PA 148,072.2210 6.94% Emjay Corporation Custodian, Greenwood Village, CO 196,321.5340 9.20% Federated Global Allocation Fund– R Federated Global Equity Fund– IS FII Holdings Inc., Pittsburgh, PA 1,017,940.7850 99.42% H-5
FUND– CLASS SHAREOWNER AND ADDRESS SHARES OWNED PERCENTAGE OWNED Federated GNMA Trust– IS National Financial Services LLC for the Exclusive Benefit of our Customers, Jersey City, NJ 13,065,709.4700 40.20% Charles Schwab & Co Inc, San Francisco, CA 6,067,799.5360 18.67% Community Trust Bank, Inc., Pikeville KY 2,616,468.9550 8.05% Federated GNMA Trust– SS Pershing LLC, Jersey City, NJ 822,938.6690 19.03% Bank of Guam, Hagatna, GU 790,176.3360 18.27% National Financial Services LLC for the Exclusive Benefit of our Customers, Jersey City, NJ 217,127.4560 5.02% Charles Schwab & Co Inc., San Francisco, CA 225,755.7010 5.22% Paychex Securities Corporation Special Custody Account for the Exclusive Benefit of Customers, W Henrietta NY 448,269.1490 10.36% Federated Government Ultrashort Duration Fund– A Edward D Jones & Co for the Benefit of Customers, Saint Louis, MO 283,722.7010 10.04% National Financial Services LLC for the Exclusive Benefit of our Customers, New York, NY 255,465.9680 9.04% Pershing LLC, Jersey City, NJ 191,855.6440 6.79% Trukan & Co Trust Company of Kansas, Wichita, KS 240,540.1720 8.52% First Clearing, LLC, St. Louis, MO 151,720.0420 5.37% UBS WM USA, Jersey City, NJ 712,006.2120 25.21% Raymond James, St Petersburg, FL 226,407.6540 8.02% Federated Government Ultrashort Duration Fund– IS National Financial Services LLC for the Exclusive Benefit of our Customer, Jersey City, NJ 30,816,154.4540 42.01% Charles Schwab & Co Inc., San Francisco, CA 9,166,010.7110 12.50% Morgan Stanley & Co, Jersey City, NJ 4,140,119.6450 5.64% Federated Government Ultrashort Duration Fund– SS Bank of Guam, Hagatna, GU 4,948,158.0220 8.22% Lincoln Life Insurance Co, Fort Wayne, IN 42,977,823.5330 71.38% Federated High Income Bond Fund, Inc.– A Edward D Jones & Co for Benefit of Customers, Saint Louis, MO 11,761,913.2510 10.32% National Financial Services LLC for the Exclusive Benefit of our Customers, New York, NY 8,831,045.7190 7.75% Pershing, LLC, Jersey City, NJ 11,912,848.9820 10.45% First Clearing, LLC, St. Louis, MO 9,673,823.3040 8.49% UBS WM USA, Jersey City, NJ 6,103,901.4920 5.35% Raymond James, St Petersburg, FL 8,797,379.3260 7.72% Planmember Services Corp, Kansas City, MO 7,947,218.9770 6.97% Federated High Income Bond Fund, Inc.– B Edward D. Jones & Co for the Benefit of Customers, Saint Louis, MO 912,026.1240 9.95% National Financial Services LLC for the Exlusive Benefit of our Customers, New York, NY 559,186.3010 6.10% Pershing LLC, Jersey City, NJ 1,213,097.6100 13.23% Charles Schwab & Co Inc., San Francisco, CA 565,679.2740 6.17% MLPF&S for the sole Benefit of its Customers, Jacksonville, FL 599,199.4670 6.54% First Clearing, LLC, St. Louis, MO 2,369,075.0730 25.84% Raymond James, St Petersburg, FL 676,420.2010 7.38% Federated High Income Bond Fund, Inc.– C National Financial Services LLC for the Exclusive Benefit of our Customers, New York, NY 1,811,516,5440 6.66% Pershing LLC, Jersey City, NJ 1,847,995.6730 6.80% Charles Schwab & Co Inc., San Francisco, CA 2,150,289.9830 7.91% MLPF&S for the Sole Benefit of its Customers, Jacksonville FL 2,129,985.4900 7.83% First Clearing, LLC, St. Louis, MO 4,550,684.8780 16.73% UBS WM USA, Jersey City, NJ 2,093,954.0720 7.70% Raymond James, St. Petersburg FL 4,335,005.8700 15.94% Morgan Stanley & Co, Jersey City, NJ 2,600,908.7760 9.56% H-6
FUND– CLASS SHAREOWNER AND ADDRESS SHARES OWNED PERCENTAGE OWNED Federated High-Yield Strategy Portfolio The Fulton Company, Lancaster, PA 629,635.9750 40.85% Raymond James Omnibus for Mutual Funds, St. Petersburg, FL 653,022.1490 42.36% Buwi & Co, Youngstown, OH 170,602.0000 11.07% Maril & Co FBO NJ c/o M&I Trust Company NA, Milwaukee, WI 79,757.0000 5.17% Federated High Yield Trust– IS National Financial Services LLC for the Exclusive Benefit of our Customers, Jersey City, NJ 203,272.2250 60.51% Guartrust & Company 1, Chicago, IL 116,711.7590 34.74% Federated High Yield Trust– SS National Financial Services LLC for the Exclusive Benefit of our Customers, Jersey City, NJ 17,682,245.5130 26.85% Charles Schwab & Co Inc., San Francisco, CA 23,491,670.5370 35.67% Federated Inflation-Protected Securities Core Fund Federated Real Return Bond Fund, Boston, MA 5,311,475.7670 87.62% Federated Managed Tail Risk Fund II, Boston, MA 744,368.7950 12.28% Federated International Bond Fund– A Edward Jones & Co for the benefit of our Customers, Saint Louis MO 344,967.7750 7.15% National Financial Services LLC for the Exclusive Benefit of our Customers, New York, NY 314,845.9180 6.53% Pershing LLC, Jersey City NJ 976,111.1210 20.24% Charles Schwab & Co Inc., San Francisco, CA 318,135.6160 6.60% MLPF&S for the Sole Benefit of its Customers, Jacksonville FL 345,556.3940 7.17% UBS WM USA, Jersey City, NJ 324,550.4210 6.73% Brown Brothers Harriman & Co As, Jersey City, NJ 707,065.0000 14.66% Federated International Bond Fund– B Edward Jones & Co for the Benefit of Customers, Saint Louis MO 35,560.4170 16.50% National Financial Services LLC for the Exclusive Benefit of our Customers, New York, NY 17,756.3300 8.24% Pershing LLC, Jersey City, NJ 43,651.0280 20.26% MLPF&S for the Sole Benefit of its Customers, Jacksonville, FL 28,029.2100 13.01% LPL Financial San Diego, CA 12,321.5500 5.72% First Clearing, LLC, St Louis MO 44,700.8580 20.74% Federated International Bond Fund– C National Financial Services LLC for the Exclusive Benefit of our Customers, New York, NY 109,143.6250 12.03% MLPF&S for the Sole Benefit of its Customers, Jacksonville, FL 137,139.1940 15.11% First Clearing, LLC, St Louis, MO 102,435.1840 11.29% UBS WM USA, Jersey City, NJ 175,924.0400 19.39% Morgan Stanley & Co, Jersey City NJ 111,162.8280 12.25% Federated International Bond Strategy Portfolio The Fulton Company, Lancaster, PA 186,462.0010 40.30% Raymond James Omnibus For Mutual Funds, St. Petersburg, FL 197,802.4760 42.75% Buwi & Co, Youngstown, OH 51,896.0000 11.22% Maril & Co FBO NJ c/o M&I Trust Company NA, Milwaukee, WI 23,999.000 5.19% Federated Intermediate Corporate Bond Fund– IS National Financial Services LLC for the Exclusive Benefit of our Customers, Jersey City, NJ 3,986,883.7390 20.26% Charles Schwab & Co Inc., San Francisco, CA 4,153,655.1030 21.11% FNB Nominee Co, Indiana, PA 1,508,318.7170 7.66% CPF Managed Portfolio, III 2,576,058.5570 13.09% DBTCO 0, Dubuque, IA 1,147,805.1040 5.83% Federated Intermediate Corporate Bond Fund– SS National Financial Services LLC for the Exclusive Benefit of our Customers, Jersey City, NJ 1,297,208.3460 34.75% RSBCO, Ruston, LA 390,065.3160 10.45% Nationwide Life Insurance Company, Columbus OH 250,167.0150 6.70% Planmember Services Corp, Kansas City, MO 1,213,573.3320 32.51% Federated InterContinental Fund– A National Financial Services LLC for the Exclusive Benefit of our Customers, New York, NY 1,006,497.5230 18.33% Pershing LLC, Jersey City, NJ 1,965,391.9270 35.79% American Enterprise INV SVC, Minneapolis, MN 402,669.4480 7.33% Genworth Financial Trust Company, Phoenix, AZ 328,105.7840 5.98% H-7
FUND– CLASS SHAREOWNER AND ADDRESS SHARES OWNED PERCENTAGE OWNED Federated InterContinental Fund– B Edward D Jones & Co for the Benefit of Customers, Saint Louis, MO 21,961.0990 11.81% Merrill Lynch Pierce Fenner & Smith for the Sole Benefit of its Customers, Jacksonville, FL 9,357.9760 5.03% National Financial Services LLC for the Exclusive Benefit of our Customers, New York, NY 23,867.3080 12.83% Pershing LLC, Jersey City, NJ 28,801.5490 15.48% First Clearing, LLC, St Louis, MO 22,299.5230 11.99% Federated InterContinental Fund– C Merrill Lynch Pierce Fenner & Smith for the Sole Benefit of its Customers, Jacksonville, FL 111,962.1550 13.27% First Clearing, LLC, Special Custody Acct for the Exclusive Benefit of Customer, St Louis, MO 48,003.3240 5.69% UBS WM USA, Jersey City, NJ 83,165.1670 9.86% Morgan Stanley & Co, Jersey City, NJ 93,625.8290 11.10% Federated InterContinental Fund– IS Federated Stock and Bond Fund State Street Corporation, Boston, MA 725,362.5760 13.58% Federated Managed Tail Risk Fund II, Boston, MA 688,851.7820 12.90% National Financial Services, LLC for the Exclusive Benefit of Our Customers, Jersey City, NJ 644,773.6870 12.08% Bancorpsouth, Jackson, MS 269,493.5720 5.05% Enterprise Trust & Investment Co, Los Gatos, CA 336,936.9660 6.31% Reliance Trust Co, Atlanta, GA 405,319.5230 7.59% Firtan, Manhattan, KS 346,692.5620 6.49% Federated InterContinental Fund– R Frontier Trust Company FBO, Fargo, ND 7,171.7960 6.85% Federated InterContinental Fund– R6 Federated Global Investment Mgmt Company, Pittsburgh, PA 1.9600 100.00% Federated Intermediate Government/Corporate Fund– IS National Financial Services LLC for the Exclusive Benefit of Our Customers, Jersey City, NJ 5,671,385.8780 55.04% Nationwide Trust Company FSB, Columbus, OH 787,918.3480 7.65% BUWI & Co, Youngstown, OH 528,687.3270 5.13% Reliance Trust Company, Atlanta, GA 1,522,345.9580 14.77% Federated Intermediate Government/Corporate Fund– SS National Financial Services LLC for the Exclusive Benefit of Our Customers, Jersey City, NJ 262,804.1740 7.80% Charles Schwab & Co Inc, San Francisco, CA 2,762,048.2480 81.97% Federated Intermediate Government Fund, Inc.– IS National Financial Services LLC for the Exclusive Benefit of Our Customers, Jersey City, NJ 108,773.9420 13.66% FPB & Co First & Peoples Bank, Russell, KY 97,596.8600 12.26% Suffolk County National Bank, Bohemia, NY 58,527.4760 7.35% Nationwide Trust Company FSB, Columbus, OH 289,804.1480 36.39% Treynor State Bank, Treynor, IA 84,552.6460 10.62% MG Trust Co as Agent for NTC & Co Custodian FBO, Denver, CO 64,937.7510 8.15% Federated Intermediate Government Fund, Inc.– SS National Financial Services LLC for the Exclusive Benefit of Our Customers, Jersey City, NJ 103,311.7320 5.12% RSBCO, Ruston, LA 172,430.1370 8.54% Charles Schwab & Co Inc, San Francisco, CA 207,984.2000 10.30% MLPF&S for the Sole Benefit of its Customers, Jacksonville, FL 325,576.1620 16.13% Federated Institutional High Yield Bond– IS National Financial Services LLC for the Exclusive Benefit of Our Customers, Jersey City, NJ 48,261,724.1280 18.12% Charles Schwab & Co Inc, San Francisco, CA 23,675,416.8580 8.89% J P Morgan Clearing Corp Omnibus Acct for the Exclusive Benefit of Customers, Brooklyn, NY 59,379,991.7830 22.29% Raymond James Omnibus for Mutual Funds House Acct Firm 92500015, St Petersburg, FL 17,110,917.6730 6.42% H-8
FUND– CLASS SHAREOWNER AND ADDRESS SHARES OWNED PERCENTAGE OWNED Federated International Leaders Fund– A Edward D Jones & Co for the Benefit of Customers, Saint Louis, MO 1,323,541.0200 10.91% National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 2,161,223.2510 17.82% Pershing LLC, Jersey City, NJ 921,884.4790 7.60% MLPF&S for the Sole Benefit of its Customers, Jacksonville, FL 1,059,352.0190 8.73% American Enterprise INV SVC, Minneapolis, MN 1,256,337.1850 10.36% UBS WM USA, Jersey City, NJ 626,502.3110 5.17% Federated International Leaders Fund– B Edward D Jones & Co for the Benefit of Customers, Saint Louis, MO 76,710.1230 10.85% National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 70,905.9900 10.03% Pershing LLC, Jersey City, NJ 60,906.6000 8.62% Charles Schwab & Co Inc, San Francisco, CA 47,410.9410 6.71% MLPF&S for the Sole Benefit of its Customers, Jacksonville, FL 92,097.9600 13.03% First Clearing, LLC, St Louis, MO 114,590.9780 16.21% American Enterprise INV SVC, Minneapolis, MN 99,098.1180 14.02% Federated International Leaders Fund– C Pershing LLC, Jersey City, NJ 87,106.6400 6.13% MLPF&S for the Sole Benefit of its Customers, Jacksonville, FL 262,416.6430 18.47% First Clearing, LLC, St Louis, MO 223,501.3360 15.73% American Enterprise INV SVC, Minneapolis, MN 96,723.2800 6.81% Raymond James Omnibus for Mutual Funds, St Petersburg, FL 78,286.5420 5.51% Morgan Stanley & Co, Jersey City, NJ 104,596.5890 7.36% Federated International Leaders Fund– IS Merrill Lynch Pierce Fenner & Smith for the Sole Benefit of its Customers, Jacksonville, FL 533,791.4240 5.65% First National Trust Company, Johnstown, PA 592,863.6240 6.27% First Clearing, LLC, St Louis, MO 972,093.1560 10.29% Morgan Stanley & Co, Jersey City, NJ 584,680.5830 6.19% Emjay Corporation Custodian FBO Plans of RPSA Customers, Greenwood VLG, CO 656,470.4480 6.95% Frontier Trust Co FBO, Fargo, ND 629,479.3900 6.66% Maril & Co FBO NG, Milwaukee, WI 3,038,134.0900 32.16% Federated International Leaders Fund– R Federated Global Investment Mgmt Company, Pittsburgh, PA 3.6930 100.00% Federated International Leaders Fund– R6 Federated Global Investment Mgmt Company, Pittsburgh, PA 3.3000 100.00% Federated International Small-Mid Company Fund– A Edward D Jones & Co for the Benefit of Customers, Saint Louis, MO 271,370.3460 8.14% National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 393,986.9830 11.82% Pershing LLC, Jersey City, NJ 212,424.1140 6.37% Charles Schwab & Co Inc, San Francisco, CA 173,638.1130 5.21% MLPF&S for the Sole Benefit of its Customers, Jacksonville, FL 309,889.0020 9.30% First Clearing, LLC, St Louis, MO 199,269.2610 5.98% Morgan Stanley & Co, Jersey City, NJ 176,551.7740 5.30% Federated International Small-Mid Company Fund– B National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 24,087.1500 13.35% Pershing LLC, Jersey City, NJ 26,366.8760 14.61% MLPF&S for the Sole Benefit of its Customers, Jacksonville, FL 9,791.4540 5.43% Stifel Nicolaus & Co Inc Exclusive Benefit of Customers, Saint Louis, MO 9,606.7870 5.32% First Clearing, LLC, St Louis, MO 15,424.7110 8.55% Morgan Stanley & Co, Jersey City, NJ 10,176.3280 5.64% H-9
