EX-99.77B ACCT LTTR

Report of Independent Registered Public Accounting
Firm

To the Shareholders and Board of Directors of
Federated Municipal Bond Fund, Inc.:

In planning and performing our audit of the financial
statements of Federated Municipal Bond Fund, Inc. (the
"Fund") (formerly, Federated Municipal Securities
Fund, Inc.) as of and for the year ended March 31,
2018, in accordance with the standards of the Public
Company Accounting Oversight Board (United States), we
considered the Fund's internal control over financial
reporting, including controls over safeguarding
securities, as a basis for designing our auditing
procedures for the purpose of expressing our opinion
on the financial statements and to comply with the
requirements of Form N-SAR, but not for the purpose of
expressing an opinion on the effectiveness of the
Fund's internal control over financial reporting.
Accordingly, we express no such opinion.

The management of the Fund is responsible for
establishing and maintaining effective internal
control over financial reporting. In fulfilling this
responsibility, estimates and judgments by management
are required to assess the expected benefits and
related costs of controls. A company's internal
control over financial reporting is a process designed
to provide reasonable assurance regarding the
reliability of financial reporting and the preparation
of financial statements for external purposes in
accordance with generally accepted accounting
principles. A company's internal control over
financial reporting includes those policies and
procedures that (1) pertain to the maintenance of
records that,  in reasonable detail, accurately and
fairly reflect the transactions and dispositions of
the assets of the company; (2) provide reasonable
assurance that transactions are recorded as necessary
to permit preparation of financial statements in
accordance with generally accepted accounting
principles, and that receipts and expenditures of the
company are being made only in accordance with
authorizations of management and directors of the
company; and (3) provide reasonable assurance
regarding prevention or timely detection of
unauthorized acquisition, use or disposition of a
company's assets that could have a material effect on
the financial statements.

Because of its inherent limitations, internal control
over financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of
effectiveness to future periods are subject to the
risk that controls may become inadequate because of
changes in conditions, or that the degree of
compliance with the policies or procedures may
deteriorate.

A deficiency in internal control over financial
reporting exists when the design or operation of a
control does not allow management or employees, in the
normal course of performing their assigned functions,
to prevent or detect misstatements on a timely basis.
A material weakness is a deficiency, or a combination
of deficiencies, in internal control over financial
reporting, such that there is a reasonable possibility
that a material misstatement of the company's annual
or interim financial statements will not be prevented
or detected on a timely basis.



Our consideration of the Fund's internal control over
financial reporting was for the limited purpose
described in the first paragraph and would not
necessarily disclose all deficiencies in internal
control that might be material weaknesses under
standards established by the Public Company Accounting
Oversight Board (United States). However, we noted no
deficiencies in the Fund's internal control over
financial reporting and its operation, including
controls over safeguarding securities, that we
consider to be a material weakness as defined above as
of March 31, 2018.

This report is intended solely for the information and
use of management and the Board of Directors of the
Fund and the Securities and Exchange Commission and is
not intended to be and should not be used by anyone
other than these specified parties.


Ernst & Young LLP

Boston, Massachusetts
May 24, 2018

EX-99.77I NEW SECUR

SUB-ITEM 77I:  Terms of new or amended securities

77I(b) - Attached are the Class A Shares, Class B Shares, Class
C Shares, Class T Shares and Institutional/Wealth Shares
Exhibits to the Multiple Class Plan of Federated Municipal Bond
Fund, Inc. The information contained in the attached Exhibit
serves as the description of the Shares as required by this
Item.

EX-99.77Q1 OTHR EXHB

CLASS A SHARES EXHIBIT TO MULTIPLE CLASS PLAN (REVISED 03/01/18)

1.	SEPARATE ARRANGEMENT AND EXPENSE ALLOCATION

For purposes of Rule 18f-3 under the Act, the basic distribution
and shareholder servicing arrangement of the Class A Shares will
consist of sales and shareholder servicing by financial
intermediaries in consideration of the payment of a portion of
the applicable sales load ("dealer reallowance")and a
shareholder service fee. When indicated on the Schedule to this
Exhibit, the principal underwriter and financial intermediaries
may also receive payments for distribution and/or administrative
services under a 12b-1 Plan. In connection with this basic
arrangement, Class A Shares will bear the following fees and
expenses:

