AMENDMENT TO DEALER AGREEMENT
The following is an amendment to the current Dealer Agreement between Dealer and
Federated Securities Corp. The parties hereby agree as follows:
1. Section 7(b)(iii) "Disruptive Activities" is deleted in its entirety and
replaced with the following:
"DISRUPTIVE ACTIVITIES. (A) Dealer shall not directly or indirectly offer,
adopt, implement, conduct or participate in any program, plan, arrangement,
advice or strategy FSC or the Funds reasonably deem to be harmful to
Shareholders or potentially disruptive to the management of the Funds, as
communicated to Institution by FSC in writing from time to time, or which
violates the policies and procedures of the Funds as disclosed in each
Fund's Prospectus; including without limitation, any activity involving
market timing, programmed transfer, frequent transfer and similar
investment programs. Dealer, at all times during the term of this
Agreement, shall have active, formal policies and procedures aimed at
deterring "market timers." Such policies and procedures shall provide for
Dealer's ongoing review of its customers' account activity and prescribe
effective actions to deter or detect and stop disruptive activities. In
addition, Dealer shall not knowingly permit any customer to invest in any
of the Funds if that customer has been identified to Dealer as a "market
timer" by another fund company. (B) With respect to Shares held by Dealer
on an omnibus basis with the Funds, Dealer shall upon FSC's request,
promptly provide the Taxpayer Identification Number of each shareholder
that purchased, redeemed, transferred or exchanged shares of a Fund (other
than money market funds) and the amount and dates of such shareholder
purchases, redemptions, transfers and exchanges and Dealer representative
name and branch location connected with such purchases, redemptions,
transfers and exchanges; and (C) Dealer shall follow FSC's instructions to
restrict or prohibit further purchases or exchanges of Shares by a
shareholder that has been identified by FSC as having engaged in
transactions of Shares (whether directly or through Dealer) that violate
the policies and procedures of the Funds as disclosed in each Fund's
Prospectus or that are deemed disruptive to the Funds as determined by FSC
in its sole discretion."
2. For purposes of Section 7(b)(iii), with respect to Shares held on behalf of
retirement plans, the term "Shareholder" includes a plan participant
notwithstanding that the plan may be deemed to be the beneficial owner of
the Shares.
3. The remaining terms of the Dealer Agreement shall continue in full force
and effect.
IN WITNESS WHEREOF, the Amendment has been executed as of the date set forth
below by a duly authorized officer of each party.
DEALER FEDERATED SECURITIES CORP.
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(print Dealer Name)
By: By:
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Name: Name:
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Title: Title:
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Date: Date:
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