FUND– CLASS SHAREOWNER AND ADDRESS SHARES OWNED PERCENTAGE OWNED Federated International Small-Mid Company Fund– C National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 101,953.7140 15.16% Pershing LLC, Jersey City, NJ 38,670.9120 5.75% MLPF&S for the Sole Benefit of its Customers, Jacksonville, FL 82,995.3360 12.34% First Clearing, LLC, St Louis, MO 46,575.6040 6.93% UBS WM USA, Jersey City, NJ 48,702.4830 7.24% Morgan Stanley & Co, Jersey City, NJ 54,218.9900 8.06% Federated International Small-Mid Company Fund– IS Merrill Lynch Pierce Fenner & Smith for the Sole Benefit of its Customers, Jacksonville, FL 30,578.7520 5.47% National Financial Services LLC for the Exclusive Benefit of Our Customers, Jersey City, NJ 91,871.5840 16.44% Emjay Corporation Custodian, Greenwood VLG, CO 251,856.6940 45.08% PIMS/Prudential Retirement, Houston, TX 33,460.4160 5.99% Federated International Strategic Value Dividend Fund– A Edward D Jones & Co for the Benefit of Customers, Saint Louis, MO 6,315,946.2430 11.36% National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 5,805,522.0860 10.44% Pershing LLC, Jersey City, NJ 3,850,361.2380 6.93% Charles Schwab & Co Inc, San Francisco, CA 10,809,218.0780 19.44% American Enterprise INV SVC, Minneapolis, MN 7,252,199.9230 13.05% UBS WM USA, Jersey City, NJ 5,862,052.3490 10.54% Raymond James Omnibus for Mutual Funds, St Petersburg, FL 4,103,753.0150 7.38% Federated International Strategic Value Dividend Fund– C Merrill Lynch Pierce Fenner & Smith for the Sole Benefit of its Customers, Jacksonville, FL 1,225,685.0690 8.01% Pershing LLC, Jersey City, NJ 1,768,708.1990 11.56% First Clearing, LLC, St Louis, MO 1,772,917.0470 11.59% Raymond James Omnibus for Mutual Funds, St Petersburg, FL 5,104,643.3200 33.36% Morgan Stanley & Co, Jersey City, NJ 1,685,696.3550 11.02% Federated International Strategic Value Dividend Fund– IS Merrill Lynch Pierce Fenner & Smith for the Sole Benefit of its Customers, Jacksonville, FL 4,317,611.7860 6.56% National Financial Services LLC for the Exclusive Benefit of Our Customers, Jersey City, NJ 11,268,706.4060 17.12% Charles Schwab & Co Inc, San Francisco, CA 13,937,737.6530 21.17% First Clearing, LLC, St Louis, MO 8,287,692.9300 12.59% Raymond James Omnibus for Mutual Funds, St Petersburg, FL 7,193,772.4850 10.93% Morgan Stanley & Co, Jersey City, NJ 7,343,437.3420 11.15% Federated Income Trust– IS National Financial Services LLC for the Exclusive Benefit of Our Customers, Jersey City, NJ 3,596,427.7200 9.40% Charles Schwab & Co Inc, San Francisco, CA 16,278,201.1590 42.55% LPL Financial, San Diego, CA 3,272,489.0140 8.55% Federated Income Trust– SS National Financial Services LLC for the Exclusive Benefit of Our Customers, Jersey City, NJ 286,433.4440 10.10% Fidelity State Bank & Trust Co, Dodge City, KS 398,977.3950 14.07% Mainsource Bank, Greensburg, IN 264,438.3650 9.32% Emjay Corporation Custodian, Greenwood VLG, CO 1,103,669.3410 38.92% Federated Kaufmann Fund– A Edward D Jones & Co, Saint Louis, MO 41,659,890.9210 17.60% National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 18,643,078.3470 7.87% Pershing LLC, Jersey City, NJ 19,232,885.2270 8.12% MLPF&S for the Sole Benefit of its Customers, Jacksonville, FL 14,787,810.0080 6.25% First Clearing, LLC, St Louis, MO 22,168,253.2870 9.36% UBS WM USA, Jersey City, NJ 13,802,470.0510 5.83% H-10
FUND– CLASS SHAREOWNER AND ADDRESS SHARES OWNED PERCENTAGE OWNED Federated Kaufmann Fund– B Edward D Jones & Co for the Benefit of its Customers, Saint Louis, MO 3,502,084.1680 12.70% National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 3,120,481.0000 11.31% Pershing LLC, Jersey City, NJ 4,946,075.6520 17.93% First Clearing, LLC, St Louis, MO 4,318,157.5540 15.66% Federated Kaufmann Fund– C Pershing LLC, Jersey City, NJ 4,625,255.1500 6.38% MLPF&S for the Sole Benefit of its Customers, Jacksonville, FL 12,792,318.6490 17.64% First Clearing, LLC, St Louis, MO 9,700,793.9160 13.38% UBS WM USA, Jersey City, NJ 6,227,971.1420 8.59% Raymond James Omnibus for Mutual Funds, St Petersburg, FL 3,923,657.6570 5.41% Morgan Stanley & Co, Jersey City, NJ 10,097,704.4800 13.92% Federated Kaufmann Fund– R Charles Schwab & Co Inc, San Francisco, CA 43,705,445.8860 8.45% Federated Kaufmann Large Cap Fund– A Edward D Jones & Co for the Benefit of its Customers, Saint Louis, MO 2,514,266.4460 12.24% National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 1,285,417.8550 6.26% Pershing LLC, Jersey City, NJ 2,606,105.4020 12.69% LPL Financial, San Diego, CA 1,331,428.6670 6.48% American Enterprise INV SVC, Minneapolis, MN 1,540,111.4840 7.50% UBS WM USA, Jersey City, NJ 4,689,134.3350 22.82% Raymond James Omnibus for Mutual Funds, St Petersburg, FL 1,490,707.1720 7.26% Federated Kaufmann Large Cap Fund– C Merrill Lynch Pierce Fenner & Smith for the Sole Benefits of its Customers, Jacksonville, FL 2,729,025.4610 26.58% National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 536,845.3700 5.23% First Clearing, LLC, St Louis, MO 1,843,125.5190 17.95% UBS WM USA, Jersey City, NJ 1,060,512.5370 10.33% Raymond James Omnibus for Mutual Funds, St Petersburg, FL 1,281,775.9660 12.48% Morgan Stanley & Co, Jersey City, NJ 1,216,984.1010 11.85% Federated Kaufmann Large Cap Fund– IS Merrill Lynch Pierce Fenner & Smith for the Sole Benefits of its Customers, Jacksonville, FL 4,229,391.3010 22.42% First Clearing, LLC, St Louis, MO 2,308,059.5770 12.24% Raymond James Omnibus for Mutual Funds, St Petersburg, FL 975,272.1900 5.17% Morgan Stanley & Co, Jersey City, NJ 2,361,523.6580 12.52% DCGT as TTEE and/or Cust, Des Moines, IA 1,853,441.1360 9.83% Federated Kaufmann Large Cap Fund– R Merrill Lynch Pierce Fenner & Smith for the Sole Benefits of its Customers, Jacksonville, FL 74,647.3530 8.24% Federated Kaufmann Small Cap Fund– A Edward D Jones & Co for the Benefit of its Customers, Saint Louis, MO 1,340,341.7650 8.12% National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 2,199,380.0960 13.33% Pershing LLC, Jersey City, NJ 1,162,603.3670 7.04% MLPF&S for the Sole Benefit of its Customers, Jacksonville, FL 940,041.3350 5.70% First Clearing, LLC, St Louis, MO 1,630,422.2900 9.88% Federated Kaufmann Small Cap Fund– B Edward D Jones & Co for the Benefit of its Customers, Saint Louis, MO 97,440.1380 7.04% National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 120,454.7540 8.70% Pershing LLC, Jersey City, NJ 281,873.7260 20.37% LPL Financial, San Diego, CA 79,218.6480 5.72% First Clearing, LLC, St Louis, MO 189,312.7350 13.68% Morgan Stanley & Co, Jersey City, NJ 85,429.8550 6.17% H-11
FUND– CLASS SHAREOWNER AND ADDRESS SHARES OWNED PERCENTAGE OWNED Federated Kaufmann Small Cap Fund– C National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 786,915.8710 11.98% Pershing LLC, Jersey City, NJ 412,752.3080 6.29% MLPF&S for the Sole Benefit of its Customers, Jacksonville, FL 977,055.1120 14.88% First Clearing, LLC, St Louis, MO 868,160.4910 13.22% UBS WM USA, Jersey City, NJ 425,188.4830 6.48% Morgan Stanley & Co, Jersey City, NJ 896,969.2220 13.66% Federated MDT All Cap Core Fund– A Edward D Jones & Co for the Benefit of its Customers, Saint Louis, MO 191,768.2280 9.80% National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 106,474.2030 5.44% UBS WM USA, Jersey City, NJ 450,793.8840 23.03% RBC Capital Markets LLC, Minneapolis, MN 128,169.7720 6.55% Morgan Stanley & Co, Jersey City, NJ 174,008.0720 8.89% Paychex Securities Corporation Special Custody Account for the Exclusive Benefit of Customers, W Henrietta, NY 160,805.2100 8.21% Federated MDT All Cap Core Fund– C Merrill Lynch Pierce Fenner & Smith for the Sole Benefit of its Customers, Jacksonville, FL 152,049.3550 9.01% First Clearing, LLC, St Louis, MO 117,975.3830 6.99% UBS WM USA, Jersey City, NJ 149,549.3420 8.86% Raymond James Omnibus for Mutual Funds, St Petersburg, FL 150,098.3480 8.89% Morgan Stanley & Co, Jersey City, NJ 587,444.7480 34.79% Federated MDT All Cap Core Fund– IS National Financial Services LLC for the Exclusive Benefit of Our Customers, Jersey City, NJ 121,286.7210 5.26% Federated Private Asset Mgmt Inc, Pittsburgh, PA 295,524.4550 12.82% Emjay Corporation Custodian, Greenwood VLG, CO 577,204.7160 25.04% Federated MDT Balanced Fund– A Edward D Jones & Co for the Benefit of its Customers, Saint Louis, MO 603,282.1730 17.27% National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 326,713.1750 9.35% Emjay Corporation Custodian, Greenwood VLG, CO 604,094.8670 17.29% Paychex Securities Corporation Special Custody Account for the Exclusive Benefit of Customers, W Henrietta, NY 266,128.6880 7.62% Federated MDT Balanced Fund– IS State Street Bank and Trust Company, Needham, MA 275,858.8130 8.59% Emjay Corporation Custodian, Greenwood Village, CO 420,128.8650 13.09% Federated MDT Balanced Fund– R Edward D Jones & Co for the Benefit of its Customers, Saint Louis, MO 11,190.4210 38.68% David M Bowers 401 K Savings Plan, Eighty Four, PA 2,582.3180 8.93% Fifth Third Bank TTEE, Cincinnati, OH 13,626.3150 47.10% Federated Mortgage Fund– IS National Financial Services LLC for the Exclusive Benefit of Our Customers, Jersey City, NJ 3,805,131.3450 20.05% FNB Nominee Co, Indiana, PA 1,741,571.7240 9.18% Charles Schwab & Co Inc, San Francisco, CA 2,264,171.1670 11.93% FNB Nominee Co, Indiana, PA 1,039,621.8300 5.48% CPF Managed Portfolio III, Pittsburgh, PA 7,629,189.2520 40.20% Federated Mortgage Fund– SS National Financial Services LLC for the Exclusive Benefit of Our Customers, Jersey City, NJ 283,937.7320 6.69% RSBCO, Ruston, LA 246,811.4660 5.82% FNB Nominee Co, Indiana, PA 2,100,498.8720 49.50% Emjay Corporation Custodian, Greenwood VLG, CO 269,758.8460 6.36% Suntrust Bank FBO, Greenwood VLG, CO 635,916.7950 14.99% Federated Mortgage Core Portfolio Federated Strategic Income Fund, North Quincy, MA 16,088,667.5010 9.59% Federated Total Return Bond Fund, Quincy, MA 131,270,708.8740 78.28% H-12
FUND– CLASS SHAREOWNER AND ADDRESS SHARES OWNED PERCENTAGE OWNED Federated Mortgage Strategy Portfolio The Fulton Company, Lancaster, PA 1,835,601.9960 35.38% Raymond James Omnibus for Mutual Funds, St. Petersburg, FL 1,725,535.2900 33.26% Morgan Stanley & Co, Jersey City, NJ 876,160.7620 16.89% Buwi & Co, Youngstown, OH 471,453.0000 9.09% Federated Municipal High Yield Advantage Fund– A Edward D Jones & Co for the Benefit of its Customers, Saint Louis, MO 5,475,668.0840 20.58% National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 2,057,740.4980 7.73% Pershing LLC, Jersey City, NJ 2,741,873.6820 10.31% MLPF&S for the Sole Benefit of its Customers, Jacksonville, FL 1,490,169.3660 5.60% First Clearing, LLC, St Louis, MO 2,254,872.6140 8.48% UBS WM USA, Jersey City, NJ 1,613,581.0260 6.06% Federated Municipal High Yield Advantage Fund– B Edward D Jones & Co for the Benefit of its Customers, Saint Louis, MO 467,237.5400 24.07% National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 176,949.3340 9.11% Pershing LLC, Jersey City, NJ 142,685.6650 7.35% First Clearing, LLC, St Louis, MO 485,152.8160 24.99% Federated Municipal High Yield Advantage Fund– C Edward D Jones & Co for the Benefit of its Customers, Saint Louis, MO 432,351.6070 6.62% National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 867,949.0610 13.30% MLPF&S for the Sole Benefit of its Customers, Jacksonville, FL 600,195.1190 9.19% First Clearing, LLC, St Louis, MO 1,598,668.2720 24.49% Raymond James Omnibus for Mutual Funds, St Petersburg, FL 900,681.2270 13.80% Morgan Stanley & Co, Jersey City, NJ 510,093.7990 7.81% Federated Municipal High Yield Advantage Fund– F Edward D Jones & Co for the Benefit of its Customers, Saint Louis, MO 5,760,376.1620 26.10% Pershing LLC, Jersey City, NJ 4,984,939.9210 22.59% MLPF&S for the Sole Benefit of its Customers, Jacksonville, FL 2,243,950.1820 10.17% First Clearing, LLC, St Louis, MO 1,874,626.2130 8.49% Federated Municipal High Yield Advantage Fund– IS First Clearing, LLC, St Louis, MO 294,522.6450 98.44% Federated MDT Large Cap Growth Fund– A Edward D Jones & Co for the Benefit of its Customers, Saint Louis, MO 434,405.8280 11.92% National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 380,396.4030 10.44% Pershing LLC, Jersey City, NJ 303,137.4420 8.32% Charles Schwab & Co Inc, San Francisco, CA 188,094.0110 5.16% First Clearing, LLC, St Louis, MO 347,146.3350 9.53% Federated MDT Large Cap Growth Fund– B Edward D Jones & Co for the Benefit of its Customers, Saint Louis, MO 30,434.2070 5.10% Pershing LLC, Jersey City, NJ 81,761.3390 13.69% First Clearing, LLC, St Louis, MO 273,412.7540 45.78% Federated MDT Large Cap Growth Fund– C Merrill Lynch Pierce Fenner & Smith for the Sole Benefit of its Customers, Jacksonville, FL 100,224.5590 12.91% First Clearing, LLC, St Louis, MO 136,678.8900 17.61% Federated MDT Large Cap Growth Fund– IS National Financial Services LLC for the Exclusive Benefit of Our Customers, Jersey City, NJ 142,370.0220 37.25% Lebank Lake Elmo Bank, Oakdale, MN 66,850.1160 17.49% Firnal of Waverly, Waverly, IA 63,134.9020 16.52% H-13