The information below is presented in the following manner:

Fees and Expenses:
Maximum Amount Allocated Class A Shares

Sales Load:
Up to 5.5% of the public offering price

Contingent Deferred Sales Charge ("CDSC"z):
0.00%

Shareholder Service Fee:
Up to 25 basis points (0.25%)
 of the average daily net asset value

12b-1 Fee:
As set forth in the attached Schedule

Redemption Fee:
As set forth in the attached Schedule

Other Expenses:
Itemized expenses incurred by the Fund
 with respect to holders of Class A Shares as
 described in Section 3 of the Plan

2.	CONVERSION AND EXCHANGE PRIVILEGES

For purposes of Rule 18f-3, Class A Shares have the
following conversion rights and exchange privileges at the
election of the shareholder:

Conversion Rights:
At the election of the shareholder, Class A
Shares that are not subject to a contingent
deferred sales charge ("CDSC") based upon the
redemption of a "Large Ticket" purchase made
within 24 months may be converted to any
other Share Class within the same Fund,
provided that shareholder meets the
eligibility requirements for the Share Class
into which the conversion is sought, as
applicable.

Exchange Privilege:
Class A Shares may be exchanged for Class A
Shares of any other Fund


In any exchange, the shareholder shall receive shares having the
same aggregate net asset value as the shares surrendered.
Exchanges to any other Class shall be treated in the same manner
as a redemption and purchase.



3.	EXCEPTIONS TO BASIC ARRANGEMENTS

For purposes of Rules 22d-1 and 6c-10 under the Act, unless
otherwise specified on the Schedule to this Exhibit, the
scheduled variations in sales loads and contingent deferred
sales charges are as follows:

(A)	BASIC SALES LOAD SCHEDULE

The basic schedule of sales loads for Class A Shares of Funds so
designated on the Schedule to this Exhibit is as follows:

Purchase Amount
Sales Load as a Percentage of Public Offering Price

Less than $50,000
5.50%

$50,000 but less than $100,000
4.50%

$100,000 but less than $250,000
3.75%

$250,000 but less than $500,000
2.50%

$500,000 but less than $1 million
2.00%

$1 million or greater
0.00%


(B)	FIXED INCOME SALES LOAD SCHEDULE

The schedule of sales loads for Class A Shares of Funds so
designated on the Schedule to this Exhibit is as follows:

Purchase Amount
Sales Charge as a Percentage of Public Offering Price

Less than $100,000
4.50%

$100,000 but less than $250,000
3.75%

$250,000 but less than $500,000
2.50%

$500,000 but less than $1 million
2.00%

$1 million or greater
0.00%

(C)	MODIFIED FIXED INCOME SALES LOAD SCHEDULE

The schedule of sales loads for Class A Shares of Funds so
designated on the Schedule to this Exhibit is as follows:

Purchase Amount
Sales Charge as a Percentage of Public Offering Price

Less than $250,000
1.00%

$250,000 or greater
0.00%

(D)	MONEY MARKET LOAD SCHEDULE

The Schedule of sales loads for Class A Shares of Funds so
designated on the Schedule to this Exhibit is as follows:

Purchase Amount
Sales Charge as a Percentage of Public Offering Price

All purchases
0.00%


(E)	ULTRASHORT BOND LOAD SCHEDULE

The Schedule of sales loads for Class A Shares of Funds so
designated on the Schedule to this Exhibit is as follows:

Purchase Amount
Sales Charge as a Percentage of Public Offering Price

Less than $50,000
2.00%

$50,000 but less than $100,000
1.75%

$100,000 but less than $250,000
1.50%

$250,000 +
0.00%

(F)	"LARGE TICKET" PURCHASES

Unless otherwise indicated on the Schedule to this Exhibit, a
financial intermediary that places an order to purchase
$1,000,000 or more of Class A Shares shall receive from the
principal underwriter an advance commission equal to 75 basis
points (0.75%) of the public offering price. In such event,
notwithstanding anything to the contrary in the Plan or this
Exhibit, such Class A Shares shall be subject to a contingent
deferred sales charge upon redemption within 24 months of
purchase equal to 75 basis points (0.75%) of the lesser of (x)
the purchase price of the Class A Shares or (y) the redemption
price of the Class A Shares. Any contingent deferred sales
charge received upon redemption of Class A Shares shall be paid
to the principal underwriter in consideration of the advance
commission.

