Common use of Novak Clause in Contracts

Novak. Name: Richard A. Novax Xxxxx: Treasurer Xxxxxxx of the Trust Date: 12/28/06 Accepted By: /s/ Michael E. Hagerty Name: Michael E. Hagexxx Vice Presxxxxx State Street Bank and Trust Company Date: 12/29/06 Fund Entity Indicate trust name or if multiple trusts or series of a trust, attach a complete list Name Effective Date the trusts are to begin using Fair Value Pricing Source at SSC Date Fair Value Name of Fair Value Pricing Source to be used Pricing Source Market Name of Trigger used to determine when to invoke Fair Value Pricing procedures, i.e., S&P 500, Nikkei Trigger(s) Timing of A specific time at which the Trigger determines Fair Value Pricing procedures should be initiated, i.e., Japan close to Trigger(s) 4 PM EST (Nikkei Futures), 4 PM EST prior day to 4 PM EST current day (S&P500) Threshold Minimum percentage of movement of designated Trigger to determine that a request for authorization should occur to to Invoke invoke Fair Value. Fair Value Authorized Provide signature of the Trust Officer authorizing the completion of the Fair Value Pricing Authorization Form By Accepted By Provide signature of a Vice President from State Street Fund Group accepting the completion of the Fair Value Pricing Authorization Form EXHIBIT D COMPLIANCE PROCEDURES EXHIBIT COMPLIANCE PROCEDURES 1940 ACT PREFERRED SHARES ASSET COVERAGE SECTION 18(H) OF THE INVESTMENT COMPANY ACT OF 1940 "Asset coverage" of a class of senior security of an issuer which is a stock means the ratio which the value of the total assets of such issuer, less all liabilities and indebtedness not represented by senior securities, bears to the aggregate amount of senior securities representing indebtedness of such issuer plus the aggregate of the involuntary liquidation preference of such class of senior security which is a stock. The involuntary liquidation preference of a class of senior security which is a stock shall be deemed to mean the amount to which such class of senior security would be entitled on involuntary liquidation of the issuer in preference to a security junior to it. FREQUENCY: MONTHLY, as of the last business day of each month CALCULATION:Determine whether the Asset Coverage is at least 200% Total fund net assets + accrued unpaid dividends on pfd shs {divide} Value of senior securities representing indebtedness + + + liquidation preference on pfd shares + liquidation preference on pfd shs + value of senior securities representing indebtedness + accrued unpaid dividends on pfd shs = Asset Coverage Percentage > or = 200% = Fund Passes Test < 200% = Fund Fails Test TOLERANCE: State Street Fund Administration (SSFA) will complete the test on a monthly basis and report the results of the test to Federated Investors Inc. Once SSFA has notified Federated of the test results, Federated may impose certain restrictions on trading. CURE PERIOD: Should the Fund fail to maintain the 1940 Act Preferred Shares Asset Coverage as of a given Valuation Date (the last business day of each month), the cure date is as of the LAST business day of the month following such Valuation Date. PREFERRED SHARES BASIC MAINTENANCE AMOUNT: FREQUENCY: MONTHLY REPORTING DEADLINES:As of the Closing Time (February 18, 2003), on a pro forma basis assuming the receipt of the net proceeds from the sale of the AMPS and using portfolio holdings and valuations as of the close of business on any day not more than six business days prior to the Closing Time (provided that the total net assets of the Fund as of the Closing Time have not declined by more than 5% or more from such valuation date). [Note: Compliance as of the Closing Time (using portfolio holdings and valuations as of the Closing Time) with the Investment Company Act Preferred Shares Asset Coverage is also required. On the first business day after the date of original issue (i.e., February 18, 2003) of the preferred shares (by 5 pm ET); as of the close of business on original issue date On the seventh business day after each monthly Valuation Date (by 5 pm ET), as of the Valuation Date In instances of failure to satisfy Preferred Shares Basic Maintenance Amount as of any Valuation Date, on the seventh business day after the Preferred Shares Basic Maintenance Cure Date (Deadline = the 14th business day after the failure Valuation Date) (by 5 pm ET), as of the Preferred Shares Basic Maintenance Cure Date On the seventh business day after the Fund has redeemed Common Shares (by 5 pm ET) On the seventh business day after the ratio of the Discounted Value of (Fitch or Moody's) Eligible Assets to the Preferred Shares Basic Maintenance Amount as of any monthly Valuation Date is less than or equal to 105% (by 5 pm ET) [Note: This adds nothing to the existing requirement to furnish a report as of each Valuation Date]. On the seventh business day after a request by Moody's or Fitch (by 5pm ET), as of the date of such request On the second business day prior to the first day of a Special Rate Period (by 11 am ET), as of the third business day prior to the first day of the Special Rate Period and assuming for purposes of the calculation that (a) the Maximum Rate is the Maximum Rate on such third business day as if such day were the Auction date for the proposed Special Rate Period and (b) the Moody's and Fitch Discount Factors are determined by reference to an Exposure Period of 8 weeks.