FUND– CLASS SHAREOWNER AND ADDRESS SHARES OWNED PERCENTAGE OWNED Federated MDT Mid Cap Growth Strategies Fund– A Edward D Jones & Co for the Benefit of its Customers, Saint Louis, MO 440,953.9710 7.93% National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 548,553.5840 9.86% Emjay Corporation Custodian, Greenwood VLG, CO 343,903.6040 6.18% Federated MDT Mid Cap Growth Strategies Fund– B Edward D Jones & Co for the Benefit of its Customers, Saint Louis, MO 7,980.0720 7.31% National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 8,653.2080 7.92% Pershing LLC, Jersey City, NJ 6,937.2320 6.35% MLPF&S for the Sole Benefit of its Customers, Jacksonville, FL 6,043.6550 5.53% First Clearing, LLC, St Louis, MO 16,094.0000 14.73% Federated MDT Mid Cap Growth Strategies Fund– C National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 21,744.0220 7.31% Pershing LLC, Jersey City, NJ 19,650.3300 6.60% MLPF&S for the Sole Benefit of its Customers, Jacksonville, FL 27,758.1390 9.33% Morgan Stanley & Co, Jersey City, NJ 17,295.8730 5.81% Federated MDT Mid Cap Growth Strategies Fund– IS National Financial Services LLC for the Exclusive Benefit of Our Customers, Jersey City, NJ 1,005,617.6580 49.50% FII Holding Inc, Pittsburgh, PA 225,275.9630 11.09% Emjay Corporation Custodian, Greenwood VLG, CO 558,789.4960 27.51% Federated MDT Mid Cap Growth Strategies Fund– R Planmember Services Corp, Kansas City, MO 73,094.3220 76.06% Emjayco FBO, Greenwood VLG, CO 6,633.2740 6.90% Federated Muni and Stock Advantage Fund– A Edward D Jones & Co for the Benefit of its Customers, Saint Louis, MO 15,138,634.6290 49.99% National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 1,639,153.1180 5.41% Pershing LLC, Jersey City, NJ 2,217,377.2450 7.32% American Enterprise INV SVC, Minneapolis, MN 1,539,061.3140 5.08% Raymond James Omnibus for Mutual Funds, St Petersburg, FL 1,704,668.1830 5.63% Federated Muni and Stock Advantage Fund– B Edward D Jones & Co, Saint Louis, MO 941,030.3980 38.09% National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 147,973.1800 5.99% Pershing LLC, Jersey City, NJ 248,326.3320 10.05% MLPF&S for the Sole Benefit of its Customers, Jacksonville, FL 187,022.1190 7.57% First Clearing, LLC, St Louis, MO 262,372.5170 10.62% American Enterprise INV SVC, Minneapolis, MN 202,910.0300 8.21% Federated Muni and Stock Advantage Fund– C Edward D Jones & Co for the Benefit of its Customers, Saint Louis, MO 899,793.0290 7.97% National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 569,388.6060 5.04% Pershing LLC, Jersey City, NJ 819,498.0360 7.26% MLPF&S for the Sole Benefit of its Customers, Jacksonville, FL 2,029,616.6710 17.98% First Clearing, LLC, St Louis, MO 2,043,888.8280 18.10% Raymond James Omnibus for Mutual Funds, St Petersburg, FL 1,959,554.2160 17.36% Morgan Stanley & Co, Jersey City, NJ 878,734.2510 7.78% Federated Muni and Stock Advantage Fund– F Edward D Jones & Co for the Benefit of its Customers, Saint Louis, MO 3,118,716.6810 57.54% Pershing LLC, Jersey City, NJ 1,297,293.9690 23.93% First Clearing, LLC, St Louis, MO 409,463.9860 7.55% H-14
FUND– CLASS SHAREOWNER AND ADDRESS SHARES OWNED PERCENTAGE OWNED Federated Muni and Stock Advantage Fund– IS Merrill Lynch Pierce Fenner & Smith for the Sole Benefit of its Customers, Jacksonville, FL 668,706.4200 20.44% Pershing LLC, Jersey City, NJ 209,232.9190 6.40% LPL Financial, San Diego, CA 184,121.9990 5.63% First Clearing, LLC, St Louis, MO 788,276.0130 24.09% Raymond James Omnibus for Mutual Funds, St Petersburg, FL 279,234.2660 8.54% Morgan Stanley & Co, Jersey City, NJ 800,534.0810 24.47% Federated MDT Small Cap Core Fund– A National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 20,611.6120 7.53% Charles Schwab & Co Inc, San Francisco, CA 37,474.5290 13.69% RBC Capital Markets LLC, Minneapolis, MN 71,850.1940 26.25% Raymond James Omnibus for Mutual Funds, St Petersburg, FL 17,546.7280 6.41% Paychex Securities Corporation Special Custody Account for the Exclusive Benefit of Customers, W Henrietta, NY 18,170.7110 6.64% Federated MDT Small Cap Core Fund– C Merrill Lynch Pierce Fenner & Smith for the Sole Benefit of its Customers, Jacksonville, FL 79,170.2210 31.20% First Clearing, LLC, St Louis, MO 15,745.2980 6.21% UBS WM USA, Jersey City, NJ 15,582.6330 6.14% Raymond James Omnibus for Mutual Funds, St Petersburg, FL 50,829.4600 20.03% Capital Bank Trustco, Greenwood VLG, CO 32,429.7350 12.78% Federated MDT Small Cap Core Fund– IS National Financial Services LLC for the Exclusive Benefit of Our Customers, Jersey City, NJ 639,757.1680 63.92% Amboy National Bank Trust Dept, Old Bridge, NJ 156,531.6690 15.64% Federated MDT Small Cap Growth Fund– A Merrill Lynch Pierce Fenner & Smith for the Sole Benefit of its Customers, Jacksonville, FL 145,558.9650 7.92% National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 137,907.2240 7.51% Pershing LLC, Jersey City, NJ 127,218.2790 6.92% LPL Financial, San Diego, CA 116,445.3860 6.34% First Clearing, LLC, St Louis, MO 139,026.3380 7.57% Federated MDT Small Cap Growth Fund– B MLPF&S for the Sole Benefit of its Customers, Jacksonville, FL 14,470.5620 11.23% National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 6,613.6140 5.13% Pershing LLC, Jersey City, NJ 13,663.1330 10.61% Charles Schwab & Co Inc, San Francisco, CA 8,359.9370 6.49% First Clearing, LLC, St Louis, MO 18,791.3540 14.59% UBS WM USA, Jersey City, NJ 12,889.0930 10.01% Federated MDT Small Cap Growth Fund– C Merrill Lynch Pierce Fenner & Smith for the Sole Benefit of its Customers, Jacksonville, FL 35,478.6260 10.84% Charles Schwab & Co Inc, San Francisco, CA 84,988.2810 25.96% First Clearing, LLC, St Louis, MO 49,449.0440 15.10% RBC Capital Markets LLC, Minneapolis, MN 22,902.5870 7.00% Federated MDT Small Cap Growth Fund– IS Pershing LLC, Jersey City, NJ 333,345.5270 17.72% National Financial Services LLC for the Exclusive Benefit of Our Customers, Jersey City, NJ 845,183.8420 44.92% LPL Financial, San Diego, CA 353,983.3770 18.82% First Clearing, LLC, St Louis, MO 152,688.6620 8.12% Federated Municipal Securities Fund, Inc.– A Edward D Jones & Co for the Benefit of its Customers, Saint Louis, MO 5,013,208.9510 13.18% National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 2,616,590.6040 6.88% Pershing LLC, Jersey City, NJ 2,022,985.2050 5.32% First Clearing, LLC, St Louis, MO 3,332,622.6800 8.76% UBS WM USA, Jersey City, NJ 1,907,727.0410 5.02% H-15
FUND– CLASS SHAREOWNER AND ADDRESS SHARES OWNED PERCENTAGE OWNED Federated Municipal Securities Fund, Inc.– B Edward D Jones & Co for the Benefit of its Customers, Saint Louis, MO 211,183.1800 22.87% National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 99,978.1680 10.83% Pershing LLC, Jersey City, NJ 187,542.8160 20.31% Charles Schwab & Co Inc, San Francisco, CA 53,905.5370 5.84% MLPF&S for the Sole Benefit of its Customers, Jacksonville, FL 54,237.9070 5.87% First Clearing, LLC, St Louis, MO 165,329.0020 17.91% Federated Municipal Securities Fund, Inc.– C Edward D Jones & Co for the Benefit of its Customers, Saint Louis, MO 140,294.6280 6.18% National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 313,603.6740 13.81% Pershing LLC, Jersey City, NJ 152,631.5850 6.72% MLPF&S for the Sole Benefit of its Customers, Jacksonville, FL 424,845.3960 18.71% LPL Financial, San Diego, CA 162,646.2200 7.16% First Clearing, LLC, St Louis, MO 258,855.3800 11.40% Raymond James Omnibus for Mutual Funds, St Petersburg, FL 172,652.9790 7.60% Morgan Stanley & Co, Jersey City, NJ 192,959.9100 8.50% Federated Municipal Securities Fund, Inc.– F Edward D Jones & Co for the Benefit of its Customers, Saint Louis, MO 741,652.6050 37.26% National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 397,861.6400 19.99% Pershing LLC, Jersey City, NJ 295,937.5170 14.87% LPL Financial, San Diego, CA 115,221.4890 5.79% First Clearing, LLC, St Louis, MO 177,996.4310 8.94% Federated MDT Stock Trust– IS FII Holding Inc, Pittsburgh, PA 118,962.3760 8.77% Emjay Corporation Custodian, Greenwood VLG, CO 1,028,318.6190 75.79% Federated MDT Stock Trust– SS National Financial Services LLC for the Exclusive Benefit of Our Customers, Jersey City, NJ 1,197,707.5700 14.64% Charles Schwab & Co Inc, San Francisco, CA 1,056,986.5770 12.92% Emjay Corporation Custodian, Greenwood Village, CO 815,004.9680 9.96% Paychex Securities Corporation Special Custody Account for the Exclusive Benefit of Customers, Henrietta, NY 692,979.4200 8.47% Federated Municipal Ultrashort Fund– A Pershing LLC, Jersey City, NJ 9,320,703.1910 5.19% First Clearing, LLC, St Louis, MO 26,223,875.9660 14.61% UBS WM USA, Jersey City, NJ 59,767,082.4540 33.29% Raymond James Omnibus for Mutual Funds, St Petersburg, FL 11,774,410.0270 6.56% Morgan Stanley & Co, Jersey City, NJ 41,078,047.9700 22.88% Federated Municipal Ultrashort Fund– IS Pershing LLC, Jersey City, NJ 29,167,309.8730 16.27% National Financial Services LLC for the Exclusive Benefit of Our Customers, Jersey City, NJ 22,357,413.8190 12.47% The Mechanics Bank TTEE, Richmond, CA 16,389,902.7970 9.14% Charles Schwab & Co Inc, San Francisco, CA 27,229,959.1760 15.19% First Clearing, LLC, St Louis, MO 11,655,631.0770 6.50% Morgan Stanley & Co, Jersey City, NJ 10,952,275.3140 6.11% Federated Project and Trade Finance Core Fund Federated Total Return Bond Fund, Boston MA 22,470,645.0300 58.96% Federated Strategic Income Fund, Boston, MA 2,712,705.8490 7.12% Federated Floating Rate Strategic Income Fund, Boston, MA 4,573,360.3280 12.00% H-E-B Brand Savings & Retirement Plan Trust, San Antonio, TX 2,586,045.4450 6.79% H-16
FUND– CLASS SHAREOWNER AND ADDRESS SHARES OWNED PERCENTAGE OWNED Federated Prudent Bear Fund– A National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 16,100,636.8730 14.42% Pershing LLC, Jersey City, NJ 8,900,531.2530 7.97% American Enterprise INV SVC, Minneapolis, MN 7,846,806.5480 7.03% UBS WM USA, Jersey City, NJ 20,015,890.2350 17.93% Charles Schwab & Co Inc, San Francisco, CA 17,932,140.4510 16.06% Federated Prudent Bear Fund– C National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 2,756,226.9730 10.97% Stifel Nicolaus & Co Inc, St Louis, MO 1,573,046.0560 6.26% First Clearing, LLC, St Louis, MO 3,254,613.8280 12.95% UBS WM USA, Jersey City, NJ 4,691,941.1610 18.67% Morgan Stanley & Co, Jersey City, NJ 4,963,344.1880 19.75% Federated Prudent Bear Fund– IS Merrill Lynch Pierce Fenner & Smith for the Sole Benefit of its Customers, Jacksonville, FL 36,856,767.1980 35.86% First Clearing, LLC, St Louis, MO 10,158,172.1130 9.88% Morgan Stanley & Co, Jersey City, NJ 20,252,316.7080 19.70% Calhoun & Co, Detroit, MI 5,463,829.3920 5.32% Federated Prudent DollarBear Fund– A National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 1,506,908.0880 14.52% LPL Financial, San Diego, CA 848,429.6120 8.17% American Enterprise INV SVC, Minneapolis, MN 533,433.8960 5.14% Charles Schwab & Co Inc, San Francisco, CA 3,062,191.7030 29.50% Federated Prudent DollarBear Fund– C National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 89,079.7600 7.56% Pershing LLC, Jersey City, NJ 97,779.2870 8.30% First Clearing, LLC, St Louis, MO 223,501.5440 18.97% UBS WM USA, Jersey City, NJ 182,363.4100 15.48% Morgan Stanley & Co, Jersey City, NJ 101,409.2030 8.61% Federated Prudent DollarBear Fund– IS Merrill Lynch Pierce Fenner & Smith for the Sole Benefit of its Customers, Jacksonville, FL 392,715.6780 21.18% Douglas Cleve Noland Kui Cai JT Wros, Pittsburgh, PA 174,586.1290 9.42% Twin Cities Public Television Inc, Saint Paul, MN 107,613.3600 5.80% First Clearing, LLC, St Louis, MO 702,394.6850 37.88% Morgan Stanley & Co, Jersey City, NJ 195,108.1200 10.52% Federated Real Return Bond Fund– A Edward D Jones & Co for the Benefit of its Customers, Saint Louis, MO 268,521.4010 10.40% National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 1,300,994.6470 50.40% Pershing LLC, Jersey City, NJ 179,966.4990 6.97% First Clearing, LLC, St Louis, MO 164,140.1320 6.36% Federated Real Return Bond Fund– C Merrill Lynch Pierce Fenner & Smith for the Sole Benefit of its Customers, Jacksonville, FL 119,018.2550 9.98% National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 139,889.5290 11.73% First Clearing, LLC, St Louis, MO 86,855.8180 7.29% H-17
FUND– CLASS SHAREOWNER AND ADDRESS SHARES OWNED PERCENTAGE OWNED Federated Real Return Bond Fund– IS National Financial Services LLC for the Exclusive Benefit of Our Customers, Jersey City, NJ 522,399.1250 23.78% Farmers State Bank, Lagrange, IN 125,313.3190 5.70% Charles Schwab & Co Inc, San Francisco, CA 285,178.1460 12.98% Pioneer Bank & Trust, Belle Fourche, SD 517,598.3810 23.56% First County Bank, Stamford, CT 132,553.7060 6.03% Fifth Third Bank, Cincinnati, OH 139,024.5620 6.33% Federated Floating Rate Strategic Income Fund– A National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 1,671,167.0490 10.60% Pershing LLC, Jersey City, NJ 1,540,147.0170 9.77% LPL Financial, San Diego, CA 1,169,626.1030 7.42% First Clearing, LLC, St Louis, MO 1,426,963.7520 9.05% American Enterprise INV SVC, Minneapolis, MN 928,441.3900 5.89% UBS WM USA, Jersey City, NJ 4,719,515.7780 29.94% Morgan Stanley & Co, Jersey City, NJ 1,686,536.2370 10.70% Federated Floating Rate Strategic Income Fund– IS Pershing LLC, Jersey City, NJ 760,878.2330 5.30% National Financial Services LLC for the Exclusive Benefit of Our Customers, Jersey City, NJ 1,178,799.8620 8.21% Senat, Moline, IL 854,204.2520 5.95% Charles Schwab & Co Inc, San Francisco, CA 871,692.7160 6.07% FII Holdings Inc, Pittsburgh, PA 3,492,736.4280 24.34% Morgan Stanley & Co, Jersey City, NJ 1,313,937.4870 9.16% Fifth Third Bank TTEE, Cincinnati, OH 808,924.6930 5.64% Carabec, Clive, IA 1,214,418.6460 8.46% Federated Short-Intermediate Duration Municipal Trust– A National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 7,539,776.5930 15.81% First Clearing, LLC, St Louis, MO 14,196,911.9600 29.77% UBS WM USA, Jersey City, NJ 11,637,509.1140 24.40% Morgan Stanley & Co, Jersey City, NJ 5,212,021.3670 10.93% Federated Short-Intermediate Duration Municipal Trust– IS National Financial Services LLC for the Exclusive Benefit of Our Customers, Jersey City, NJ 5,606,246.4900 11.00% Charles Schwab & Co Inc, San Francisco, CA 28,298,142.4960 55.54% First Clearing, LLC, St Louis, MO 3,362,988.5550 6.60% Federated Short-Intermediate Duration Municipal Trust– SS National Financial Services LLC for the Exclusive Benefit of Our Customers, Jersey City, NJ 491,269.3890 13.37% Charles Schwab & Co Inc, San Francisco, CA 854,340.3100 23.25% Bank of Guam, Hagatna, GU 531,796.9460 14.47% Federated Short-Term Income Fund– A Edward D Jones & Co for the Benefit of its Customers, Saint Louis, MO 1,562,789.5690 10.96% National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 1,033,781.1940 7.25% Pershing LLC, Jersey City, NJ 734,500.8460 5.15% First Clearing, LLC, St Louis, MO 1,818,993.2210 12.76% UBS WM USA, Jersey City, NJ 4,205,453.7310 29.49% Raymond James Omnibus for Mutual Funds, St Petersburg, FL 766,736.3440 5.38% Morgan Stanley & Co, Jersey City, NJ 1,427,208.5110 10.01% H-18