(G)	REDUCING OR ELIMINATING THE SALES LOAD

Contingent upon notification to the Fund's principal underwriter
or transfer agent, in applying the exceptions set forth in this
Section 3, the purchase amount shall take into account:

*
Discounts achieved by combining concurrent purchases of
and/or current investment in Class A, Class B, Class C,
Class F, and Class R Shares, made or held by (or on
behalf of) the investor, the investor's spouse, and the
investor's children under age 21 (regardless of whether
the purchases or investments are made or held directly
or through an investment professional or through a
single-participant retirement account); provided that
such purchases and investments can be linked using tax
identification numbers (TINs), social security numbers
(SSNs), or Broker Identification Numbers (BINs); and
*
Letters of intent to purchase a certain amount of Class
A Shares within a thirteen month period.

	(H)	WAIVER OF SALES LOAD

	Continent upon notification to the Fund's Transfer Agent, no
sales load shall be assessed on purchases of Class A Shares
made:

*
	within 120 days of redeeming shares of an equal or
greater amount;
*
	through a program offered by a Financial Intermediary
that provides for the purchase of Shares without
imposition of a sales charge (for example, a wrap
account, self-directed brokerage account, retirement or
other fee-based program offered by the Financial
Intermediary) and where the Financial Intermediary has
agreed with the principal underwriter not to receive a
dealer reallowance on purchases under such program;
*
	with reinvested dividends or capital gains;
*
	or Class A Shares, issued in connection with the merger,
consolidation, or acquisition of the assets of another
fund.  Further, no sales load shall be assessed on
purchases of Shares made by a shareholder that
originally became a shareholder of a Federated Fund
pursuant to the terms of an agreement and plan of
reorganization which permits shareholders to acquire
Shares at NAV provided that such Shares are held
directly with the Fund's transfer agent.  If the Shares
are held through a financial intermediary the sales
charge waiver will not apply;
*
	by Federated Life Members (Federated shareholders who
originally were issued shares through the "Liberty
Account", which was an account for the Liberty Family of
Funds on February 28, 1987, or who invested through an
affinity group prior to August 1, 1987, into the Liberty
Account);
*
	by Directors, Trustees, employees, former employees and
sales representatives of the Fund, the Adviser, the
principal underwriter and their affiliates, employees of
any investment professional that sells Shares according
to a sales agreement with the principal underwriter, by
the immediate family members of the above persons, and
by trusts, pensions or profit-sharing plans for the
above persons; and
*
	pursuant to the exchange privilege.

 (I)	WAIVER OF CONTINGENT DEFFERED SALES CHARGE ON LARGE-TICKET
PURCHASES

Contingent upon notification to the Fund's principal underwriter
or transfer agent, the 75 basis point (0.75%) CDSC applicable in
connection with the "large-ticket" purchase program described
above, will not be imposed on redemptions:

*
	following the death of the last surviving shareholder or
post-purchase disability, as defined in Section 72(m)(7)
of the Internal Revenue Code of 1986;
*
	due to the termination of a trust following the death of
the trustor/grantor or beneficiary, provided that the
trust document specifically states that the trust is
terminated upon the death
*
	representing minimum required distributions ("RMD") from
an Individual Retirement Account or other retirement
plan as required under the Internal Revenue Code;
*
	of Shares that were reinvested within 120 days of a
previous redemption;
*
	of Shares held by the Directors, Trustees, employees,
former employees and sales representatives of the Fund,
the Adviser, the principal underwriter and their
affiliates, employees of any investment professional
that sells Shares according to a sales agreement with
the principal underwriter, by the immediate family
members of the above persons, and by trusts, pension or
profit-sharing plans for the above persons;
*
	of Shares originally purchased through a program offered
by a Financial Intermediary that provides for the
purchase of Shares without imposition of a sales charge
(for example, a wrap account, self-directed brokerage
account, retirement, or other fee-based program offered
by the Financial Intermediary) and where the Financial
Intermediary has agreed with the principal underwriter
not to receive an advanced commission on purchases under
such program;
*
	of Shares purchased with reinvested dividends or capital
gains;
*
	imposed by the Fund when it closes an account for not
meeting the minimum balance requirements; and
*
	of Shares which were purchased pursuant to an exchange
privilege if the Shares were held for the applicable
CDSC holding period.