Novak. Name: Richard A. Novax Novak Xxxxx: Treasurer Xxxxxxx of xf the Trust Date: 12/28/06 Accepted By: /s/ Michael E. Hagerty Name: Michael E. Hagexxx Hagertx Vice Presxxxxx Presidxxx State Street Bank and Trust Company Date: 12/29/06 Fund Entity Indicate trust name or if multiple trusts or series of a trust, attach a complete list Name Effective Date the trusts are to begin using Fair Value Pricing Source at SSC Date Fair Value Name of Fair Value Pricing Source to be used Pricing Source Market Name of Trigger used to determine when to invoke Fair Value Pricing procedures, i.e., S&P 500, Nikkei Trigger(s) Timing of A specific time at which the Trigger determines Fair Value Pricing procedures should be initiated, i.e., Japan close to Trigger(s) 4 PM EST (Nikkei Futures), 4 PM EST prior day to 4 PM EST current day (S&P500) Threshold Minimum percentage of movement of designated Trigger to determine that a request for authorization should occur to to Invoke invoke Fair Value. Fair Value Authorized Provide signature of the Trust Officer authorizing the completion of the Fair Value Pricing Authorization Form By Accepted By Provide signature of a Vice President from State Street Fund Group accepting the completion of the Fair Value Pricing Authorization Form EXHIBIT D COMPLIANCE PROCEDURES EXHIBIT COMPLIANCE PROCEDURES 1940 ACT PREFERRED SHARES ASSET COVERAGE SECTION 18(H) OF THE INVESTMENT COMPANY ACT OF 1940 "Asset coverage" of a class of senior security of an issuer which is a stock means the ratio which the value of the total assets of such issuer, less all liabilities and indebtedness not represented by senior securities, bears to the aggregate amount of senior securities representing indebtedness of such issuer plus the aggregate of the involuntary liquidation preference of such class of senior security which is a stock. The involuntary liquidation preference of a class of senior security which is a stock shall be deemed to mean the amount to which such class of senior security would be entitled on involuntary liquidation of the issuer in preference to a security junior to it. FREQUENCY: MONTHLY, as of the last business day of each month CALCULATION:Determine whether the Asset Coverage is at least 200% Total fund net assets + accrued unpaid dividends on pfd shs {divide} Value of senior securities representing indebtedness + + + liquidation preference on pfd shares + liquidation preference on pfd shs + value of senior securities representing indebtedness + accrued unpaid dividends on pfd shs = Asset Coverage Percentage > or = 200% = Fund Passes Test < 200% = Fund Fails Test TOLERANCE: State Street Fund Administration (SSFA) will complete the test on a monthly basis and report the results of the test to Federated Investors Inc. Once SSFA has notified Federated of the test results, Federated may impose certain restrictions on trading. CURE PERIOD: Should the Fund fail to maintain the 1940 Act Preferred Shares Asset Coverage as of a given Valuation Date (the last business day of each month), the cure date is as of the LAST business day of the month following such Valuation Date. PREFERRED SHARES BASIC MAINTENANCE AMOUNT: FREQUENCY: MONTHLY REPORTING DEADLINES:As of the Closing Time (February 18, 2003), on a pro forma basis assuming the receipt of the net proceeds from the sale of the AMPS and using portfolio holdings and valuations as of the close of business on any day not more than six business days prior to the Closing Time (provided that the total net assets of the Fund as of the Closing Time have not declined by more than 5% or more from such valuation date). [Note: Compliance as of the Closing Time (using portfolio holdings and valuations as of the Closing Time) with the Investment Company Act Preferred Shares Asset Coverage is also required. On the first business day after the date of original issue (i.e., February 18, 2003) of the preferred shares (by 5 pm ET); as of the close of business on original issue date On the seventh business day after each monthly Valuation Date (by 5 pm ET), as of the Valuation Date In instances of failure to satisfy Preferred Shares Basic Maintenance Amount as of any Valuation Date, on the seventh business day after the Preferred Shares Basic Maintenance Cure Date (Deadline = the 14th business day after the failure Valuation Date) (by 5 pm ET), as of the Preferred Shares Basic Maintenance Cure Date On the seventh business day after the Fund has redeemed Common Shares (by 5 pm ET) On the seventh business day after the ratio of the Discounted Value of (Fitch or Moody's) Eligible Assets to the Preferred Shares Basic Maintenance Amount as of any monthly Valuation Date is less than or equal to 105% (by 5 pm ET) [Note: This adds nothing to the existing requirement to furnish a report as of each Valuation Date]. On the seventh business day after a request by Moody's or Fitch (by 5pm ET), as of the date of such request On the second business day prior to the first day of a Special Rate Period (by 11 am ET), as of the third business day prior to the first day of the Special Rate Period and assuming for purposes of the calculation that (a) the Maximum Rate is the Maximum Rate on such third business day as if such day were the Auction date for the proposed Special Rate Period and (b) the Moody's and Fitch Discount Factors are determined by reference to an Exposure Period of 8 weeks.