FUND– CLASS SHAREOWNER AND ADDRESS SHARES OWNED PERCENTAGE OWNED Federated Short-Term Income Fund– IS National Financial Services LLC for the Exclusive Benefit of Our Customers, Jersey City, NJ 6,061,556.6570 7.20% Charles Schwab & Co Inc, San Francisco, CA 47,759,169.3390 56.74% Milards & Co, Oaks, PA 4,626,979.4740 5.50% MB Financial– Trustee, Rosemont, IL 5,517,782.1710 6.56% Federated Short-Term Income Fund– SS National Financial Services LLC for the Exclusive Benefit of Our Customers, Jersey City, NJ 2,704,984.4160 12.16% Charles Schwab & Co Inc, San Francisco, CA 2,781,472.5970 12.50% Oceanfirst Bank, Toms River, NJ 1,592,821.5880 7.16% Planmember Services Corp, Kansas City, MO 1,576,831.4280 7.09% Genworth Financial Trust Company, Phoenix, AZ 10,647,742.6140 47.85% Federated Short-Term Income Fund– Y National Financial Services LLC for the Exclusive Benefit of Our Customers, Jersey City, NJ 11,777,250.7720 25.92% Charles Schwab & Co Inc, San Francisco, CA 6,245,364.4990 13.74% Henry L Hillman Elsie H Hillman C G Grefenstette TTEES of the Henry Hillman Trust, Pittsburgh, PA 3,676,756.7790 8.09% Hillman Family Foundations, Pittsburgh, PA 3,984,848.8530 8.77% Raymond James Omnibus for Mutual Funds, St Petersburg, FL 6,590,805.0960 14.51% MAC & Co, Pittsburgh, PA 2,590,588.0540 5.70% Federated Strategic Value Dividend Fund– A Edward D Jones & Co for the Benefit of its Customers, Saint Louis, MO 33,194,089.4510 10.10% National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 56,353,436.5640 17.14% First Clearing, LLC, St Louis, MO 19,184,457.8200 5.84% American Enterprise INV SVC, Minneapolis, MN 50,699,333.1390 15.42% UBS WM USA, Jersey City, NJ 26,917,674.0560 8.19% Raymond James Omnibus for Mutual Funds, St Petersburg, FL 25,701,979.4070 7.82% Federated Strategic Value Dividend Fund– C MLPF&S for the Sole Benefit of its Customers, Jacksonville, FL 29,598,781.6300 17.27% First Clearing, LLC, St Louis, MO 26,556,679.1010 15.50% UBS WM USA, Jersey City, NJ 11,522,036.0820 6.72% Raymond James Omnibus for Mutual Funds, St Petersburg, FL 39,038,102.9920 22.78% Morgan Stanley & Co, Jersey City, NJ 19,361,669.8260 11.30% Federated Strategic Value Dividend Fund– IS National Financial Services LLC for the Exclusive Benefit of Our Customers, Jersey City, NJ 141,163,489.3770 16.58% Charles Schwab & Co Inc, San Francisco, CA 135,991,673.5130 15.97% MLPF&S for the Sole Benefit of its Customers, Jacksonville, FL 125,455,869.3110 14.73% First Clearing, LLC, St Louis, MO 83,306,679.9180 9.78% Raymond James Omnibus for Mutual Funds, St Petersburg, FL 59,090,504.5950 6.94% Morgan Stanley & Co, Jersey City, NJ 49,805,523.6130 5.85% Federated Total Return Bond Fund– A Edward D Jones & Co for the Benefit of its Customers, Saint Louis, MO 4,437,038.3190 7.10% National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 22,622,280.2630 36.19% Pershing LLC, Jersey City, NJ 3,438,213.4730 5.50% American Enterprise INV SVC, Minneapolis, MN 16,758,754.5920 26.81% Federated Total Return Bond Fund– B Edward D Jones & Co for the Benefit of its Customers, Saint Louis, MO 550,776.8510 18.44% National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 554,016.6800 18.54% Pershing LLC, Jersey City, NJ 368,059.0420 12.32% MLPF&S for the Sole Benefit of its Customers, Jacksonville, FL 326,840.2960 10.94% LPL Financial, San Diego, CA 188,302.5780 6.30% First Clearing, LLC, St Louis, MO 405,685.0320 13.58% H-19
FUND– CLASS SHAREOWNER AND ADDRESS SHARES OWNED PERCENTAGE OWNED Federated Total Return Bond Fund– C National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 1,708,098.9050 13.33% Pershing LLC, Jersey City, NJ 972,002.4320 7.59% MLPF&S for the Sole Benefit of its Customers, Jacksonville, FL 1,334,699.4400 10.42% LPL Financial, San Diego, CA 822,526.0380 6.42% First Clearing, LLC, St Louis, MO 1,291,906.2110 10.08% Raymond James Omnibus for Mutual Funds, St Petersburg, FL 1,601,987.7000 12.50% Morgan Stanley & Co, Jersey City, NJ 792,905.7290 6.19% Federated Total Return Bond Fund– IS National Financial Services LLC for the Exclusive Benefit of Our Customers, Jersey City, NJ 102,287,263.2590 28.64% Charles Schwab & Co Inc, San Francisco, CA 50,547,376.2470 14.15% Federated Total Return Bond Fund– R MLPF&S for the Sole Benefit of its Customers, Jacksonville, FL 572,860.4260 6.96% State Street Corporation TTEE, Boston, MA 551,985.0170 6.71% Lincoln Retirement Services Co, Fort Wayne, IN 1,044,131.6510 12.69% Federated Total Return Bond Fund– SS National Financial Services LLC for the Exclusive Benefit of Our Customers, Jersey City, NJ 14,307,876.3160 17.87% Charles Schwab & Co Inc, San Francisco, CA 20,864,948.3680 26.05% Emjay Corporation Custodian, Greenwood VLG, CO 6,976,450.3560 8.71% Saxon Co, Pittsburgh, PA 5,234,470.2400 6.54% Federated Total Return Government Bond Fund– IS National Financial Services LLC for the Exclusive Benefit of Our Customers, Jersey City, NJ 10,049,902.6370 15.82% CPF Managed Portfolio III, Pittsburgh, PA 8,335,159.4490 13.12% Mac & Co, Pittsburgh, PA 17,746,660.8770 27.94% TD Ameritrade Inc for the Exclusive Benefit of Our Clients, Omaha, NE 11,140,451.2000 17.54% Maril & Co FBO 47, Milwaukee, WI 3,391,289.6930 5.34% Federated Total Return Government Bond Fund– SS National Financial Services LLC for the Exclusive Benefit of Our Customers, Jersey City, NJ 3,656,933.1630 25.87% New York Life Trust Company, Parsippany, NJ 1,912,076.7220 13.53% Emjay Corporation Custodian, Greenwood VLG, CO 759,654.2270 5.37% Genworth Financial Trust Company, Phoenix, AZ 1,974,469.7340 13.97% Saxon Co, Pittsburgh, PA 1,004,734.5860 7.11% Wells Fargo Bank NA FBO, Charlotte, NC 1,560,407.5770 11.04% Federated Unconstrained Bond Fund– A National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 82,933.1640 5.51% Charles Schwab & Co Inc, San Francisco, CA 91,442.1070 6.08% American Enterprise INV SVC, Minneapolis, MN 291,832.8670 19.39% UBS WM USA, Jersey City, NJ 479,350.5510 31.85% Raymond James Omnibus for Mutual Funds, St Petersburg, FL 106,845.7680 7.10% Morgan Stanley & Co, Jersey City, NJ 166,790.8370 11.08% Federated Unconstrained Bond Fund– IS National Financial Services LLC for the Exclusive Benefit of Our Customers, Jersey City, NJ 158,204.4460 12.53% Charles Schwab & Co Inc, San Francisco, CA 83,033.4360 6.58% LPL Financial, San Diego, CA 120,455.6520 9.54% First Clearing, LLC, St Louis, MO 106,026.5940 8.40% The Beechwood Company LP, Pittsburgh, PA 87,454.6220 6.93% Raymond James Omnibus for Mutual Funds, St Petersburg, FL 222,459.7130 17.62% Morgan Stanley & Co, Jersey City, NJ 326,426.4160 25.85% Federated Ultrashort Bond Fund– A National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 3,428,022.3080 5.37% Pershing LLC, Jersey City, NJ 3,448,977.6140 5.40% First Clearing, LLC, St Louis, MO 6,921,207.9140 10.84% UBS WM USA, Jersey City, NJ 26,559,173.8720 41.59% Morgan Stanley & Co, Jersey City, NJ 10,360,418.4130 16.22% H-20
FUND– CLASS SHAREOWNER AND ADDRESS SHARES OWNED PERCENTAGE OWNED Federated Ultrashort Bond Fund– IS National Financial Services LLC for the Exclusive Benefit of Our Customers, Jersey City, NJ 39,034,122.5020 20.21% Charles Schwab & Co Inc, San Francisco, CA 37,863,157.5420 19.60% Federated Ultrashort Bond Fund– SS Pershing LLC, Jersey City, NJ 2,624,425.6970 15.85% National Financial Services LLC for the Exclusive Benefit of Our Customers, Jersey City, NJ 2,437,630.8800 14.73% Charles Schwab & Co Inc, San Francisco, CA 6,053,948.2760 36.57% RSBCO, Ruston, LA 1,108,856.2750 6.70% Genworth Financial Trust Company, Phoenix, AZ 1,213,815.8470 7.33% Federated Fund for U.S. Government Securities– A Edward D Jones & Co for the Benefit of its Customers, Saint Louis, MO 8,506,593.9130 14.91% MLPF&S for the Sole Benefit of its Customers, Jacksonville, FL 3,171,471.5780 5.56% Federated Fund for U.S. Government Securities– B Edward D Jones & Co for the Benefit of Customers, Saint Louis, MO 246,081.2360 10.65% National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 425,937.2100 18.43% Pershing LLC, Jersey City, NJ 776,857.4390 33.62% Charles Schwab & Co Inc, San Francisco, CA 192,661.3060 8.34% First Clearing, LLC, St Louis, MO 196,397.6180 8.50% Federated Fund for U.S. Government Securities– C National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 663,976.6280 10.81% Pershing LLC, Jersey City, NJ 739,624.6200 12.04% MLPF&S for the Sole Benefit of its Customers, Jacksonville, FL 700,009.9710 11.40% First Clearing, LLC, St Louis, MO 1,001,443.7260 16.31% J P Morgan Clearing Corp, Brooklyn, NY 402,048.0560 6.55% Federated Government Cash Series J J B Hilliard W L Lyons LLC as Agent and Custodian for the Exclusive Benefit of its Customers, Louisville, KY 1,895,073,306.0700 75.82% Special Custody Acct for the Exclusive Benefit of Customers of Stern Agee & Leach, Birmingham, AL 161,166,540.8800 6.45% Davenport & Company LLC, Richmond, VA 250,300,188.8400 10.01% Federated Government Income Securities, Inc.– A Edward D Jones & Co for the Benefit of Customers, Saint Louis, MO 717,810.0750 11.63% National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 737,830.6960 11.95% Pershing LLC, Jersey City, NJ 966,450.3590 15.66% West Coast Inland Navigation District, Venice, FL 392,686.6880 6.36% MLPF&S for the Sole Benefit of its Customers, Jacksonville, FL 954,963.2110 15.47% First Clearing, LLC, St Louis, MO 414,245.0620 6.71% Federated Government Income Securities, Inc.– B Edward D Jones & Co for the Benefit of Customers, Saint Louis, MO 38,344.1260 6.31% National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 116,303.8320 19.12% Pershing LLC, Jersey City, NJ 77,449.7610 12.74% MLPF&S for the Sole Benefit of its Customers, Jacksonville, FL 32,801.4250 5.39% LPL Financial, San Diego, CA 35,384.4950 5.82% First Clearing, LLC, St Louis, MO 148,986.1720 24.50% Federated Government Income Securities, Inc.– C Edward D Jones & Co for the Benefit of Customers, Saint Louis, MO 71,434.2030 5.59% National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 150,639.4130 11.79% Pershing LLC, Jersey City, NJ 126,219.0420 9.88% MLPF&S for the Sole Benefit of its Customers, Jacksonville, FL 271,997.6670 21.29% First Clearing, LLC, St Louis, MO 123,990.3590 9.70% Raymond James Omnibus for Mutual Funds, St Petersburg, FL 145,453.5240 11.38% Morgan Stanley & Co, Jersey City, NJ 66,940.5330 5.24% H-21
FUND– CLASS SHAREOWNER AND ADDRESS SHARES OWNED PERCENTAGE OWNED Federated Government Income Securities, Inc.– F National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 1,498,798.2490 5.89% MLPF&S for the Sole Benefit of its Customers, Jacksonville, FL 7,925,764.7340 31.17% First Clearing, LLC, St Louis, MO 1,668,064.7990 6.56% Federated U.S. Government Securities Fund: 1-3 Years– IS National Financial Services LLC for the Exclusive Benefit of Our Customers, Jersey City, NJ 1,408,530.2270 10.39% Charles Schwab & Co Inc, San Francisco, CA 8,749,603.8840 64.54% Federated U.S. Government Securities Fund: 1-3 Years– SS National Financial Services LLC for the Exclusive Benefit of Our Customers, Jersey City, NJ 1,636,917.2000 50.02% East West Bank, El Monte, CA 558,876.6160 17.08% Emjay Corporation Custodian, Greenwood VLG, CO 300,127.9820 9.17% Federated U.S. Government Securities Fund: 1-3 Years– Y BBH & Co Custodian for the State Farm College Savings Plan NE 529, Jersey City, NJ 1,559,448.8510 7.86% Jeff Davis Bank and Trust, Jennings, LA 5,686,820.4790 28.66% Henry L Hillman Elsie H Hillman C G Grefenstette TTEES of the Henry Hillman Trust, Pittsburgh, PA 2,916,654.8120 14.70% Hillman Family Foundations, Pittsburgh, PA 1,280,605.8700 6.45% CPF Managed Portfolio III, Pittsburgh, PA 4,840,515.8570 24.40% Federated U.S. Government Securities Fund: 2-5 Years– IS National Financial Services LLC for the Exclusive Benefit of Our Customers, Jersey City, NJ 8,151,353.8930 17.97% Charles Schwab & Co Inc, San Francisco, CA 11,928,142.8140 26.30% Nationwide Life Insurance Company NACO, Columbus, OH 2,903,902.4630 6.40% Nationwide Life Insurance Company DCVA, Columbus, OH 2,652,067.0080 5.85% The State of Wisconsin Deferred, Greenwood VLG, CO 2,997,108.2810 6.61% Federated U.S. Government Securities Fund: 2-5 Years– R MLPF&S for the Sole Benefit of its Customers, Jacksonville, FL 154,297.7690 9.49% Federated U.S. Government Securities Fund: 2-5 Years– SS National Financial Services LLC for the Exclusive Benefit of Our Customers, Jersey City, NJ 1,665,840.2220 22.83% Emjay Corporation Custodian, Greenwood VLG, CO 601,059.4660 8.24% Paychex Securities Corporation Special Custody Account for the Exclusive Benefit of Customers, W Henrietta, NY 568,862.0510 7.80% Federated High Income Bond Fund II– Primary Federated Capital Income Fund II, Boston, MA 13,302,559.5980 42.27% Phoenix Home Life Variable Ins Co, E Greenbush, NY 1,665,695.7000 5.29% Phoenix Home Life Insurance Co, E Greenbush, NY 1,580,403.0850 5.02% GE Life & Annuity, Richmond, VA 3,018,194.0650 9.59% American National Group, Galveston, TX 1,752,549.0120 5.57% Lincoln Benefit Life Co, Lincoln, NE 1,610,465.4140 5.12% Federated High Income Bond Fund II– Service Security Benefit Life, Topeka, KS 2,902,328.1960 30.05% GE Life & Annuity, Richmond, VA 5,232,774.7960 54.19% Nationwide Life Insurance Company NWVA7, Columbus, OH 535,208.9790 5.54% Federated Kaufmann Fund II– Primary Merrill Lynch Life Insurance Co, Cedar Rapids, IA 1,581,274.9400 54.89% Transamerica Life Insurance Co, Cedar Rapids, IA 166,202.0100 5.77% Union Security Insurance Company, Hartford, CT 399,354.0190 13.86% American National Group, Galveston, TX 172,401.1710 5.98% ING Life Insurance and Annuity Co, Windsor, CT 235,204.0600 8.16% Federated Kaufmann Fund II– Service Ohio National Life Insurance Co, Cincinnati, OH 1,659,111.7940 46.18% Transamerica Life Insurance Co, Cedar Rapids, IA 257,738.5600 7.17% GE Life & Annuity, Richmond, VA 1,462,975.2210 40.72% Federated Managed Tail Risk Fund II– Primary Farm Bureau Life Insurance Company, West Des Moines, IA 15,827,350.5360 63.63% Union Security Insurance Company, Hartford, CT 1,484,755.2550 5.97% GE Life & Annuity, Richmond, VA 1,438,163.3580 5.78% ING Life Insurance and Annuity Co, Windsor, CT 1,580,577.2400 6.35% H-22