(J)	SALES CHARGE WAIVERS FOR SHAREHOLDERS PURCHASING THROUGH
CERTAIN FINANCIAL INTERMEDIARIES

i.	MERRILL LYNCH

Effective April 10, 2017, shareholders purchasing Fund shares
through a Merrill Lynch platform or account will be eligible
only for the following front-end sales charge waivers and
shareholders redeeming Fund shares through a Merrill Lynch
platform or account (regardless of purchase date) will be
eligible only for the following contingent deferred, or back-
end, sales charge ("CDSC") waivers and discounts, which may
differ from those listed in Sections H and I above.

Front-end Sales Load Waivers on Class A Shares available at
Merrill Lynch

Employer-sponsored retirement, deferred compensation and employee
benefit plans (including health savings accounts) and trusts used
to fund those plans, provided that the shares are not held in a
commission-based brokerage account and shares are held for the
benefit of the plan
Shares purchased by or through a 529 Plan
Shares purchased through a Merrill Lynch affiliated investment
advisory program
Shares purchased by third party investment advisors on behalf of
their advisory clients through Merrill Lynch's platform
Shares of funds purchased through the Merrill Edge Self-Directed
platform
Shares purchased through reinvestment of capital gains
distributions and dividend reinvestment when purchasing shares of
the same fund (but not any other fund within the fund family)

Shares exchanged from Class C (i.e. level-load) shares of the same
fund in the month of or following the 10-year anniversary of the
purchase date
Employees and registered representatives of Merrill Lynch or its
affiliates and their family members
Directors or Trustees of the Fund, and employees of the Fund's
investment adviser or any of its affiliates, as described in the
this prospectus
Shares purchased from the proceeds of redemptions within the same
fund family, provided (1) the repurchase occurs within 90 days
following the redemption, (2) the redemption and purchase occur
in the same account, and (3) redeemed shares were subject to a
front-end or deferred sales load (known as Rights of
Reinstatement)


CDSC Waivers on A, B and C Shares available at Merrill Lynch

Death or disability of the shareholder
Shares sold as part of a systematic withdrawal plan as described
in the Fund's prospectus
Return of excess contributions from an IRA Account
Shares sold as part of a required minimum distribution for IRA
and retirement accounts due to the shareholder reaching age 701/2

Shares sold to pay Merrill Lynch fees but only if the transaction
is initiated by Merrill Lynch
Shares acquired through a right of reinstatement
Shares held in retirement brokerage accounts, that are converted
to a lower cost share class due to transfer to a fee based account
or platform (applicable to A and C shares only).  CDSC applicable
to shares converted for another class of shares through a fee
based individual retirement account on the Merrill Lynch platform
will be waived and Merrill Lynch will remit the portion of the
payment to be made to the Distributor equal to the number of
months remaining on the CDSC period divided by the total number
of months of the CDSC period.
Front-end load Discounts Available at Merrill Lynch:
Breakpoints, Rights of Accumulation & Letters of Intent

Breakpoints as described in this prospectus.
Rights of Accumulation (ROA) which entitle shareholders to
breakpoint discounts will be automatically calculated based on the
aggregated holding of fund family assets held by accounts within
the purchaser's household at Merrill Lynch. Eligible fund family
assets not held at Merrill Lynch may be included in the ROA
calculation only if the shareholder notifies his or her financial
advisor about such assets
Letters of Intent (LOI) which allow for breakpoint discounts
based on anticipated purchases within a fund family, through
Merrill Lynch, over a 13-month period of time

