80 FR 44177 - 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

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 142 (July 24, 2015)

Page Range		44177-44178
FR Document		2015-18127

Federal Register, Volume 80 Issue 142 (Friday, July 24, 2015)

[Federal Register Volume 80, Number 142 (Friday, July 24, 2015)]
[Notices]
[Pages 44177-44178]
From the Federal Register Online  [www.thefederalregister.org]
[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

Federal Register / Vol. 80, No. 142 / Friday, July 24, 2015 / Notices 44177

higher fees to those Permit Holders that temporarily suspend such rule change if available publicly. All submissions
require more Exchange regulatory it appears to the Commission that such should refer to File Number SR–C2–
services based on the amount of action is necessary or appropriate in the 2015–019 and should be submitted on
customer options business they public interest, for the protection of or before August 14, 2015.
conduct. Regulating customer trading investors, or otherwise in furtherance of For the Commission, by the Division of
activity is much more labor intensive the purposes of the Act. If the Trading and Markets, pursuant to delegated
and requires greater expenditure of Commission takes such action, the authority.9
human and technical resources than Commission will institute proceedings Robert W. Errett,
regulating non-customer trading to determine whether the proposed rule Deputy Secretary.
activity, which tends to be more change should be approved or [FR Doc. 2015–18130 Filed 7–23–15; 8:45 am]
automated and less labor-intensive. As a disapproved.
BILLING CODE 8011–01–P
result, the costs associated with IV. Solicitation of Comments
administering the customer component
of the Exchange’s overall regulatory Interested persons are invited to
SECURITIES AND EXCHANGE
program are materially higher than the submit written data, views, and
COMMISSION
costs associated with administering the arguments concerning the foregoing,
non-customer component (e.g., Permit including whether the proposed rule Investment Company Act of 1940;
Holder proprietary transactions) of its change is consistent with the Act. Release No. 31719/July 20, 2015; Order
regulatory program.6 The Exchange Comments may be submitted by any of under Sections 6(c) and 17(b) of the
believes the proposed fee change is the following methods: Investment Company Act of 1940
equitable and not unfairly Electronic Comments
discriminatory in that it is charged to all • Use the Commission’s Internet
In the Matter of: Cash Trust Series, Inc.,
Permit Holders on all their transactions Federated Adjustable Rate Securities Fund,
comment form (http://www.sec.gov/ Federated Core Trust, Federated Core Trust
that clear in the customer range at the rules/sro.shtml); or II, L.P., Federated Core Trust III, Federated
OCC. • Send an email to rule-comments@ Enhanced Treasury Income Fund, Federated
B. Self-Regulatory Organization’s sec.gov. Please include File Number SR– Equity Funds, Federated Equity Income
Statement on Burden on Competition C2–2015–019 on the subject line. Fund, Inc., Federated Fixed Income
Securities, Inc., Federated Global Allocation
C2 does not believe that the proposed Paper Comments Fund, Federated Government Income
rule change will impose any burden on • Send paper comments in triplicate Securities, Inc., Federated Government
competition that is not necessary or to Secretary, Securities and Exchange Income Trust, Federated High Income Bond
appropriate in furtherance of the Fund, Inc., Federated High Yield Trust,
Commission, 100 F Street NE., Federated Income Securities Trust, Federated
purposes of the Act, because it applies Washington, DC 20549–1090. Index Trust, Federated Institutional Trust,
to all Permit Holders. The proposed All submissions should refer to File Federated Insurance Series, Federated
ORF is comparable to fees charged by Number SR–C2–2015–019. This file International Series, Inc., Federated
other options exchanges for the same or number should be included on the Investment Series Funds, Inc., Federated
similar service. The Exchange believes subject line if email is used. To help the MDT Series, Federated MDT Stock Trust,
any burden on competition imposed by Commission process and review your Federated Managed Pool Series, Federated
the proposed rule change is outweighed Municipal Securities Fund, Inc., Federated
comments more efficiently, please use Municipal Securities Income Trust,
by the need to help the Exchange only one method. The Commission will
adequately fund its regulatory activities Federated Premier Intermediate Municipal
post all comments on the Commission’s Income Fund, Federated Premier Municipal
to ensure compliance with the Exchange Internet Web site (http://www.sec.gov/ Income Fund, Federated Short-Intermediate
Act. rules/sro.shtml). Copies of the Duration Municipal Trust, Federated Total
C. Self-Regulatory Organization’s submission, all subsequent Return Government Bond Fund, Federated
amendments, all written statements Total Return Series, Inc., Federated U.S.
Statement on Comments on the Government Securities Fund: 1–3 Years,
Proposed Rule Change Received From with respect to the proposed rule Federated U.S. Government Securities Fund:
Members, Participants, or Others change that are filed with the 2–5 Years, Federated World Investment
The Exchange neither solicited nor Commission, and all written Series, Inc., Intermediate Municipal Trust,
received comments on the proposed communications relating to the Edward Jones Money Market Fund, Money
rule change. proposed rule change between the Market Obligations Trust, Federated
Commission and any person, other than Advisory Services Company, Federated
III. Date of Effectiveness of the those that may be withheld from the Equity Management Company of
Proposed Rule Change and Timing for public in accordance with the Pennsylvania, Federated Global Investment
Management Corp., Federated Investment
Commission Action provisions of 5 U.S.C. 552, will be Counseling, Federated Investment
The foregoing rule change has become available for Web site viewing and Management Company, Federated MDTA
effective pursuant to section 19(b)(3)(A) printing in the Commission’s Public LLC, Passport Research, Ltd., Federated
of the Act 7 and paragraph (f) of Rule Reference Room, 100 F Street NE., Securities Corp., c/o Peter Germain,
19b–4 8 thereunder. At any time within Washington, DC 20549 on official Federated Investors, Inc., Federated Investors
business days between the hours of Tower, 1001 Liberty Avenue, Pittsburgh, PA
60 days of the filing of the proposed rule
10:00 a.m. and 3:00 p.m. Copies of the 15222–3779, (File No. 812–1385–47).
asabaliauskas on DSK5VPTVN1PROD with NOTICES

change, the Commission summarily may
filing also will be available for Cash Trust Series, Inc., et al. filed an
6 Ifthe Exchange changes its method of funding inspection and copying at the principal application on March 1, 2011 and
regulation or if circumstances otherwise change in office of the Exchange. All comments amendments to the application on
the future, the Exchange may decide to modify the received will be posted without change; August 29, 2011, July 3, 2012, December
ORF or assess a separate regulatory fee on Permit
Holder proprietary transactions if the Exchange
the Commission does not edit personal 7, 2012, August 29, 2013, June 15, 2015
deems it advisable. identifying information from and June 22, 2015, requesting an order
7 15 U.S.C. 78s(b)(3)(A). submissions. You should submit only
8 17 CFR 240.19b–4(f). information that you wish to make 9 17 CFR 200.30–3(a)(12).

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Document Created: 2018-02-23 09:25:16
Document Modified: 2018-02-23 09:25:16

Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
FR Citation		80 FR 44177