FUND– CLASS SHAREOWNER AND ADDRESS SHARES OWNED PERCENTAGE OWNED Federated Managed Tail Risk Fund II– Service Transamerica Life Insurance Co, Cedar Rapids, IA 236,717.7610 37.25% Nationwide Life Insurance Company NWVA9, Columbus, OH 40,264.4230 6.34% Nationwide Life Insurance Company NWVA7, Columbus, OH 156,788.0000 24.67% Nationwide Life Insurance Company NWVA II, Columbus OH 201,786.5060 31.75% Federated Managed Volatility Fund II Ohio National Life Insurance Co, Cincinnati, OH 20,171,407.6040 59.74% Farm Bureau Life Insurance Company, West Des Moines, IA 7,075,882.0490 20.96% Federated Prime Money Fund II Monumental Life Insurance Company, Cedar Rapids, IA 20,977,795.4600 12.84% Phoenix Home Life Variable Ins Co, E Greenbush, NY 52,280,048.3200 31.99% Phoenix Home Life Insurance Co, E Greenbush, NY 47,000,642.7600 28.76% Federated Quality Bond Fund II– Primary Modern Woodmen Variable Annuity, Topeka, KS 1,173,071.8320 5.61% Farm Bureau Life Insurance Company, West Des Moines, IA 5,439,228.6780 26.02% Nationwide Life Insurance Company NWVL14, Columbus, OH 2,539,153.4970 12.14% Nationwide Life Insurance Company NWVA9, Columbus, OH 8,235,032.6810 39.39% Federated Quality Bond Fund II– Service Nationwide Life Insurance Company NWVA9, Columbus, OH 326,616.3920 9.08% Nationwide Life Insurance Company NWVA7, Columbus, OH 377,257.9340 10.48% Nationwide Life Insurance Company NWVA II, Columbus, OH 2,895,118.3010 80.44% Federated Fund for U.S. Government Securities II Phoenix Home Life Variable Ins Co, E Greenbush, NY 9,098,420.7410 46.74% Phoenix Home Life Insurance Co, E Greenbush, NY 2,452,184.3860 12.60% Great-West Life & Annuity Ins Co, Greenwood Village, CO 1,704,105.5570 8.75% Lincoln Benefit Life Co, Lincoln, NE 983,601.7860 5.05% Great-West Life & Annuity Ins Co, Englewood CO 1,741,642.0340 8.95% Federated Intermediate Municipal Trust– IS National Financial Services LLC for the Exclusive Benefit of Our Customers, Jersey City, NJ 1,652,159.6430 18.40% Charles Schwab & Co Inc, San Francisco, CA 2,277,407.3750 25.37% Federated Intermediate Municipal Trust– Y Default Fordy Fordyce & Co, Cambridge, MA 288,146.9720 40.74% Ledyard & Co 0, Hanover, NH 403,714.9560 57.07% Federated Municipal Cash Series J J B Hilliard W L Lyons LLC as Agent and Custodian for the Exclusive Benefit of its Customers, Louisville, KY 94,550,201.4700 27.48% BB&T Securities, Richmond, VA 22,829,247.0900 6.63% Special Custody Acct for the Exclusive Benefit of Customers of Stern Agee & Leach, Birmingham, AL 56,659,072.8100 16.46% Davenport & Company LLC for Exclusive Benefit of Customers, Richmond, VA 35,395,705.7900 10.29% First Clearing, LLC, Saint Louis, MO 35,865,347.7600 10.42% Pershing LLC for the Exclusive Benefit of its Customers, Jersey City, NJ 55,386,750.4200 16.09% Federated Mid-Cap Index Fund– IS National Financial Services LLC for the Exclusive Benefit of Our Customers, Jersey City, NJ 767,496.0070 20.87% DWS Trust Co TTEE, Salem, NH 411,487.7890 11.19% FII Holdings Inc, Pittsburgh, PA 190,476.1900 5.18% Planmember Services Corp, Kansas City, MO 1,424,477.7660 38.73% Emjay Corporation Custodian, Greenwood VLG, CO 311,369.3890 8.46% Saxon & Co, Philadelphia, PA 374,681.5640 10.19% Federated Mid-Cap Index Fund– SS National Financial Services LLC for the Exclusive Benefit of Our Customers, Jersey City, NJ 5,136,029.0180 15.54% Charles Schwab & Co Inc, San Francisco, CA 3,698,555.8190 11.19% Saxon & Co, Pittsburgh, PA 4,231,289.1580 12.80% Federated Michigan Intermediate Municipal Trust Edward D Jones & Co for the Benefit of Customers, Saint Louis, MO 804,305.1390 7.21% National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 1,479,394.7200 13.25% Charles Schwab & Co Inc, San Francisco, CA 978,165.8420 8.76% Bay & Company, Traverse City, MI 1,021,183.2600 9.15% H-23
FUND– CLASS SHAREOWNER AND ADDRESS SHARES OWNED PERCENTAGE OWNED Federated Max-Cap Index Fund– C Edward D Jones & Co for the Benefit of Customers, Saint Louis, MO 223,252.4460 9.80% National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 129,038.1810 5.67% MLPF&S for the Sole Benefit of its Customers, Jacksonville, FL 157,169.2100 6.90% First Clearing, LLC, St Louis, MO 143,360.3310 6.29% Federated Max-Cap Index Fund– IS National Financial Services LLC for the Exclusive Benefit of Our Customers, Jersey City, NJ 4,889,085.3420 31.83% Charles Schwab & Co Inc, San Francisco, CA 1,288,435.1390 8.39% Emjay Corporation Custodian, Greenwood VLG, CO 3,550,458.3220 23.12% Federated Max-Cap Index Fund– R Emjay Corporation Custodian, Greenwood VLG, CO 207,977.0760 7.03% Capital Bank & Trust Company TTEE, Greenwood Village, CO 169,464.9090 5.73% Federated Max-Cap Index Fund– SS National Financial Services LLC for the Exclusive Benefit of Our Customers, Jersey City, NJ 785,263.1780 5.03% Planmember Services Corp, Kansas City, MO 1,615,783.1770 10.36% Emjay Corporation Custodian, Greenwood VLG, CO 3,609,083.6870 23.14% Genworth Financial Trust Company, Phoenix, AZ 901,904.3240 5.785 Paychex Securities Corporation Special Custody Account for the Exclusive Benefit of Customers, W Henrietta, NY 1,869,061.8950 11.98% Federated New York Municipal Income Fund– A Pershing LLC, Jersey City, NJ 541,210.5180 19.34% MLPF&S for the Sole Benefit of its Customers, Jacksonville, FL 421,721.9970 15.07% UBS WM USA, Jersey City, NJ 145,604.8610 5.20% Morgan Stanley & Co, Jersey City, NJ 478,289.4630 17.09% Federated New York Municipal Income Fund– B National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 21,754.8820 8.15% Pershing LLC, Jersey City, NJ 36,396.4230 13.63% Charles Schwab & Co Inc, San Francisco, CA 55,241.2430 20.69% First Clearing, LLC, St Louis, MO 38,426.1880 14.39% Federated Ohio Municipal Income Fund– A Edward D Jones & Co for the Benefit of Customers, Saint Louis, MO 366,437.4760 8.62% National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 523,546.1160 12.32% Federated Ohio Municipal Income Fund– F Edward D Jones & Co for the Benefit of Customers, Saint Louis, MO 4,319,652.2680 38.94% National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 3,445,777.2400 31.06% Pershing LLC, Jersey City, NJ 722,975.4860 6.52% MLPF&S for the Sole Benefit of its Customers, Jacksonville, FL 582,666.3660 5.25% Federated Pennsylvania Municipal Income Fund– A National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 4,870,085.0240 21.69% Pershing LLC, Jersey City, NJ 1,220,666.4830 5.44% The Fulton Company, Lancaster, PA 4,520,722.4640 20.13% Federated Pennsylvania Municipal Income Fund– B Edward D Jones & Co for the Benefit of Customers, Saint Louis, MO 26,835.1080 7.21% National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 86,815.2370 23.31% Pershing LLC, Jersey City, NJ 95,697.0240 25.70% Charles Schwab & Co Inc, San Francisco, CA 24,331.7680 6.53% First Clearing, LLC, St Louis, MO 94,433.3530 25.36% Federated Prime Cash Series Primevest Financial Services, Inc, Saint Cloud, MN 1,053,932,202.0700 35.16% Special Custody Acct for the Exclusive Benefit of Customers of Stern Agee & Leach, Birmingham, AL 238,753,798.4600 7.97% Davenport & Company LLC, Richmond, VA 545,254,085.1200 18.19% Pershing LLC for the Exclusive Benefit of its Customers, Jersey City, NJ 507,058,037.1500 16.92% H-24
FUND– CLASS SHAREOWNER AND ADDRESS SHARES OWNED PERCENTAGE OWNED Federated Strategic Income Fund– A Edward D Jones & Co for the Benefit of Customers, Saint Louis, MO 9,592,182.1940 12.44% National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 11,965,272.7280 15.52% Pershing LLC, Jersey City, NJ 8,599,183.4430 11.16% First Clearing, LLC, St Louis, MO 5,470,613.3150 7.10% American Enterprise INV SVC, Minneapolis, MN 7,586,822.2620 9.84% UBS WM USA, Jersey City, NJ 7,665,587.0640 9.95% Federated Strategic Income Fund– B Edward D Jones & Co for the Benefit of Customers, Saint Louis, MO 812,047.3580 6.75% National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 1,716,207.7610 14.27% Pershing LLC, Jersey City, NJ 2,850,698.0730 23.71% MLPF&S for the Sole Benefit of its Customers, Jacksonville, FL 626,435.7560 5.21% LPL Financial, San Diego, CA 734,709.2650 6.11% First Clearing, LLC, St Louis, MO 2,829,577.5300 23.53% Federated Strategic Income Fund– C National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 2,492,531.1260 8.06% Pershing LLC, Jersey City, NJ 4,361,407.8290 14.11% MLPF&S for the Sole Benefit of its Customers, Jacksonville, FL 2,539,521.3810 8.21% First Clearing, LLC, St Louis, MO 4,504,263.8370 14.57% UBS WM USA, Jersey City, NJ 1,915,127.0380 6.19% Raymond James Omnibus for Mutual Funds, St Petersburg, FL 3,028,240.0980 9.80% Morgan Stanley & Co, Jersey City, NJ 2,994,653.3710 9.69% Federated Strategic Income Fund– F Edward D Jones & Co for the Benefit of Customers, Saint Louis, MO 2,445,572.7040 24.19% National Financial Services LLC for the Exclusive Benefit of Our Customers, New York, NY 2,526,663.3200 25.00% Pershing LLC, Jersey City, NJ 2,328,363.2730 23.04% First Clearing, LLC, St Louis, MO 589,021.2120 5.83% Federated Strategic Income Fund– IS Merrill Lynch Pierce Fenner & Smith for the Sole Benefit of its Customers, Jacksonville, FL 1,994,984.2920 10.37% National Financial Services LLC for the Exclusive Benefit of Customers, Jersey City, NJ 1,165,293.3900 6.06% PARBANC United Bank, Parkersburg, WV 4,036,426.3340 20.98% Special Custody Account for the Exclusive Benefit of Customer, Glen Allen, VA 4, 858,828.9260 25.26% Morgan Stanley & Co., Jersey City, NJ 2,137,163.7540 11.11% Federated Treasury Cash Series Special Custody Acct for the Exclusive Benefit of Customers of Stern Agee & leach, Birmingham, AL 764,551,918.4800 31.62% RBC Dain Rauscher Inc Special Custody Account for Exclusive Benefit of Customers, Minneapolis, MN 320,786,318.7200 13.27% David Lerner Associates, Syosset, NY 360,117,349.5900 14.89% Davenport & Company LLC for Exclusive Benefit of Customers, Richmond, VA 158,292,995.1000 6.55% Pershing LLC for the Exclusive Benefit of its Customers, Jersey City, NJ 519,120,540.9200 21.47% Federated Treasury Cash Series II Hare & Co The Bank of New York, East Syracuse, NY 15,333,840.1500 38.97% Peapack Gladstone Bank, Bedminster, NJ 7,528,524.6900 19.13% Progressive Bank, Monroe, LA 2,129,401.8300 5.41% Sei Private Trust Co, Oaks, PA 5,208,429.0100 13.24% The Bank of Guam, Hagatna, GU 2,545,023.1200 6.47% H-25
FUND– CLASS SHAREOWNER AND ADDRESS SHARES OWNED PERCENTAGE OWNED High Yield Bond Portfolio Federated Total Return Bond Fund, Boston, MA 91,856,531.9070 25.16% Federated Strategic Income Fund, Boston, MA 101,272,090.3380 27.74% Federated Bond Fund, Boston, MA 70,174,187.1020 19.22% Federated Institutional High Yield Bond Fund, Boston, MA 47,273,331.7610 12.95% Federated Capital Income Fund, Boston, MA 32,289,211.6060 8.84% H-26EXHIBIT I– INDEPENDENT AUDITORS OF THE REGISTRANTS/FUNDSThe following table provides the names of the independent auditors and the Funds they serve.Ernst & Young LLP is the Auditor for the following Registrants:Cash Trust Series, Inc.– All Funds
Cash Trust Series II– All Funds
Edward Jones Money Market Fund
Federated Core Trust– All Funds
Federated Core Trust II, L.P.– All Funds
Federated Equity Funds
Federated Kaufmann Fund
Federated Kaufmann Large Cap Fund
Federated Small Cap Fund
Federated Strategic Value Fund
Federated Equity Income Fund, Inc.
Federated Fixed Income Securities, Inc.
Federated Strategic Income Fund
Federated GNMA Trust
Federated Government Income Securities, Inc.
Federated High Income Bond Fund, Inc.(the "Fund") hereby appoint Patricia F. Conner, Gail Cagney, William Haas, Suzanne W. Land
Federated High Yield Trust
Federated Income Securities Trust
Federated Fund for U.S. Government Securities
Federated Floating Rate Strategic Income Fund
Federated Intermediate Corporate Bond Fund
Federated Muni andAnn M. Scanlon,Stock Advantage Fund
Federated Real Return Bond Fund
Federated Short-Term Income FundFederated Income Trust
Federated Index Trust– All Funds
Federated Institutional Trust
Federated Government Ultrashort Duration Fund
Federated Institutional High Yield Bond Fund
Federated Intermediate Government Fund, Inc.
Federated International Series, Inc.– All Funds
Federated Investment Series, Inc.– All Funds
Federated Managed Pool Series– All Funds
Federated MDT Series– All Funds
Federated Municipal Securities Fund, Inc.
Federated Short-Intermediate Duration Municipal Trust
Federated Total Return Government Bond Fund
Federated Total Return Series, Inc.
Federated Total Return 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.– All Funds
Intermediate Municipal Trust– All FundsKPMG LLP is the Auditor for the following Registrants:Federated Adjustable Rate Securities Fund
Federated Core Trust III– All Funds
Federated Equity Funds
Federated Absolute Return Fund
Federated Clover Small Value Fund
Federated Clover Value Fund
Federated Global Equity Fund
Federated InterContinental Fund
Federated International Strategic Value Dividend Fund
Federated Prudent Bear Fund
Federated MDT Mid Cap Growth Strategies Fund
Federated Fixed Income Securities, Inc.
Federated Municipal Ultrashort Fund
Federated Global Allocation FundFederated Income Securities Trust
Federated Capital Income Fund
Federated Unconstrained Bond Fund
Federated Prudent DollarBear Fund
Federated Institutional Trust
Federated Intermediate Government/Corporate Fund
Federated Insurance Series– All Funds
Federated MDT Stock Trust
Federated Municipal Securities Income Trust– All Funds
Federated Total Return Series, Inc.