ii.
AMERIPRISE FINANCIAL

The following information applies to Class A shares purchases if
you have an account with or otherwise purchase Fund shares
through Ameriprise Financial:
Effective April 30, 2018, shareholders purchasing Fund shares
through an Ameriprise Financial [platform or] account will be
eligible for the following front-end sales charge waivers and
discounts, which may differ from those disclosed elsewhere in
this Fund's prospectus:
*	Employer-sponsored retirement plans (e.g., 401(k) plans,
457 plans, employer-sponsored 403(b) plans, profit
sharing and money purchase pension plans and defined
benefit plans). For purposes of this provision, employer-
sponsored retirement plans do not include SEP IRAs,
Simple IRAs or SAR-SEPs.
*	Shares purchased through an Ameriprise Financial
investment advisory program (if an Advisory or similar
share class for such investment advisory program is not
available).
*	Shares purchased by third party investment advisors on
behalf of their advisory clients through Ameriprise
Financial's platform (if an Advisory or similar share
class for such investment advisory program is not
available).
*	Shares purchased through reinvestment of capital gains
distributions and dividend reinvestment when purchasing
shares of the same Fund (but not any other fund within
the same fund family).
*	Shares exchanged from Class C shares of the same fund in
the month of or following the 10-year anniversary of the
purchase date. To the extent that this prospectus
elsewhere provides for a waiver with respect to such
shares following a shorter holding period, that waiver
will apply to exchanges following such shorter period. To
the extent that this prospectus elsewhere provides for a
waiver with respect to exchanges of Class C shares for
load waived shares, that waiver will also apply to such
exchanges.
*	Employees and registered representatives of Ameriprise
Financial or its affiliates and their immediate family
members.
*	Shares purchased by or through qualified accounts
(including IRAs, Coverdell Education Savings Accounts,
401(k)s, 403(b) TSCAs subject to ERISA and defined
benefit plans) that are held by a covered family member,
defined as an Ameriprise financial advisor and/or the
advisor's spouse, advisor's lineal ascendant (mother,
father, grandmother, grandfather, great grandmother,
great grandfather), advisor's lineal descendant (son,
step-son, daughter, step-daughter, grandson,
granddaughter, great grandson, great granddaughter) or
any spouse of a covered family member who is a lineal
descendant.
*	Shares purchased from the proceeds of redemptions within
the same fund family, provided (1) the repurchase occurs
within 90 days following the redemption, (2) the
redemption and purchase occur in the same account, and
(3) redeemed shares were subject to a front-end or
deferred sales load (i.e. Rights of Reinstatement).

iii.	MORGAN STANLEY SMITH BARNEY

Effective April 30, 2018, shareholders purchasing Fund shares
through a Morgan Stanley Wealth Management transactional
brokerage account will be eligible only for the following front-
end sales charge waivers with respect to Class A shares, which
may differ from and may be more limited than those disclosed
elsewhere in this Fund's Prospectus or SAI.
Front-end Sales Charge Waivers on Class A Shares available at
Morgan Stanley Wealth Management
*	Employer-sponsored retirement plans (e.g., 401(k) plans,
457 plans, employer-sponsored 403(b) plans, profit sharing
and money purchase pension plans and defined benefit
plans).  For purposes of this provision, employer-sponsored
retirement plans do not include SEP IRAs, Simple IRAs, SAR-
SEPs or Keogh plans
*	Morgan Stanley employee and employee-related accounts
according to Morgan Stanley's account linking rules
*	Shares purchased through reinvestment of dividends and
capital gains distributions when purchasing shares of the
same fund
*	Shares purchased through a Morgan Stanley self-directed
brokerage account
*	Class C (i.e., level-load) shares that are no longer
subject to a contingent deferred sales charge and are
exchanged to Class A shares of the same fund pursuant to
Morgan Stanley Wealth Management's intra-fund share class
exchange program
*	Shares purchased from the proceeds of redemptions within
the same fund family, provided (i) the repurchase occurs
within 90 days following the redemption, (ii) the
redemption and purchase occur in the same account, and
(iii) redeemed shares were subject to a front-end or
deferred sales charge.


4.	SPECIAL OFFER PROGRAM

[NOTE: The 30 month CDSC period connected with of this program
expired in September of 2002]
During the Special Offer Program which took place in March,
2000, the sales load was waived on purchases of Class A Shares
of Federated Aggressive Growth Fund, Federated Communications
Technology Fund, Federated Large Cap Growth Fund, and Federated
International Small Company Fund (the "Special Offer Funds").
Instead, the principal underwriter paid an advance commission of
2.00% of the offering price of the Special Offer Funds to
intermediaries participating in the Special Offer Program.
Class A Shares purchased through this Special Offer were subject
to a CDSC of 2.00% on redemptions which occurred within 30
months after the purchase, which amount was to be paid to the
principal underwriter in consideration for advancing the
commission to intermediaries.  Class A Shares of the Special
Offer Funds purchased during the Special Offer Program could be
exchanged with Class A Shares of other Special Offer Funds with
no imposition of a sales load or CDSC fee.  Class A Shares of
the Special Offer Funds purchased during the Special Offer
Program which were exchanged for Class A Shares of other Funds
during the 30 month CDSC period incurred the CDSC fee upon
redemption.  However, no sales load was charged for such an
exchange.

