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Federated Fund CEO Letter to Fund Shareholders

(PITTSBURGH, Pa., Nov. 28, 2005) —  

Dear Fellow Fund Shareholders:

I am pleased to report to you that Federated has reached an agreement with the U.S. Securities and Exchange Commission (SEC) and the New York State Attorney General (NYAG) to settle matters related to past mutual fund trading practices.

While these settlements close a difficult chapter in the company’s history, this experience has strengthened our resolve to deliver a culture of compliance to fund shareholders as well as superior investment management and client service. We have been focused from the start of this process on building investor confidence and have taken a number of actions to improve procedures and put in place new initiatives that reinforce our commitment to fund shareholders. These actions include implementing enhanced compliance training throughout the company, firmly defining already existing personal trading policies for investment personnel, launching an extensive compliance and development program for sales personnel and enhancing the compliance function.

I truly appreciate the patience and loyalty of our fund shareholders throughout this process. The actions we have taken have made Federated a stronger company and heightened our dedication to protecting the interests of our fund shareholders and helping them reach their financial goals.

Sincerely,

J. Christopher Donahue
President and Chief Executive Officer


 
 
 
 
 
 
 
 
 
 
 
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