Federated Mortgage Fund
Federated Ultrashort Bond FundOn August 17, 2012, the Trustees of Federated Floating Rate Strategic Income Fund (FRSIF), a portfolio of Federated Income Securities Trust, upon the recommendation of the Audit Committee, appointed Ernst & Young LLP (E&Y) as FRSIF's independent registered public accounting firm. Upon notification of the Trustee's decision, FRSIF's previous independent registered public accounting firm, KPMG LLP (KPMG) resigned. The previous reports issued by KPMG on the Fund's financial statements for the fiscal period ended March 31, 2011, and the fiscal year ended March 31, 2012, contained no adverse opinion or disclaimer of opinion nor were they qualified or modified as to uncertainty, audit scope or accounting principles. During the Fund's fiscal period ended March 31, 2011, and the fiscal year ended March 31, 2012, and the interim period commencing April 1, 2012, and ending August 17, 2012: (i) there were no disagreements with KPMGI-1on anyonematter ofthem, trueaccounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of KPMG, would have caused it to make reference to the subject matter of the disagreements in connection with its reports on the financial statements for such years; andlawful attorneys,(ii) there were no reportable events of the kind described in Item 304(a) (1) (v) of Regulation S-K under the Securities Exchange Act of 1934, as amended.As indicated above, FRSIF has appointed E&Y as the independent registered public accounting firm to audit the FRSIF's financial statements for the fiscal year ending March 31, 2013. During FRSIF's fiscal period ended March 31, 2011, and the fiscal year ended March 31, 2012, and the interim period commencing April 1, 2012, and ending August 17, 2012, neither FRSIF nor anyone on its behalf has consulted E&Y on items which: (i) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on FRSIF's financial statements; or (ii) concerned the subject of a disagreement (as defined in paragraph (a) (1) (iv) of Item 304 of Regulations S-K) or reportable events (as described in paragraph (a) (1) (v) of said Item 304).I-2EXHIBIT J– FEES PAID TO INDEPENDENT AUDITORSFollowing are the aggregate audit and audit-related fees paid to Ernst & Young LLP and/or KPMG LLP for professional services rendered by Ernst & Young LLP and/or KPMG LLP for the audit of the annual financial statements of the Funds comprising the Registrants and for other professional services for the two most recently completed fiscal years ended as described below. For the same periods, aggregate non-audit fees billed to each Registrant's investment adviser, and certain entities controlling, controlled by or under common control with thepowerinvestment adviser are provided.
REGISTRANT AUDIT FEES AUDIT-RELATED FEES TAX FEES ALL OTHER FEES NON-AUDIT FEES Cash Trust Series, Inc. 5/31/2013 $78,650 $145 $0 $0 $97,001 5/31/2012 $78,650 $0 $0 $0 $377,220 Cash Trust Series II 5/31/2013 $19,250 $36 $0 $0 $96,892 5/31/2012 $19,250 $0 $0 $0 $377,220 Edward Jones Money Market Fund 2/28/2013 $20,900 $36 $0 $0 $130,807 2/29/2012 $20,900 $0 $0 $0 $382,866 Federated Adjustable Rate Securities Fund 8/31/2012 $27,500 $0 $0 $0 $19,648 8/31/2011 $26,000 $0 $0 $0 $8,358 Federated Core Trust 6/30/2013 $114,350 $145 $0 $0 $130,854 6/30/2012 $132,350 $0 $0 $0 $340,508 Federated Core Trust 12/31/2012 $136,850 $145 $0 $0 $264,248 12/31/2011 $126,250 $0 $0 $0 $349,637 Federated Core Trust 8/31/2012 $132,850 $0 $0 $0 $323,580 8/31/2011 $123,200 $97 $0 $0 $347,862 Federated Core Trust II, L.P. 11/30/2012 $28,950 $36 $0 $0 $18,249 11/30/2011 $26,950 $0 $0 $0 $24,999 Federated Core Trust III 3/31/2013 $123,000 $0 $0 $0 $20,770 3/31/2012 $29,000 $0 $0 $0 $13,609 Federated Equity Funds 11/30/2012 $383,700 $145 $0 $0 $403,127 11/30/2011 $381,700 $0 $0 $0 $517,596 Federated Equity Funds 10/31/2012 $383,700 $0 $0 $0 $454,242 10/31/2011 $355,700 $97 $0 $0 $531,028 Federated Equity Funds 9/30/2012 $381,700 $0 $0 $0 $413,473 9/30/2011 $350,500 $97 $0 $0 $526,373 Federated Equity Income Fund, Inc. 11/30/2012 $26,400 $36 $0 $0 $249,666 11/30/2011 $26,400 $0 $0 $0 $293,043 Federated Fixed Income Securities, Inc. 11/30/2012 $55,400 $36 $0 $0 $307,489 11/30/2011 $52,900 $0 $0 $0 $376,828 Federated Fixed Income Securities, Inc. 9/30/2012 $53,900 $0 $0 $0 $314,652 9/30/2011 $51,900 $24 $0 $0 $376,901 J-1
REGISTRANT AUDIT FEES AUDIT-RELATED FEES TAX FEES ALL OTHER FEES NON-AUDIT FEES Federated GNMA Trust 1/31/2013 $25,450 $36 $0 $0 $146,108 1/31/2012 $24,450 $0 $0 $0 $474,486 Federated Global Allocation Fund 11/30/2012 $28,500 $0 $0 $0 $18,075 11/30/2011 $27,000 $0 $0 $0 $18,623 Federated Government Income Securities, Inc. 2/28/2013 $25,450 $36 $0 $0 $130,807 2/29/2012 $24,450 $0 $0 $0 $382,866 Federated High Income Bond Fund, Inc. 3/31/2013 $30,700 $36 $0 $0 $106,315 3/31/2012 $28,700 $0 $0 $0 $403,918 Federated High Yield Trust 2/28/2013 $30,700 $36 $0 $0 $130,807 2/29/2012 $28,700 $0 $0 $0 $382,866 Federated Income Securities Trust 4/30/2013 $245,950 $218 $0 $0 $150,315 4/30/2012 $250,000 $0 $0 $0 $457,953 Federated Income Securities Trust 3/31/2013 $250,950 $218 $0 $0 $145,292 3/31/2012 $241,100 $0 $0 $0 $479,360 Federated Income Securities Trust 11/30/2012 $253,500 $218 $0 $0 $351,074 11/30/2011 $238,550 $0 $0 $0 $433,183 Federated Income Securities Trust 10/31/2012 $222,500 $0 $0 $0 $394,437 10/31/2011 $209,550 $122 $0 $0 $442,204 Federated Income Securities Trust 9/30/2012 $214,500 $0 $0 $0 $359,603 9/30/2011 $209,100 $122 $0 $0 $437,793 Federated Income Trust 1/31/2013 $25,450 $36 $0 $0 $146,108 1/31/2012 $24,450 $0 $0 $0 $474,486 Federated Index Trust 10/31/2012 $46,800 $0 $0 $0 $219,239 10/31/2011 $46,800 $49 $0 $0 $217,535 Federated Institutional Trust 10/31/2012 $80,750 $0 $0 $0 $345,413 10/31/2011 $77,300 $49 $0 $0 $380,822 Federated Institutional Trust 8/31/2012 $78,750 $0 $0 $0 $337,033 8/31/2011 $76,200 $49 $0 $0 $367,120 Federated Institutional Trust 7/31/2012 $78,250 $0 $0 $0 $363,144 7/31/2011 $74,200 $49 $0 $0 $341,009 Federated Insurance Series 12/31/2012 $175,500 $0 $0 $0 $18,075 12/31/2011 $171,500 $0 $0 $0 $18,623 Federated Intermediate Government Fund, Inc. 2/28/2013 $25,450 $36 $0 $0 $130,807 2/29/2012 $24,450 $0 $0 $0 $382,866 J-2
REGISTRANT AUDIT FEES AUDIT-RELATED FEES TAX FEES ALL OTHER FEES NON-AUDIT FEES Federated International Series, Inc. 11/30/2012 $30,200 $36 $0 $0 $293,686 11/30/2011 $29,200 $0 $0 $0 $362,625 Federated Investment Series Funds, Inc. 11/30/2012 $27,900 $36 $0 $0 $293,685 11/30/2011 $26,400 $0 $0 $0 $362,625 Federated MDT Series 7/31/2012 $120,100 $0 $0 $0 $350,676 7/31/2011 $115,500 $122 $0 $0 $343,526 Federated MDT Stock Trust 10/31/2012 $23,000 $0 $0 $0 $9,858 10/31/2011 $23,000 $0 $0 $0 $10,321 Federated Managed Pool Series 12/31/2012 $100,800 $145 $0 $0 $265,942 12/31/2011 $97,800 $0 $0 $0 $357,347 Federated Managed Pool Series 11/30/2012 $99,300 $145 $0 $0 $299,003 11/30/2011 $94,950 $0 $0 $0 $367,667 Federated Municipal Securities Fund, Inc. 3/31/2013 $25,450 $36 $0 $0 $106,315 3/31/2012 $24,450 $0 $0 $0 $403,918 Federated Municipal Securities Income Trust 8/31/2012 $126,500 $0 $0 $0 $19,648 8/31/2011 $122,500 $0 $0 $0 $8,358 Federated Short-Intermediate Duration Municipal Trust 6/30/2013 $25,950 $36 $0 $0 $120,280 6/30/2012 $24,450 $0 $0 $0 $343,614 Federated Total Return Government Bond Fund 2/28/2013 $25,950 $36 $0 $0 $130,807 2/29/2012 $24,450 $0 $0 $0 $382,866 Federated Total Return Series, Inc. 11/30/2012 $82,900 $36 $0 $0 $307,453 11/30/2011 $79,400 $0 $0 $0 $376,828 Federated Total Return Series, Inc. 9/30/2012 $81,400 $0 $0 $0 $314,652 9/30/2011 $78,400 $24 $0 $0 $376,901 Federated U.S. Government Securities Fund: 1-3 Years 2/28/2013 $25,450 $36 $0 $0 $130,807 2/29/2012 $24,450 $0 $0 $0 $382,866 Federated U.S. Government Securities Fund: 2-5 Years 1/31/2013 $25,450 $36 $0 $0 $146,108 1/31/2012 $24,450 $0 $0 $0 $474,486 Federated World Investment Series, Inc. 11/30/2012 $89,100 $109 $0 $0 $343,410 11/30/2011 $87,600 $0 $0 $0 $444,739 Intermediate Municipal Trust 5/31/2013 $25,450 $36 $0 $0 $96,892 5/31/2012 $24,450 $0 $0 $0 $377,220 J-3EXHIBIT K– FEES PAID TO INDEPENDENT AUDITORS BY INVESTMENT ADVISERS AND RELATED ENTITIES REQUIRING AUDIT COMMITTEE PRE-APPROVALFollowing are the aggregate audit related fees, tax fees and all other fees paid tovote all sharesErnst & Young LLP and/or KPMG LLP for professional services rendered by Ernst & Young LLP and/or KPMG LLP pursuant to 17 CFR 210.2-01(c) (7) (ii)) for the audit of theFund whichannual financial statements of theundersignedFunds investment advisers and affiliates and for other professional services for the two most recently completed fiscal years ended as described below.
REGISTRANT'S INVESTMENT ADVISER AND AFFILIATES
(pursuant to 17 CFR 210.2-01(c) (7) (ii))AUDIT-RELATED FEES TAX FEES ALL OTHER FEES Cash Trust Series, Inc. 5/31/2013 $0 $0 $0 5/31/2012 $0 $0 $0 Cash Trust Series II 5/31/2013 $0 $0 $0 5/31/2012 $0 $0 $0 Edward Jones Money Market Fund 2/28/2013 $0 $0 $0 2/29/2012 $0 $0 $0 Federated Adjustable Rate Securities Fund 8/31/2012 $0 $0 $0 8/31/2011 $0 $0 $0 Federated Core Trust 6/30/2013 $0 $0 $0 6/30/2012 $0 $4,776 $0 Federated Core Trust 12/31/2012 $0 $0 $0 12/31/2011 $0 $8,676 $0 Federated Core Trust 8/31/2012 $0 $4,776 $0 8/31/2011 $0 $3,900 $0 Federated Core Trust II, L.P. 11/30/2012 $0 $380 $1,001 11/30/2011 $0 $1,012 $3,051 Federated Core Trust III 3/31/2013 $0 $0 $0 3/31/2012 $0 $0 $0 Federated Equity Funds 11/30/2012 $8,370 $0 $18,894 11/30/2011 $2,328 $22,932 $41,364 Federated Equity Funds 10/31/2012 $8,370 $0 $18,894 10/31/2011 $2,328 $22,932 $41,364 Federated Equity Funds 9/30/2012 $6,986 $4,655 $18,894 9/30/2011 $2,328 $18,277 $41,364 Federated Equity Income Fund, Inc. 11/30/2012 $0 $0 $12,170 11/30/2011 $0 $3,437 $22,852 Federated Fixed Income Securities, Inc. 11/30/2012 $0 $0 $0 11/30/2011 $0 $4,214 $0 Federated Fixed Income Securities, Inc. 9/30/2012 $0 $0 $0 9/30/2011 $0 $4,214 $0 K-1
REGISTRANT'S INVESTMENT ADVISER AND AFFILIATES
(pursuant to 17 CFR 210.2-01(c) (7) (ii))AUDIT-RELATED FEES TAX FEES ALL OTHER FEES Federated GNMA Trust 1/31/2013 $0 $0 $0 1/31/2012 $0 $0 $0 Federated Global Allocation Fund 11/30/2012 $0 $0 $0 11/30/2011 $4,855 $0 $0 Federated Government Income Securities, Inc. 2/28/2013 $0 $0 $0 2/29/2012 $0 $0 $0 Federated High Income Bond Fund, Inc. 3/31/2013 $0 $0 $0 3/31/2012 $0 $0 $0 Federated High Yield Trust 2/28/2013 $0 $0 $5,268 2/29/2012 $0 $0 $14,277 Federated Income Securities Trust 4/30/2013 $0 $0 $14,045 4/30/2012 $0 $7,452 $16,345 Federated Income Securities Trust 3/31/2013 $0 $0 $14,045 3/31/2012 $0 $7,452 $16,345 Federated Income Securities Trust 11/30/2012 $0 $2,504 $16,345 11/30/2011 $0 $4,978 $36,504 Federated Income Securities Trust 10/31/2012 $0 $2,504 $16,345 10/31/2011 $0 $2,474 $36,504 Federated Income Securities Trust 9/30/2012 $0 $2,504 $16,345 9/30/2011 $0 $2,474 $36,504 Federated Income Trust 1/31/2013 $0 $0 $0 1/31/2012 $0 $0 $0 Federated Index Trust 10/31/2012 $0 $0 $9,430 10/31/2011 $0 $4,270 $15,860 Federated Institutional Trust 10/31/2012 $0 $0 $0 10/31/2011 $0 $3,578 $0 Federated Institutional Trust 8/31/2012 $0 $0 $0 8/31/2011 $0 $3,578 $0 Federated Institutional Trust 7/31/2012 $0 $0 $0 7/31/2011 $0 $3,556 $0 Federated Insurance Series 12/31/2012 $0 $0 $0 12/31/2011 $6,984 $0 $0 Federated Intermediate Government Fund, Inc. 2/28/2013 $0 $0 $0 2/29/2012 $0 $3,675 $0 K-2
REGISTRANT'S INVESTMENT ADVISER AND AFFILIATES
(pursuant to 17 CFR 210.2-01(c) (7) (ii))AUDIT-RELATED FEES TAX FEES ALL OTHER FEES Federated International Series, Inc. 11/30/2012 $0 $0 $14,277 11/30/2011 $0 $0 $32,433 Federated Investment Series Funds, Inc. 11/30/2012 $0 $0 $0 11/30/2011 $1,309 $4,214 $0 Federated MDT Series 7/31/2012 $0 $0 $14,619 7/31/2011 $0 $14,714 $32,907 Federated MDT Stock Trust 10/31/2012 $0 $0 $0 10/31/2011 $0 $0 $0 Federated Managed Pool Series 12/31/2012 $0 $0 $0 12/31/2011 $0 $4,607 $0 Federated Managed Pool Series 11/30/2012 $0 $0 $0 11/30/2011 $0 $0 $0 Federated Municipal Securities Fund, Inc. 3/31/2013 $0 $0 $0 3/31/2012 $0 $3,718 $0 Federated Municipal Securities Income Trust 8/31/2012 $0 $0 $0 8/31/2011 $0 $0 $0 Federated Short-Intermediate Duration Municipal Trust 6/30/2013 $0 $0 $0 6/30/2012 $0 $0 $0 Federated Total Return Government Bond Fund 2/28/2013 $3,523 $0 $0 2/29/2012 $0 $3,675 $0 Federated Total Return Series, Inc. 11/30/2012 $4,579 $0 $0 11/30/2011 $1,309 $0 $0 Federated Total Return Series, Inc. 9/30/2012 $3,523 $0 $0 9/30/2011 $1,309 $0 $0 Federated U.S. Government Securities Fund: 1-3 Years 2/28/2013 $1,506 $0 $0 2/29/2012 $0 $0 $0 Federated U.S. Government Securities Fund: 2-5 Years 1/31/2013 $0 $0 $0 1/31/2012 $0 $0 $0 Federated World Investment Series, Inc. 11/30/2012 $0 $0 $16,827 11/30/2011 $4,964 $12,100 $37,293 Intermediate Municipal Trust 5/31/2013 $0 $0 $0 5/31/2012 $0 $3,718 $0 K-3Notes[PAGE INTENTIONALLY LEFT BLANK]Notes[PAGE INTENTIONALLY LEFT BLANK]Notes[PAGE INTENTIONALLY LEFT BLANK]Federated Investors Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561Contact us at FederatedInvestors.com
or call 1-800-341-7400.Q451883 (9/13)Federated Securities Corp., DistributorFederated isentitled to vote ata registered trademark of Federated Investors, Inc.