Novak. Name: Richard A. Novax Novak Xxxxx: Treasurer Xreasurer Xxxxxxx of xx the Trust Date: 12/28/06 Accepted By: /s/ Michael E. Hagerty Name: Michael E. Hagexxx Hagerty Vice Presxxxxx Presidexx State Street Bank and Trust Company Date: 12/29/06 Fund Entity Indicate trust name or if multiple trusts or series of a trust, attach a complete list Name Effective Date the trusts are to begin using Fair Value Pricing Source at SSC Date Fair Value Name of Fair Value Pricing Source to be used Pricing Source Market Name of Trigger used to determine when to invoke Fair Value Pricing procedures, i.e., S&P 500, Nikkei Trigger(s) Timing of A specific time at which the Trigger determines Fair Value Pricing procedures should be initiated, i.e., Japan close to Trigger(s) 4 PM EST (Nikkei Futures), 4 PM EST prior day to 4 PM EST current day (S&P500) Threshold Minimum percentage of movement of designated Trigger to determine that a request for authorization should occur to to Invoke invoke Fair Value. Fair Value Authorized Provide signature of the Trust Officer authorizing the completion of the Fair Value Pricing Authorization Form By Accepted By Provide signature of a Vice President from State Street Fund Group accepting the completion of the Fair Value Pricing Authorization Form EXHIBIT D COMPLIANCE PROCEDURES EXHIBIT COMPLIANCE PROCEDURES 1940 ACT PREFERRED SHARES ASSET COVERAGE SECTION 18(H) OF THE INVESTMENT COMPANY ACT OF 1940 "Asset coverage" of a class of senior security of an issuer which is a stock means the ratio which the value of the total assets of such issuer, less all liabilities and indebtedness not represented by senior securities, bears to the aggregate amount of senior securities representing indebtedness of such issuer plus the aggregate of the involuntary liquidation preference of such class of senior security which is a stock. The involuntary liquidation preference of a class of senior security which is a stock shall be deemed to mean the amount to which such class of senior security would be entitled on involuntary liquidation of the issuer in preference to a security junior to it. FREQUENCY: MONTHLY, as of the last business day of each month CALCULATION:Determine whether the Asset Coverage is at least 200% Total fund net assets + accrued unpaid dividends on pfd shs {divide} Value of senior securities representing indebtedness + + + liquidation preference on pfd shares + liquidation preference on pfd shs + value of senior securities representing indebtedness + accrued unpaid dividends on pfd shs = Asset Coverage Percentage > or = 200% = Fund Passes Test < 200% = Fund Fails Test TOLERANCE: State Street Fund Administration (SSFA) will complete the test on a monthly basis and report the results of the test to Federated Investors Inc. Once SSFA has notified Federated of the test results, Federated may impose certain restrictions on trading. CURE PERIOD: Should the Fund fail to maintain the 1940 Act Preferred Shares Asset Coverage as of a given Valuation Date (the last business day of each month), the cure date is as of the LAST business day of the month following such Valuation Date. PREFERRED SHARES BASIC MAINTENANCE AMOUNT: FREQUENCY: MONTHLY REPORTING DEADLINES:As of the Closing Time (February 18, 2003), on a pro forma basis assuming the receipt of the net proceeds from the sale of the AMPS and using portfolio holdings and valuations as of the close of business on any day not more than six business days prior to the Closing Time (provided that the total net assets of the Fund as of the Closing Time have not declined by more than 5% or more from such valuation date). [Note: Compliance as of the Closing Time (using portfolio holdings and valuations as of the Closing Time) with the Investment Company Act Preferred Shares Asset Coverage is also required. On the first business day after the date of original issue (i.e., February 18, 2003) of the preferred shares (by 5 pm ET); as of the close of business on original issue date On the seventh business day after each monthly Valuation Date (by 5 pm ET), as of the Valuation Date In instances of failure to satisfy Preferred Shares Basic Maintenance Amount as of any Valuation Date, on the seventh business day after the Preferred Shares Basic Maintenance Cure Date (Deadline = the 14th business day after the failure Valuation Date) (by 5 pm ET), as of the Preferred Shares Basic Maintenance Cure Date On the seventh business day after the Fund has redeemed Common Shares (by 5 pm ET) On the seventh business day after