Fund Governance

Federated Funds are committed to conducting business in accordance with the highest legal and ethical standards.

The Board of Directors of the Federated Funds (the Funds) has adopted an Audit Committee Charter to ensure that all officers, directors and employees of the Funds conduct themselves in a lawful and highly ethical manner. In accordance with the Audit Charter, Federated is committed to maintaining our strong internal practices and policies, as well as the high standards of financial accounting and reporting.

Contacting the Fund Board
Interested parties may contact the Board of Directors of the Federated Funds or its non-management directors to report certain matters of concern.

Additionally, interested parties may submit an Incident Report regarding accounting, auditing or other related matters. Federated employees may also submit an Incident Report by accessing the procedures available on the company's Intranet.

Confidential, anonymous contact with the Fund Board or its committees can be made by submitting an Incident Report at or calling 1-800-461-9330.