2013 ©Federated Investors, Inc.
PROXY TABULATOR P.O. BOX 9112 FARMINGDALE, NY 11735 | To vote by Internet 1) Read the Proxy Statement and have the proxy card below at hand. 2) Go to websitewww.proxyvote.com 3) Follow the instructions provided on the website. To vote by Telephone 1) Read the Proxy Statement and have the proxy card below at hand. 2) Call1-800-690-6903 3) Follow the instructions. To vote by Mail 1) Read the Proxy Statement. 2) Check the appropriate boxes on the proxy card below. 3) Sign and date the proxy card. 4) Return the proxy card in the envelope provided. |
TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:
M62769-S10184 | KEEP THIS PORTION FOR YOUR RECORDS |
THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED. | DETACH AND RETURN THIS PORTION ONLY |
THE BOARD OF DIRECTORS/TRUSTEES RECOMMENDS A VOTEFOR EACH OF THE FOLLOWING NOMINEES: | For All | Withhold All | For All Except | (To withhold authority to vote for a specific nominee,mark "For All Except" and write the nominee's number on the line below.) | ||
1. PROPOSAL TO ELECT THE DIRECTOR/TRUSTEE NOMINEES | ||||||
¨ | ¨ | ¨ | ||||
01)John T. Collins | ||||||
02)Maureen Lally-Green | ||||||
03)Thomas M. O'Neill | ||||||
04)P. Jerome Richey | ||||||
THE PROXIES ARE AUTHORIZED AND RESERVE THE RIGHT TO VOTE UPON SUCH OTHER MATTERS AS MAY PROPERLY COME BEFORE THE SPECIAL MEETING OR ANY ADJOURNMENT OR POSTPONEMENT THEREOF. | ||||||
YOUR VOTE IS IMPORTANT Please complete, sign and return this card as soon as possible. | ||||||
Please sign exactly as your name appears on this ballot. Joint owners should each sign personally. Trustees and other fiduciaries should indicate the capacity in which they sign, and where more than one name appears, a majority must sign. If a corporation, this signature should be that of an authorized officer who should state his or her title. | ||||||
Signature [PLEASE SIGN WITHIN BOX] | Date | Signature [Joint Owners] | Date | |||
Important Notice Regarding the Availability of Proxy Materials for the Shareholder Meeting:
The Notice of Special Meeting of Shareholders (the "Special Meeting") to be held on November
18, 1999,and Proxy Statement are available at 5800 Corporate Drive, Pittsburgh, Pennsylvania, at 2:00 p.m.www.proxyvote.com.
M62770-S10184
FEDERATED FAMILY OF FUNDS SPECIAL MEETING OF SHAREHOLDERS TO BE HELD ON OCTOBER 28, 2013 KNOW ALL PERSONS BY THESE PRESENTSthat the undersigned hereby designates and appoints Leslie K. Ross, George F. Magera,Todd P. Zerega, Sarah L. Eddy, Erin J. Dugan, Maureen A. Ferguson, Cathy Ryan, Heidi Loeffert and Kim Lieb, each having full power to act alone and of substitution, as proxies to act at the Special Meeting of Shareholders (the "Special Meeting") to be held on October 28, 2013 at Federated Investors Funds, 4000 Ericsson Drive, Warrendale, Pennsylvania, 15086-7561, at 10:00 a.m. (Eastern Time), and at THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS/TRUSTEES OF THE FUND. THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED "FOR" THE PROPOSAL. PLEASE SIGN AND DATE ON THE REVERSE SIDE. |
PROXY TABULATOR P.O. BOX 9112 FARMINGDALE, NY 11735 | To vote by Internet 1) Read the Proxy Statement and have the proxy card below at hand. 2) Go to websitewww.proxyvote.com 3) Follow the instructions provided on the website. To vote by Telephone 1) Read the Proxy Statement and have the proxy card below at hand. 2) Call1-800-690-6903 3) Follow the instructions. To vote by Mail 1) Read the Proxy Statement. 2) Check the appropriate boxes on the proxy card below. 3) Sign and date the proxy card. 4) Return the proxy card in the envelope provided. |
TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:
M62771-S10184 | KEEP THIS PORTION FOR YOUR RECORDS |
THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED. | DETACH AND RETURN THIS PORTION ONLY |
THE BOARD OF DIRECTORS/TRUSTEES RECOMMENDS A VOTEFOR EACH OF THE FOLLOWING NOMINEES: | For All | Withhold All | For All Except | (To withhold authority to vote for a specific nominee,mark "For All Except" and write the nominee's number on the line below.) | ||
1. PROPOSAL TO ELECT THE DIRECTOR/TRUSTEE NOMINEES | ||||||
¨ | ¨ | ¨ | ||||
01)John T. Collins | ||||||
02)Maureen Lally-Green | ||||||
03)P. Jerome Richey | ||||||
THE PROXIES ARE AUTHORIZED AND RESERVE THE RIGHT TO VOTE UPON SUCH OTHER MATTERS AS MAY PROPERLY COME BEFORE THE SPECIAL MEETING OR ANY ADJOURNMENT OR POSTPONEMENT THEREOF. | ||||||
YOUR VOTE IS IMPORTANT Please complete, sign and return this card as soon as possible. | ||||||
Please sign exactly as your name appears on this ballot. Joint owners should each sign personally. Trustees and other fiduciaries should indicate the capacity in which they sign, and where more than one name appears, a majority must sign. If a corporation, this signature should be that of an authorized officer who should state his or her title. | ||||||
Signature [PLEASE SIGN WITHIN BOX] | Date | Signature [Joint Owners] | Date | |||
Important Notice Regarding the Availability of Proxy Materials for the Shareholder Meeting:
The Notice of Special Meeting of Shareholders and Proxy Statement are available at www.proxyvote.com.
M62772-S10184
FEDERATED FAMILY OF FUNDS SPECIAL MEETING OF SHAREHOLDERS TO BE HELD ON OCTOBER 28, 2013 KNOW ALL PERSONS BY THESE PRESENTSthat the undersigned hereby designates and appoints Leslie K. Ross, George F. Magera,Todd P. Zerega, Sarah L. Eddy, Erin J. Dugan, Maureen A. Ferguson, Cathy Ryan, Heidi Loeffert and Kim Lieb, each having full power to act alone and of substitution, as proxies to act at the Special Meeting of Shareholders (the "Special Meeting") to be held on October 28, 2013 at Federated Investors Funds, 4000 Ericsson Drive, Warrendale, Pennsylvania, 15086-7561, at 10:00 a.m. (Eastern Time), and at any adjournment or postponement thereof. The attorneys named are authorized to vote the shares held of record by the undersigned on August 29, 2013 in accordance with the choices made on this ballot. If this proxy is executed and returned in time and no choice is indicated as to an item, this proxy will be voted affirmatively on such matter.Discretionary authority is hereby conferred as to all other matters as may properly come before the Special Meeting or any adjournment or postponement thereof. THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS/TRUSTEES OF THE FUND. THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED "FOR" THE PROPOSAL. PLEASE SIGN AND DATE ON THE REVERSE SIDE. |
PROXY TABULATOR P.O. BOX 9112 FARMINGDALE, NY 11735 | To vote by Internet 1) Read the Proxy Statement and have the proxy card below at hand. 2) Go to websitewww.proxyvote.com 3) Follow the instructions provided on the website. To vote by Telephone 1) Read the Proxy Statement and have the proxy card below at hand. 2) Call1-800-690-6903 3) Follow the instructions. To vote by Mail 1) Read the Proxy Statement. 2) Check the appropriate boxes on the proxy card below. 3) Sign and date the proxy card. 4) Return the proxy card in the envelope provided. |
TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:
M62773-S10184 | KEEP THIS PORTION FOR YOUR RECORDS |
THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED. | DETACH AND RETURN THIS PORTION ONLY |
THE BOARD OF DIRECTORS/TRUSTEES RECOMMENDS A VOTEFOR EACH OF THE FOLLOWING NOMINEES: | For All | Withhold All | For All Except | (To withhold authority to vote for a specific nominee,mark "For All Except" and write the nominee's number on the line below.) | ||
1. PROPOSAL TO ELECT THE DIRECTOR/TRUSTEE NOMINEES | ||||||
¨ | ¨ | ¨ | ||||
01) J. Christopher Donahue | ||||||
02)John T. Collins | ||||||
03)Maureen Lally-Green | ||||||
04)Thomas M. O'Neill | ||||||
05)P. Jerome Richey | ||||||
THE PROXIES ARE AUTHORIZED AND RESERVE THE RIGHT TO VOTE UPON SUCH OTHER MATTERS AS MAY PROPERLY COME BEFORE THE SPECIAL MEETING OR ANY ADJOURNMENT OR POSTPONEMENT THEREOF. | ||||||
YOUR VOTE IS IMPORTANT Please complete, sign and return this card as soon as possible. | ||||||
Please sign exactly as your name appears on this ballot. Joint owners should each sign personally. Trustees and other fiduciaries should indicate the capacity in which they sign, and where more than one name appears, a majority must sign. If a corporation, this signature should be that of an authorized officer who should state his or her title. | ||||||
Signature [PLEASE SIGN WITHIN BOX] | Date | Signature [Joint Owners] | Date | |||
Important Notice Regarding the Availability of Proxy Materials for the Shareholder Meeting:
The Notice of Special Meeting of Shareholders and Proxy Statement are available at www.proxyvote.com.
M62774-S10184
FEDERATED FAMILY OF FUNDS SPECIAL MEETING OF SHAREHOLDERS TO BE HELD ON OCTOBER 28, 2013 KNOW ALL PERSONS BY THESE PRESENTSthat the undersigned hereby designates and appoints Leslie K. Ross, George F. Magera,Todd P. Zerega, Sarah L. Eddy, Erin J. Dugan, Maureen A. Ferguson, Cathy Ryan, Heidi Loeffert and Kim Lieb, each having full power to act alone and of substitution, as proxies to act at the Special Meeting of Shareholders (the "Special Meeting") to be held on October 28, 2013 at Federated Investors Funds, 4000 Ericsson Drive, Warrendale, Pennsylvania, 15086-7561, at 10:00 a.m. (Eastern Time), and at any adjournment or postponement thereof. The attorneys named are authorized to vote the shares held of record by the undersigned on August 29, 2013 in accordance with the choices made on this ballot. If this proxy is executed and returned in time and no choice is indicated as to an item, this proxy will be voted affirmatively on such matter. Discretionary authority is hereby conferred as to all other matters as may properly come before the Special Meeting or any adjournment or postponement thereof. THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS/TRUSTEES OF THE FUND. THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED "FOR" THE PROPOSAL. PLEASE SIGN AND DATE ON THE REVERSE SIDE. |
PROXY TABULATOR P.O. BOX 9112 FARMINGDALE, NY 11735 | To vote by Internet 1) Read the Proxy Statement and have the proxy card below at hand. 2) Go to websitewww.proxyvote.com 3) Follow the instructions provided on the website. To vote by Telephone 1) Read the Proxy Statement and have the proxy card below at hand. 2) Call1-800-690-6903 3) Follow the instructions. To vote by Mail 1) Read the Proxy Statement. 2) Check the appropriate boxes on the proxy card below. 3) Sign and date the proxy card. 4) Return the proxy card in the envelope provided. |
TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:
M62775-S10184 | KEEP THIS PORTION FOR YOUR RECORDS |
THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED. | DETACH AND RETURN THIS PORTION ONLY |
THE BOARD OF DIRECTORS/TRUSTEES RECOMMENDS A VOTEFOR EACH OF THE FOLLOWING NOMINEES: | For All | Withhold All | For All Except | (To withhold authority to vote for a specific nominee,mark "For All Except" and write the nominee's number on the line below.) | ||
1. PROPOSAL TO ELECT THE DIRECTOR/TRUSTEE NOMINEES | ||||||
¨ | ¨ | ¨ | ||||
01)John T. Collins | ||||||
02)P. Jerome Richey | ||||||
THE PROXIES ARE AUTHORIZED AND RESERVE THE RIGHT TO VOTE UPON SUCH OTHER MATTERS AS MAY PROPERLY COME BEFORE THE SPECIAL MEETING OR ANY ADJOURNMENT OR POSTPONEMENT THEREOF. | ||||||
YOUR VOTE IS IMPORTANT Please complete, sign and return this card as soon as possible. | ||||||
Please sign exactly as your name appears on this ballot. Joint owners should each sign personally. Trustees and other fiduciaries should indicate the capacity in which they sign, and where more than one name appears, a majority must sign. If a corporation, this signature should be that of an authorized officer who should state his or her title. | ||||||
Signature [PLEASE SIGN WITHIN BOX] | Date | Signature [Joint Owners] | Date | |||
Important Notice Regarding the Availability of Proxy Materials for the Shareholder Meeting:
The Notice of Special Meeting of Shareholders and Proxy Statement are available at www.proxyvote.com.
M62776-S10184
FEDERATED FAMILY OF FUNDS SPECIAL MEETING OF SHAREHOLDERS TO BE HELD ON OCTOBER 28, 2013 KNOW ALL PERSONS BY THESE PRESENTSthat the undersigned hereby designates and appoints Leslie K. Ross, George F. Magera,Todd P. Zerega, Sarah L. Eddy, Erin J. Dugan, Maureen A. Ferguson, Cathy Ryan, Heidi Loeffert and Kim Lieb, each having full power to act alone and of substitution, as proxies to act at the Special Meeting of Shareholders (the "Special Meeting") to be held on October 28, 2013 at Federated Investors Funds, 4000 Ericsson Drive, Warrendale, Pennsylvania, 15086-7561, at 10:00 a.m. (Eastern Time), and at any adjournment or postponement thereof. The attorneys named are authorized to vote the shares held of record by the undersigned on August 29, 2013 in accordance with the choices made on this ballot. If this proxy is executed and returned in time and no choice is indicated as to an item, this proxy will be voted affirmatively on such matter. Discretionary authority is hereby conferred as to all other matters as may properly come before the Special Meeting or any adjournment or postponement thereof. THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS/TRUSTEES OF THE FUND. THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED "FOR" THE PROPOSAL. PLEASE SIGN AND DATE ON THE REVERSE SIDE. |
PROXY TABULATOR P.O. BOX 9112 FARMINGDALE, NY 11735 | To vote by Mail 1) Read the Proxy Statement. 2) Check the appropriate boxes on the proxy card below. 3) Sign and date the proxy card. 4) Return the proxy card in the envelope provided. |
TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:
M62759-S09932 | KEEP THIS PORTION FOR YOUR RECORDS |
THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED. | DETACH AND RETURN THIS PORTION ONLY |
THE BOARD OF DIRECTORS/TRUSTEES RECOMMENDS A VOTEFOR EACH OF THE FOLLOWING NOMINEES: | For All | Withhold All | For All Except | (To withhold authority to vote for a specific nominee,mark "For All Except" and write the nominee's number on the line below.) | ||
1. PROPOSAL TO ELECT THE DIRECTOR/TRUSTEE NOMINEES | ||||||
¨ | ¨ | ¨ | ||||
01)John T. Collins | ||||||
02)Maureen Lally-Green | ||||||
03)Thomas M. O'Neill | ||||||
04)P. Jerome Richey | ||||||
THE PROXIES ARE AUTHORIZED AND RESERVE THE RIGHT TO VOTE UPON SUCH OTHER MATTERS AS MAY PROPERLY COME BEFORE THE SPECIAL MEETING OR ANY ADJOURNMENT OR POSTPONEMENT THEREOF. | ||||||
YOUR VOTE IS IMPORTANT Please complete, sign and return this card as soon as possible. | ||||||
Please sign exactly as your name appears on this ballot. Joint owners should each sign personally. Trustees and other fiduciaries should indicate the capacity in which they sign, and where more than one name appears, a majority must sign. If a corporation, this signature should be that of an authorized officer who should state his or her title. | ||||||
Signature [PLEASE SIGN WITHIN BOX] | Date | Signature [Joint Owners] | Date | |||
Important Notice Regarding the Availability of Proxy Materials for the Shareholder Meeting:
The Notice of Special Meeting of Shareholders and Proxy Statement are available at www.proxyvote.com.