the ratio of the Discounted Value of (Fitch or Moody's) Eligible Assets to the Preferred Shares Basic Maintenance Amount as of any monthly Valuation Date is less than or equal to 105% (by 5 pm ET) [Note: This adds nothing to the existing requirement to furnish a report as of each Valuation Date]. On the seventh business day after a request by Moody's or Fitch (by 5pm ET), as of the date of such request On the second business day prior to the first day of a Special Rate Period (by 11 am ET), as of the third business day prior to the first day of the Special Rate Period and assuming for purposes of the calculation that (a) the Maximum Rate is the Maximum Rate on such third business day as if such day were the Auction date for the proposed Special Rate Period and (b) the Moody's and Fitch Discount Factors are determined by reference to an Exposure Period of 8 weeks.

Novak. Name: Richard A. Novax Novak Xxxxx: Treasurer Xxxxxxx of the Trust Date: 12/28/06 Accepted By: /s/ Michael E. Hagerty Name: Michael E. Hagexxx Hagerxx Vice Presxxxxx Presixxxx State Street Bank and Trust Company Date: 12/29/06 Fund Entity Indicate trust name or if multiple trusts or series of a trust, attach a complete list Name Effective Date the trusts are to begin using Fair Value Pricing Source at SSC Date Fair Value Name of Fair Value Pricing Source to be used Pricing Source Market Name of Trigger used to determine when to invoke Fair Value Pricing procedures, i.e., S&P 500, Nikkei Trigger(s) Timing of A specific time at which the Trigger determines Fair Value Pricing procedures should be initiated, i.e., Japan close to Trigger(s) 4 PM EST (Nikkei Futures), 4 PM EST prior day to 4 PM EST current day (S&P500) Threshold Minimum percentage of movement of designated Trigger to determine that a request for authorization should occur to to Invoke invoke Fair Value. Fair Value Authorized Provide signature of the Trust Officer authorizing the completion of the Fair Value Pricing Authorization Form By Accepted By Provide signature of a Vice President from State Street Fund Group accepting the completion of the Fair Value Pricing Authorization Form EXHIBIT D COMPLIANCE PROCEDURES EXHIBIT COMPLIANCE PROCEDURES 1940 ACT PREFERRED SHARES ASSET COVERAGE SECTION 18(H) OF THE INVESTMENT COMPANY ACT OF 1940 "Asset coverage" of a class of senior security of an issuer which is a stock means the ratio which the value of the total assets of such issuer, less all liabilities and indebtedness not represented by senior securities, bears to the aggregate amount of senior securities representing indebtedness of such issuer plus the aggregate of the involuntary liquidation preference of such class of senior security which is a stock. The involuntary liquidation preference of a class of senior security which is a stock shall be deemed to mean the amount to which such class of senior security would be entitled on involuntary liquidation of the issuer in preference to a security junior to it. FREQUENCY: MONTHLY, as of the last business day of each month CALCULATION:Determine whether the Asset Coverage is at least 200% Total fund net assets + accrued unpaid dividends on pfd shs {divide} Value of senior securities representing indebtedness + + + liquidation preference on pfd shares + liquidation preference on pfd shs + value of senior securities representing indebtedness + accrued unpaid dividends on pfd shs = Asset Coverage Percentage > or = 200% = Fund Passes Test < 200% = Fund Fails Test TOLERANCE: State Street Fund Administration (SSFA) will complete the test on a monthly basis and report the results of the test to Federated Investors Inc. Once SSFA has notified Federated of the test results, Federated may impose certain restrictions on trading. CURE PERIOD: Should the Fund fail to maintain the 1940 Act Preferred Shares Asset Coverage as of a given Valuation Date (the last business day of each month), the cure date is as of the LAST business day of the month following such Valuation Date. PREFERRED SHARES BASIC MAINTENANCE AMOUNT: FREQUENCY: MONTHLY REPORTING DEADLINES:As of the Closing Time (February 18, 2003), on a pro forma basis assuming the receipt of the net proceeds from the sale of the AMPS and using portfolio holdings and valuations as of the close of business on any day not more than six business days prior to the Closing Time (provided that the total net assets of the Fund as of the Closing Time have not declined by more than 5% or more from such valuation date). [Note: Compliance as of the Closing Time (using portfolio holdings and valuations as of the Closing Time) with the Investment Company Act Preferred Shares Asset Coverage is also required. On the first business day after the date of original issue (i.e., February 18, 2003) of the preferred shares (by 5 pm ET); as of the close of business on original issue date On the seventh business day after each monthly Valuation Date (by 5 pm ET), as of the Valuation Date In instances of failure to satisfy Preferred Shares Basic Maintenance Amount as of any Valuation Date, on the seventh business day after the Preferred Shares Basic Maintenance Cure Date (Deadline = the 14th business day after the failure Valuation Date) (by 5 pm ET), as of the Preferred Shares Basic Maintenance Cure Date On the seventh business day after the Fund has redeemed Common Shares (by 5 pm ET) On the seventh business day after the ratio of the Discounted Value of (Fitch or Moody's) Eligible Assets to the Preferred Shares Basic Maintenance Amount as of any monthly Valuation Date is less than or equal to 105% (by 5 pm ET) [Note: This adds nothing to the existing requirement to furnish a report as of each Valuation Date]. On the seventh business day after a request by Moody's or Fitch (by 5pm ET), as of the date of such request On the second business day prior to the first day of a Special Rate Period (by 11 am ET), as of the third business day prior to the first day of the Special Rate Period and assuming for purposes of the calculation that (a) the Maximum Rate is the Maximum Rate on such third business day as if such day were the Auction date for the proposed Special Rate Period and (b) the Moody's and Fitch Discount Factors are determined by reference to an Exposure Period of 8 weeks.

Novak. Name: Richard A. Novax Novak Xxxxx: Treasurer Xxxxxxx of the Trust Date: 12/28/06 Accepted By: /s/ Michael E. Hagerty Name: Michael E. Hagexxx Hagerxx Vice Presxxxxx Presixxxx State Street Bank and Trust Company Date: 12/29/06 Fund Entity Indicate trust name or if multiple trusts or series of a trust, Name attach a complete list Name Effective Date the trusts are to begin using Fair Value Pricing Source at SSC Date Fair Value Name of Fair Value Pricing Source to be used Pricing Source Market Name of Trigger used to determine when to invoke Fair Value Pricing Pricingi Trigger(s) procedures, i.e., S&P 500, Nikkei Trigger(s) Nikke Timing of A specific time at which the Trigger determines Fair Value Pricing Trigger(s) procedures should be initiated, i.e., Japan close to Trigger(s) 4 PM EST (Nikkei Futures), 4 PM EST prior day to 4 PM EST current day (S&P500) Threshold Minimum percentage of movement of designated Trigger to determine to Invoke that a request for authorization should occur to to Invoke invoke Fair Value. Fair Value the Fair Value Pricing Authorization Form Authorized Provide signature of the Trust Officer authorizing the completion of the Fair Value Pricing Authorization Form By Accepted By Provide signature of a Vice President from State Street Fund Group accepting the completion of the Fair Value Pricing Authorization Form EXHIBIT D COMPLIANCE PROCEDURES EXHIBIT COMPLIANCE PROCEDURES 1940 ACT PREFERRED SHARES ASSET COVERAGE SECTION 18(H) OF THE INVESTMENT COMPANY ACT OF 1940 "Asset coverage" of a class of senior security of an issuer which is a stock means the ratio which the value of the total assets of such issuer, less all liabilities and indebtedness not represented by senior securities, bears to the aggregate amount of senior securities representing indebtedness of such issuer plus the aggregate of the involuntary liquidation preference of such class of senior security which is a stock. The involuntary liquidation preference of a class of senior security which is a stock shall be deemed to mean the amount to which such class of senior security would be entitled on involuntary liquidation of the issuer in preference to a security junior to it. FREQUENCY: MONTHLY, as of the last business day of each month CALCULATION:Determine whether the Asset Coverage is at least 200% Total fund net assets + accrued unpaid dividends on pfd shs {divide} Value of senior securities representing indebtedness + + + liquidation preference on pfd shares + liquidation preference on pfd shs + value of senior securities representing indebtedness + accrued unpaid dividends on pfd shs = Asset Coverage Percentage > or = 200% = Fund Passes Test < 200% = Fund Fails Test TOLERANCE: State Street Fund Administration (SSFA) will complete the test on a monthly basis