[Federal Register Volume 80, Number 142 (Friday, July 24, 2015)]
[Notices]
[Pages 44177-44178]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-18127]


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SECURITIES AND EXCHANGE COMMISSION


Investment Company Act of 1940; Release No. 31719/July 20, 2015; 
Order under Sections 6(c) and 17(b) of the Investment Company Act of 
1940

    In the Matter of: Cash Trust Series, Inc., Federated Adjustable 
Rate Securities Fund, Federated Core Trust, Federated Core Trust II, 
L.P., Federated Core Trust III, Federated Enhanced Treasury Income 
Fund, Federated Equity Funds, Federated Equity Income Fund, Inc., 
Federated Fixed Income Securities, Inc., Federated Global Allocation 
Fund, Federated Government Income Securities, Inc., Federated 
Government Income Trust, Federated High Income Bond Fund, Inc., 
Federated High Yield Trust, Federated Income Securities Trust, 
Federated Index Trust, Federated Institutional Trust, Federated 
Insurance Series, 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 Premier Intermediate Municipal Income Fund, Federated 
Premier Municipal Income Fund, 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 Trust, Edward Jones Money Market Fund, Money 
Market Obligations Trust, Federated Advisory Services Company, 
Federated Equity Management Company of Pennsylvania, Federated 
Global Investment Management Corp., Federated Investment Counseling, 
Federated Investment Management Company, Federated MDTA LLC, 
Passport Research, Ltd., Federated Securities Corp., c/o Peter 
Germain, Federated Investors, Inc., Federated Investors Tower, 1001 
Liberty Avenue, Pittsburgh, PA 15222-3779, (File No. 812-1385-47).

    Cash Trust Series, Inc., et al. filed an application on March 1, 
2011 and amendments to the application on August 29, 2011, July 3, 
2012, December 7, 2012, August 29, 2013, June 15, 2015 and June 22, 
2015, requesting an order

[[Page 44178]]

under sections 6(c) and 17(b) of the Investment Company Act of 1940 
(the ``Act'') exempting applicants from section 17(a) of the Act. The 
order permits certain registered management investment companies to 
engage in certain primary and secondary market transactions in fixed-
income securities on a principal basis with certain broker-dealers and 
banks that are affiliated persons of the registered management 
investment companies solely by virtue of non-controlling ownership 
interests in such investment companies.
    On June 24, 2015, a notice of the filing of the application was 
issued (Investment Company Act Release No. 31697). The notice gave 
interested persons an opportunity to request a hearing and stated that 
an order granting the application would be issued unless a hearing was 
ordered. No request for a hearing has been filed, and the Commission 
has not ordered a hearing.
    The matter has been considered and it is found, on the basis of the 
information set forth in the application, as amended, that granting the 
requested exemption is appropriate in the public interest and 
consistent with the protection of investors and the purposes fairly 
intended by the policy and provisions of the Act.
    It is also found that the terms of the proposed transactions, 
including the consideration to be paid or received, are reasonable and 
fair and do not involve overreaching on the part of any person 
concerned, and that the proposed transactions are consistent with the 
policy of each registered investment company concerned and with the 
general purposes of the Act.
    Accordingly,
    It is ordered, under sections 6(c) and 17(b) of the Act, that the 
relief requested by Cash Trust Series Inc., et al. (File No. 812-13875-
47) is granted, effective immediately, subject to the conditions 
contained in the application, as amended.

    For the Commission, by the Division of Investment Management, 
under delegated authority.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-18127 Filed 7-23-15; 8:45 am]
 BILLING CODE 8011-01-P