M62760-S09932
FEDERATED FAMILY OF FUNDS SPECIAL MEETING OF SHAREHOLDERS TO BE HELD ON OCTOBER 28, 2013 KNOW ALL PERSONS BY THESE PRESENTSthat the undersigned hereby designates and appoints Leslie K. Ross, George F. Magera, Todd P. Zerega, Sarah L. Eddy, Erin J. Dugan, Maureen A. Ferguson, Cathy Ryan, Heidi Loeffert and Kim Lieb, each having full power to act alone and of substitution, as proxies to act at the Special Meeting of Shareholders (the "Special Meeting") to be held on October 28, 2013 at Federated Investors Funds, 4000 Ericsson Drive, Warrendale, Pennsylvania, 15086-7561, at 10:00 a.m. (Eastern Time), and at any adjournment or postponement thereof. The attorneys named are authorized to vote the shares held of record by the undersigned on August 29, 2013 in accordance with the choices made on this ballot. If this proxy is executed and returned in time and no choice is indicated as to an item, this proxy will be voted affirmatively on such matter.Discretionary authority is hereby conferred as to all other matters as may properly come before the Special Meeting or any adjournment or postponement thereof. THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS/TRUSTEES OF THE FUND. THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED "FOR" THE PROPOSAL. PLEASE SIGN AND DATE ON THE REVERSE SIDE. |
*** Exercise YourRight to Vote ***
Important Notice Regarding the Availability of Proxy Materials for the
Shareholder Meeting to Be Held on October 28, 2013.
FEDERATED INVESTORS FUNDS | Meeting Information Meeting Type: Special Meeting For holders as of:August 29, 2013 Date:October 28, 2013 Time:10:00 AM (Eastern Time) Location:Federated Investors Funds 4000 Ericsson Drive Warrendale, Pennsylvania 15086-7561 For directions to attend the meeting and vote in person, please call 1-800-341-7400 | |
PROXY TABULATOR P.O. BOX 9112 FARMINGDALE, NY 11735 | You are receiving this communication because you hold shares in the fund named above. This is not a ballot. You cannot use this notice to vote these shares. This communication presents only an overview of the more complete proxy materials that are available to you on the Internet. You may view the proxy materials online atwww.proxyvote.com or easily request a paper copy (see reverse side). We encourage you to access and review all of the important information contained in the proxy materials before voting. | |
See the reverse side of this notice to obtain proxy materials and voting instructions. |
M62777-S10184
— Before You Vote —
How to Access the Proxy Materials
Proxy Materials Available to VIEW or RECEIVE: Notice of Special Meeting of Shareholders, Proxy Card and Proxy Statement How to View Online: Have the information that is printed in the box marked by the arrow (located on the following page) and visit:www.proxyvote.com. How to Request and Receive a PAPER or E-MAIL Copy: If you want to receive a paper or e-mail copy of these documents, you must request one. There is NO charge for requesting a copy. Please choose one of the following methods to make your request: 1)BY INTERNET: www.proxyvote.com 2)BY TELEPHONE: 1-800-579-1639 3)BY E-MAIL*: sendmaterial@proxyvote.com * If requesting materials by e-mail, please send a blank e-mail with the information that is printed in the box marked by the arrow(located on the following page) in the subject line. Requests, instructions and other inquiries sent to this e-mail address will NOT be forwarded to your investment advisor. Please make the request as instructed above on or before October 15, 2013 to facilitate timely delivery. |
— How To Vote —
Please Choose One of the Following Voting Methods
Vote In Person:Many shareholder meetings have attendance requirements including, but not limited to, the possessionof an attendance ticket issued by the entity holding the meeting. Please check the meeting materials for any special requirements for meeting attendance. At the meeting, you will need to request a ballot to vote these shares. Vote By Internet:To vote now by Internet, go towww.proxyvote.com.Have the information that is printed in the boxmarked by the arrow (located on the following page) available and follow the instructions. Vote By Mail:You can vote by mail by requesting a paper copy of the materials, which will include a proxy card. |
M62778-S10184
Voting Items |
THE BOARD OF DIRECTORS OF FEDERATED HIGH
INCOME BOND FUND, INC. THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE
MANNER DIRECTED BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS
PROXY WILL BE VOTED "FOR" THE PROPOSALS.
BY CHECKING THE BOX "FOR" BELOW, YOU WILLDIRECTORS/TRUSTEES RECOMMENDS A VOTE TO APPROVEFOR EACH OF THE PROPOSED
ITEMS IN THIS PROXY,FOLLOWING NOMINEES:
1. | PROPOSAL TO ELECT THE DIRECTOR/TRUSTEE NOMINEES |
01) John T. Collins
02) Maureen Lally-Green
03) Thomas M. O'Neill
04) P. Jerome Richey
THE PROXIES ARE AUTHORIZED AND RESERVE THE RIGHT TO ELECTVOTE UPON SUCH OTHER MATTERS AS MAY PROPERLY COME BEFORE THE SPECIAL MEETING OR ANY ADJOURNMENT OR POSTPONEMENT THEREOF.
M62779-S10184
*** Exercise YourRight to Vote ***
Important Notice Regarding the Availability of Proxy Materials for the
Shareholder Meeting to Be Held on October 28, 2013.
FEDERATED INVESTORS FUNDS | Meeting Information Meeting Type: Special Meeting For holders as of:August 29, 2013 Date:October 28, 2013 Time:10:00 AM (Eastern Time) Location:Federated Investors Funds 4000 Ericsson Drive Warrendale, Pennsylvania 15086-7561 For directions to attend the meeting and vote in person, please call 1-800-341-7400 | |
PROXY TABULATOR P.O. BOX 9112 FARMINGDALE, NY 11735 | You are receiving this communication because you hold shares in the fund named above. This is not a ballot. You cannot use this notice to vote these shares. This communication presents only an overview of the more complete proxy materials that are available to you on the Internet. You may view the proxy materials online atwww.proxyvote.com or easily request a paper copy (see reverse side). We encourage you to access and review all of the important information contained in the proxy materials before voting. | |
See the reverse side of this notice to obtain proxy materials and voting instructions. |
M62777-S10184
— Before You Vote —
How to Access the Proxy Materials
Proxy Materials Available to VIEW or RECEIVE: Notice of Special Meeting of Shareholders, Proxy Card and Proxy Statement How to View Online: Have the information that is printed in the box marked by the arrow (located on the following page) and visit:www.proxyvote.com. How to Request and Receive a PAPER or E-MAIL Copy: If you want to receive a paper or e-mail copy of these documents, you must request one. There is NO charge for requesting a copy. Please choose one of the following methods to make your request: 1)BY INTERNET: www.proxyvote.com 2)BY TELEPHONE: 1-800-579-1639 3)BY E-MAIL*: sendmaterial@proxyvote.com * If requesting materials by e-mail, please send a blank e-mail with the information that is printed in the box marked by the arrow (located on the following page) in the subject line. Requests, instructions and other inquiries sent to this e-mail address will NOT be forwarded to your investment advisor. Please make the request as instructed above on or before October 15, 2013 to facilitate timely delivery. |
— How To Vote —
Please Choose One of the Following Voting Methods
Vote In Person:Many shareholder meetings have attendance requirements including, but not limited to, the possessionof an attendance ticket issued by the entity holding the meeting. Please check the meeting materials for any special requirements for meeting attendance. At the meeting, you will need to request a ballot to vote these shares. Vote By Internet:To vote now by Internet, go towww.proxyvote.com.Have the information that is printed in the boxmarked by the arrow (located on the following page) available and follow the instructions. Vote By Mail:You can vote by mail by requesting a paper copy of the materials, which will include a proxy card. |
M62778-S10184
Voting Items |
THE BOARD OF DIRECTORS/TRUSTEES RECOMMENDS A VOTEFOR EACH OF THE NOMINEES AS DIRECTORS OF FOLLOWING NOMINEES:
1. | PROPOSAL TO ELECT THE DIRECTOR/TRUSTEE NOMINEES |
01) John T. Collins
02) Maureen Lally-Green
03) P. Jerome Richey
THE FUND
FOR [ ]
PROPOSAL 1 TO ELECT THOMAS G. BIGLEY, NICHOLAS P. CONSTANTAKIS,
JOHN F. CUNNINGHAM, CHARLES F. MANSFIELD, JR.,
JOHN E. MURRAY, JR.PROXIES ARE AUTHORIZED AND JOHN S. WALSH AS DIRECTORS OFRESERVE THE FUND
FOR [ ]
AGAINST [ ]
WITHHOLD AUTHORITYRIGHT TO VOTE [ ]
FOR ALL EXCEPT [ ]
If you do not wish your sharesUPON SUCH OTHER MATTERS AS MAY PROPERLY COME BEFORE THE SPECIAL MEETING OR ANY ADJOURNMENT OR POSTPONEMENT THEREOF.
M62780-S10184
*** Exercise YourRight to be voted "FOR" a
particular nominee, markVote ***
Important Notice Regarding the "For All Except" box and
strike a line through the nameAvailability of each nominee for
whom you are NOT voting. Your shares will be votedProxy Materials for the remaining nominees.
PROPOSAL 2 TO MAKE CHANGES TO THE FUND'S FUNDAMENTAL INVESTMENT POLICIES:
APPROVAL OF ALL PROPOSED CHANGES TO THE FUND'S FUNDAMENTAL
INVESTMENT POLICIES
FOR [ ]
AGAINST [ ]
ABSTAIN [ ]
Shareholder Meeting to Be Held on October 28, 2013.
FEDERATED INVESTORS FUNDS | Meeting Information Meeting Type: Special Meeting For holders as of:August 29, 2013 Date:October 28, 2013 Time:10:00 AM (Eastern Time) Location:Federated Investors Funds 4000 Ericsson Drive Warrendale, Pennsylvania 15086-7561 For directions to attend the meeting and vote in person, please call 1-800-341-7400 | |
PROXY TABULATOR P.O. BOX 9112 FARMINGDALE, NY 11735 | You are receiving this communication because you hold shares in the fund named above. This is not a ballot. You cannot use this notice to vote these shares. This communication presents only an overview of the more complete proxy materials that are available to you on the Internet. You may view the proxy materials online atwww.proxyvote.com or easily request a paper copy (see reverse side). We encourage you to access and review all of the important information contained in the proxy materials before voting. | |
See the reverse side of this notice to obtain proxy materials and voting instructions. |
M62777-S10184
— Before You Vote —
How to Access the Proxy Materials
Proxy Materials Available to VIEW or RECEIVE: Notice of Special Meeting of Shareholders, Proxy Card and Proxy Statement How to View Online: Have the information that is printed in the box marked by the arrow (located on the following page) and visit:www.proxyvote.com. How to Request and Receive a PAPER or E-MAIL Copy: If you want to receive a paper or e-mail copy of these documents, you must request one. There is NO charge for requesting a copy. Please choose one of the following methods to make your request: 1)BY INTERNET: www.proxyvote.com 2)BY TELEPHONE: 1-800-579-1639 3)BY E-MAIL*: sendmaterial@proxyvote.com * If requesting materials by e-mail, please send a blank e-mail with the information that is printed in the box marked by the arrow (located on the following page) in the subject line. Requests, instructions and other inquiries sent to this e-mail address will NOT be forwarded to your investment advisor. Please make the request as instructed above on or before October 15, 2013 to facilitate timely delivery. |
— How To vote against the proposed changes to one or moreVote —
Please Choose One of the specific fundamental investment policies, but to approve all
others, indicate the number(s) (as set forth in the Proxy
Statement) of the investment policy(ies) you do not want to
change on the line below. Please see the Notice of the Proxy
Statement for the Proposal topics.
PROPOSAL 3 TO ELIMINATE CERTAIN OF THE FUND'S FUNDAMENTAL INVESTMENT POLICIES:
APPROVAL OF THE EIGHT PROPOSED ELIMINATIONS OF THE FUND'S
FUNDAMENTAL INVESTMENT POLICIES
FOR [ ]
AGAINST [ ]
ABSTAIN [ ]
To vote against the proposed elimination of one or more of the
specific fundamental investment policies, but to approve the
elimination of the others, indicate the number(s) (as set forth
in the Proxy Statement) of the investment policy(ies) you do not
want to eliminate on the line below. Please see the Notice of the
Proxy Statement for the Proposal topics.
PROPOSAL 4: TO APPROVE AN AMENDMENT TO THE FUND'S ARTICLES OF
INCORPORATION TO PERMIT Following Voting Methods
Vote In Person:Many shareholder meetings have attendance requirements including, but not limited to, the possessionof an attendance ticket issued by the entity holding the meeting. Please check the meeting materials for any special requirements for meeting attendance. At the meeting, you will need to request a ballot to vote these shares. Vote By Internet:To vote now by Internet, go towww.proxyvote.com.Have the information that is printed in the boxmarked by the arrow (located on the following page) available and follow the instructions. Vote By Mail:You can vote by mail by requesting a paper copy of the materials, which will include a proxy card. |
M62778-S10184
Voting Items |
THE BOARD OF DIRECTORS TO LIQUIDATE
ASSETSDIRECTORS/TRUSTEES RECOMMENDS A VOTEFOR EACH OF THE FUNDFOLLOWING NOMINEES:
1. | PROPOSAL TO ELECT THE DIRECTOR/TRUSTEE NOMINEES |
01) J. Christopher Donahue
02) John T. Collins
03) Maureen Lally-Green
04) Thomas M. O'Neill
05) P. Jerome Richey
THE PROXIES ARE AUTHORIZED AND RESERVE THE RIGHT TO VOTE UPON SUCH OTHER MATTERS AS MAY PROPERLY COME BEFORE THE SPECIAL MEETING OR A CLASS WITHOUT SEEKING SHAREHOLDER
APPROVAL TO THE EXTENT PERMITTED UNDER MARYLAND LAW
FOR [ ]
AGAINST [ ]
ABSTAIN [ ]
YOUR VOTE IS IMPORTANT
ANY ADJOURNMENT OR POSTPONEMENT THEREOF.
M62781-S10184
*** Exercise YourRight to Vote ***
Important Notice Regarding the Availability of Proxy Materials for the
Shareholder Meeting to Be Held on October 28, 2013.
FEDERATED INVESTORS FUNDS | Meeting Information Meeting Type: Special Meeting For holders as of:August 29, 2013 Date:October 28, 2013 Time:10:00 AM (Eastern Time) Location:Federated Investors Funds 4000 Ericsson Drive Warrendale, Pennsylvania 15086-7561 For directions to attend the meeting and vote in person, please call 1-800-341-7400 | |
PROXY TABULATOR P.O. BOX 9112 FARMINGDALE, NY 11735 | You are receiving this communication because you hold shares in the fund named above. This is not a ballot. You cannot use this notice to vote these shares. This communication presents only an overview of the more complete proxy materials that are available to you on the Internet. You may view the proxy materials online atwww.proxyvote.com or easily request a paper copy (see reverse side). We encourage you to access and review all of the important information contained in the proxy materials before voting. | |
See the reverse side of this notice to obtain proxy materials and voting instructions. |
M62777-S10184
— Before You Vote —
How to Access the Proxy Materials
Proxy Materials Available to VIEW or RECEIVE: Notice of Special Meeting of Shareholders, Proxy Card and Proxy Statement How to View Online: Have the information that is printed in the box marked by the arrow (located on the following page) and visit:www.proxyvote.com. How to Request and Receive a PAPER or E-MAIL Copy: If you want to receive a paper or e-mail copy of these documents, you must request one. There is NO charge for requesting a copy. Please choose one of the following methods to make your request: 1)BY INTERNET: www.proxyvote.com 2)BY TELEPHONE: 1-800-579-1639 3)BY E-MAIL*: sendmaterial@proxyvote.com * If requesting materials by e-mail, please send a blank e-mail with the information that is printed in the box marked by the arrow (located on the following page) in the subject line. Requests, instructions and other inquiries sent to this e-mail address will NOT be forwarded to your investment advisor. Please make the request as instructed above on or before October 15, 2013 to facilitate timely delivery. |
— How To Vote —
Please complete, sign
and return this card
as soon as possible.
Dated
Signature
Signature (Joint Owners)
Please sign this proxy exactly as your name appears on the booksChoose One of the Fund.
Joint owners should each sign personally. Directors and other fiduciaries should
indicate the capacity in which they sign, and where more than one name appears,
a majority must sign. If a corporation, this signature should be that of an
authorized officer who should state his or her title.
Following Voting Methods
Vote In Person:Many shareholder meetings have attendance requirements including, but not limited to, the possessionof an attendance ticket issued by the entity holding the meeting. Please check the meeting materials for any special requirements for meeting attendance. At the meeting, you will need to request a ballot to vote these shares. Vote By Internet:To vote now by Internet, go towww.proxyvote.com.Have the information that is printed in the boxmarked by the arrow (located on the following page) available and follow the instructions. Vote By Mail:You can vote by mail by requesting a paper copy of the materials, which will include a proxy card. |
M62778-S10184
Voting Items |
THE BOARD OF DIRECTORS/TRUSTEES RECOMMENDS A VOTEFOR EACH OF THE FOLLOWING NOMINEES:
1. | PROPOSAL TO ELECT THE DIRECTOR/TRUSTEE NOMINEES |
01) John T. Collins
02) P. Jerome Richey
THE PROXIES ARE AUTHORIZED AND RESERVE THE RIGHT TO VOTE UPON SUCH OTHER MATTERS AS MAY PROPERLY COME BEFORE THE SPECIAL MEETING OR ANY ADJOURNMENT OR POSTPONEMENT THEREOF.
M62782-S10184
M62783-S10184