and report the results of the test to Federated Investors Inc. Once SSFA has notified Federated of the test results, Federated may impose certain restrictions on trading. CURE PERIOD: Should the Fund fail to maintain the 1940 Act Preferred Shares Asset Coverage as of a given Valuation Date (the last business day of each month), the cure date is as of the LAST business day of the month following such Valuation Date. PREFERRED SHARES BASIC MAINTENANCE AMOUNT: FREQUENCY: MONTHLY REPORTING DEADLINES:As of the Closing Time (February 18, 2003), on a pro forma basis assuming the receipt of the net proceeds from the sale of the AMPS and using portfolio holdings and valuations as of the close of business on any day not more than six business days prior to the Closing Time (provided that the total net assets of the Fund as of the Closing Time have not declined by more than 5% or more from such valuation date). [Note: Compliance as of the Closing Time (using portfolio holdings and valuations as of the Closing Time) with the Investment Company Act Preferred Shares Asset Coverage is also required. On the first business day after the date of original issue (i.e., February 18, 2003) of the preferred shares (by 5 pm ET); as of the close of business on original issue date On the seventh business day after each monthly Valuation Date (by 5 pm ET), as of the Valuation Date In instances of failure to satisfy Preferred Shares Basic Maintenance Amount as of any Valuation Date, on the seventh business day after the Preferred Shares Basic Maintenance Cure Date (Deadline = the 14th business day after the failure Valuation Date) (by 5 pm ET), as of the Preferred Shares Basic Maintenance Cure Date On the seventh business day after the Fund has redeemed Common Shares (by 5 pm ET) On the seventh business day after the ratio of the Discounted Value of (Fitch or Moody's) Eligible Assets to the Preferred Shares Basic Maintenance Amount as of any monthly Valuation Date is less than or equal to 105% (by 5 pm ET) [Note: This adds nothing to the existing requirement to furnish a report as of each Valuation Date]. On the seventh business day after a request by Moody's or Fitch (by 5pm ET), as of the date of such request On the second business day prior to the first day of a Special Rate Period (by 11 am ET), as of the third business day prior to the first day of the Special Rate Period and assuming for purposes of the calculation that (a) the Maximum Rate is the Maximum Rate on such third business day as if such day were the Auction date for the proposed Special Rate Period and (b) the Moody's and Fitch Discount Factors are determined by reference to an Exposure Period of 8 weeks.

Novak. Name: Richard A. Novax Xxxxx Xxxxx: Treasurer Treasurex Xxxxxxx of the xx xxe Trust Date: 12/28/06 Accepted By: /s/ Michael E. Hagerty Name: Michael E. Hagexxx Vice Presxxxxx State Street Bank X. Xxxxxxx Xxxx Xresident Xxxxx Xxxxxx Xxxk and Trust Company Date: 12/29/06 Fund Entity Name Indicate trust name or if multiple trusts or series of a trust, attach a complete list Name Effective Date Date the trusts are to begin using Fair Value Pricing Source at SSC Date Fair Value Pricing Source Name of Fair Value Pricing Source to be used Pricing Source Market Trigger(s) Name of Trigger used to determine when to invoke Fair Value Pricing procedures, i.e., S&P 500, Nikkei Timing of Trigger(s) Timing of A specific time at which the Trigger determines Fair Value Pricing procedures should be initiated, i.e., Japan close to Trigger(s) 4 PM EST (Nikkei Futures), 4 PM EST prior day to 4 PM EST current day (S&P500) Threshold to Invoke Fair Value Minimum percentage of movement of designated Trigger to determine that a request for authorization should occur to to Invoke invoke Fair Value. Fair Value Authorized By Provide signature of the Trust Officer authorizing the completion of the Fair Value Pricing Authorization Form By Accepted By Provide signature of a Vice President from State Street Fund Group accepting the completion of the Fair Value Pricing Authorization Form EXHIBIT D COMPLIANCE PROCEDURES EXHIBIT COMPLIANCE PROCEDURES 1940 ACT PREFERRED SHARES ASSET COVERAGE SECTION 18(H) OF THE INVESTMENT COMPANY ACT OF 1940 "Asset coverage" of a class of senior security of an issuer which is a stock means the ratio which the value of the total assets of such issuer, less all liabilities and indebtedness not represented by senior securities, bears to the aggregate amount of senior securities representing indebtedness of such issuer plus the aggregate of the involuntary liquidation preference of such class of senior security which is a stock. The involuntary liquidation preference of a class of senior security which is a stock shall be deemed to mean the amount to which such class of senior security would be entitled on involuntary liquidation of the issuer in preference to a security junior to it. FREQUENCY: MONTHLY, as of the last business day of each month CALCULATION:Determine whether the Asset Coverage is at least 200% Total fund net assets + accrued unpaid dividends on pfd shs {divide} Value of senior securities representing indebtedness + + + liquidation preference on pfd shares + liquidation preference on pfd shs + value of senior securities representing indebtedness + accrued unpaid dividends on pfd shs = Asset Coverage Percentage > or = 200% = Fund Passes Test < 200% = Fund Fails Test TOLERANCE: State Street Fund Administration (SSFA) will complete the test on a monthly basis and report the results of the test to Federated Investors Inc. Once SSFA has notified Federated of the test results, Federated may impose certain restrictions on trading. CURE PERIOD: Should the Fund fail to maintain the 1940 Act Preferred Shares Asset Coverage as of a given Valuation Date (the last business day of each month), the cure date is as of the LAST business day of the month following such Valuation Date. PREFERRED SHARES BASIC MAINTENANCE AMOUNT: FREQUENCY: MONTHLY REPORTING DEADLINES:As of the Closing Time (February 18, 2003), on a pro forma basis assuming the receipt of the net proceeds from the sale of the AMPS and using portfolio holdings and valuations as of the close of business on any day not more than six business days prior to the Closing Time (provided that the total net assets of the Fund as of the Closing Time have not declined by more than 5% or more from such valuation date). [Note: Compliance as of the Closing Time (using portfolio holdings and valuations as of the Closing Time) with the Investment Company Act Preferred Shares Asset Coverage is also required. On the first business day after the date of original issue (i.e., February 18, 2003) of the preferred shares (by 5 pm ET); as of the close of business on original issue date On the seventh business day after each monthly Valuation Date (by 5 pm ET), as of the Valuation Date In instances of failure to satisfy Preferred Shares Basic Maintenance Amount as of any Valuation Date, on the seventh business day after the Preferred Shares Basic Maintenance Cure Date (Deadline = the 14th business day after the failure Valuation Date) (by 5 pm ET), as of the Preferred Shares Basic Maintenance Cure Date On the seventh business day after the Fund has redeemed Common Shares (by 5 pm ET) On the seventh business day after the ratio of the Discounted Value of (Fitch or Moody's) Eligible Assets to the Preferred Shares Basic Maintenance Amount as of any monthly Valuation Date is less than or equal to 105% (by 5 pm ET) [Note: This adds nothing to the existing requirement to furnish a report as of each Valuation Date]. On the seventh business day after a request by Moody's or Fitch (by 5pm ET), as of the date of such request On the second business day prior to the first day of a Special Rate Period (by 11 am ET), as of the third business day prior to the first day of the Special Rate Period and assuming for purposes of the calculation that (a) the Maximum Rate is the Maximum Rate on such third business day as if such day were the Auction date for the proposed Special Rate Period and (b) the Moody's and Fitch Discount Factors are determined by reference to an Exposure Period of 8 weeks.Procedures

Novak. Name: Richard A. Novax Novxx Xxxxx: Treasurer Xxxxxxx Xxxxxxr of the Trust Date: 12/28/06 Accepted By: /s/ Michael E. Hagerty Name: Michael E. Hagexxx Hagxxxx Vice Presxxxxx Prexxxxxx State Street Bank and Trust Company Date: 12/29/06 Fund Entity Indicate trust name or if multiple trusts or series of a trust, attach a complete list Name Effective Date the trusts are to begin using Fair Value Pricing Source at SSC Date Fair Value Name of Fair Value Pricing Source to be used Pricing Source Market Name of Trigger used to determine when to invoke Fair Value Pricing procedures, i.e., S&P 500, Nikkei Trigger(s) Timing of A specific time at which the Trigger determines Fair Value Pricing procedures should be initiated, i.e., Japan close to Trigger(s) 4 PM EST (Nikkei Futures), 4 PM EST prior day to 4 PM EST current day (S&P500) Threshold Minimum percentage of movement of designated Trigger to determine that a request for authorization should occur to to Invoke invoke Fair Value. Fair Value Authorized Provide signature of the Trust Officer authorizing the completion of the Fair Value Pricing Authorization Form By Accepted By Provide signature of a Vice President from State Street Fund Group accepting the completion of the Fair Value Pricing Authorization Form EXHIBIT D COMPLIANCE PROCEDURES EXHIBIT COMPLIANCE PROCEDURES 1940 ACT PREFERRED SHARES ASSET COVERAGE SECTION 18(H) OF THE INVESTMENT COMPANY ACT OF 1940 "Asset coverage" of a class of senior security of an issuer which is a stock means the ratio which the value of the total assets of such issuer, less all liabilities and indebtedness not represented by senior securities, bears to the aggregate amount of senior securities representing indebtedness of such issuer plus the aggregate of the involuntary liquidation preference of such class of senior security which is a stock. The involuntary liquidation preference of a class of senior security which is a stock shall be deemed to mean the amount to which such class of senior security would be entitled on involuntary liquidation of the issuer in preference to a security junior to it. FREQUENCY: MONTHLY, as of the last business day of each month CALCULATION:Determine whether the Asset Coverage is at least 200% Total fund net assets + accrued unpaid dividends on pfd shs {divide} Value of senior securities representing indebtedness + + + liquidation preference on pfd shares + liquidation preference on pfd shs + value of senior securities representing indebtedness + accrued unpaid dividends on pfd shs = Asset Coverage Percentage > or = 200% = Fund Passes Test < 200% = Fund Fails Test TOLERANCE: State Street Fund Administration (SSFA) will complete the test on a monthly basis and report the results of the test to Federated Investors Inc. Once SSFA has notified Federated of the test results, Federated may impose certain restrictions on trading. CURE PERIOD: Should the Fund fail to maintain the 1940 Act Preferred Shares Asset Coverage as of a given Valuation Date (the last business day of each month), the cure date is as of the LAST business day of the month following such Valuation Date. PREFERRED SHARES BASIC MAINTENANCE AMOUNT: FREQUENCY: MONTHLY REPORTING DEADLINES:As of the Closing Time (February 18, 2003), on a pro forma basis assuming the receipt of the net proceeds from the sale of the AMPS and using portfolio holdings and valuations as of the close of business on any day not more than six business days prior to the Closing Time (provided that the total net assets of the Fund as of the Closing Time have not declined by more than 5% or more from such valuation date). [Note: Compliance as of the Closing Time (using portfolio holdings and valuations as of the Closing Time) with the Investment Company Act Preferred Shares Asset Coverage is also required. On the first business day after the date of original issue (i.e., February 18, 2003) of the preferred shares (by 5 pm ET); as of the close of business on original issue date On the seventh business day after each monthly Valuation Date (by 5 pm ET), as of the Valuation Date In instances of failure to satisfy Preferred Shares Basic Maintenance Amount as of any Valuation Date, on the seventh business day after the Preferred Shares Basic Maintenance Cure Date (Deadline = the 14th business day after the failure Valuation Date) (by 5 pm ET), as of the Preferred Shares Basic Maintenance Cure Date On the seventh business day after the Fund has redeemed Common Shares (by 5 pm ET) On the seventh business day after the ratio of the Discounted Value of (Fitch or Moody's) Eligible Assets to the Preferred Shares Basic Maintenance Amount as of any monthly Valuation Date is less than or equal to 105% (by 5 pm ET) [Note: This adds nothing to the existing requirement to furnish a report as of each Valuation Date]. On the seventh business day after a request by Moody's or Fitch (by 5pm ET), as of the date of such request On the second business day prior to the first day of a Special Rate Period (by 11 am ET), as of the third business day prior to the first day of the Special Rate Period and assuming for purposes of the calculation that (a) the Maximum Rate is the Maximum Rate on such third business day as if such day were the Auction date for the proposed Special Rate Period and (b) the Moody's and Fitch Discount Factors are determined by reference to an Exposure Period of 8 weeks.