5.	REDEMPTION FEE

For purposes of Rule 11a-3 under the Act, any redemption fee
received upon the redemption or exchange of Class A Shares will
be applied to fees incurred or amount expended in connection
with such redemption or exchange.  The balance of any redemption
fees shall be paid to the Fund.

A Fund shall waive any redemption fee with respect to (i) non-
participant directed redemptions or exchanges involving Class A
Shares held in retirement plans established under Section 401(a)
or 401(k) of the Internal Revenue Code (the "Code"), custodial
plan accounts established under Section 493(b)(7) of the Code,
or deferred compensation plans established under Section 457 of
the Code; (ii) redemptions or exchanges involving Class A Shares
held in plans administered as college savings programs under
Section 529 of the Code; and (iii) Class A Shares redeemed due
to the death of the last surviving shareholder on the account.


SCHEDULE OF FUNDS
OFFERING CLASS A SHARES

The Funds set forth on this Schedule each offer Class A Shares
on the terms set forth in the Class A Shares Exhibit to the
Multiple Class Plan, in each case as indicated below.  The 12b-1
fees indicated are the maximum amounts authorized based on the
average daily net asset value.  Actual amounts accrued may be
less.

1.	CLASS A SHARES SUBJECT TO THE BASIC LOAD SCHEDULE

Multiple Class Company
Series
12b-1 Fee
Redemption Fee


Federated Equity Funds:

Federated Absolute Return Fund
0.05%
None
Federated Clover Small Value Fund
0.05%
None
Federated Global Strategic Value Dividend Fund
0.05%
None
Federated International Strategic Value Dividend Fund
0.05%
None
Federated Kaufmann Fund
0.25%
None
Federated Kaufmann Large Cap Fund
0.25%
None
Federated Kaufmann Small Cap Fund
0.25%
None
Federated MDT Mid-Cap Growth Fund
None
None
Federated Prudent Bear Fund
0.05%
None
Federated Strategic Value Dividend Fund
0.05%
None
Federated Equity Income Fund, Inc.
0.05%
None
Federated Global Allocation Fund
None
None



Federated High Yield Trust:

Federated Equity Advantage Fund
0.05%
None


Federated Income Securities Trust:

Federated Capital Income Fund
None
None
Federated Muni and Stock Advantage Fund
0.05%
None
Federated Real Return Bond Fund
0.05%
None


Federated MDT Series:

Federated MDT All Cap Core Fund
0.05%
None
Federated MDT Balanced Fund
0.05%
None
Federated MDT Large Cap Growth Fund
0.05%
None
Federated MDT Small Cap Core Fund
0.05%
None
Federated MDT Small Cap Growth Fund
0.05%
None


Federated MDT Equity Trust:

Federated MDT Large Cap Value Fund
0.00%
None


Federated World Investment Series, Inc.:

Federated International Leaders Fund
0.05%
None
Federated International Small-Mid Company Fund
0.25%
2% on shares redeemed or exchanged within 30 days of purchase


2.  CLASS A SHARES SUBJECT TO THE FIXED INCOME LOAD SCHEDULE

Multiple Class Company
Series
12b-1 Fee
Redemption Fee



Federated Fixed Income Securities, Inc.:

Federated Strategic Income Fund
None
None


Federated Government Income Securities, Inc.
0.05%
None


Federated High Income Bond Fund, Inc.
None
2% on shares redeemed or exchanged within 90 days of purchase


Federated High Yield Trust:
Federated High Yield Trust
0.05%
2% on shares redeemed or exchanged within 90 days of purchase



Federated Income Securities Trust:

Federated Fund for U.S. Government Securities
None
None


Federated International Series, Inc.:

Federated Global Total Return Bond fund
 (formerly Federated International Bond Fund)
0.25%
None


Federated Investment Series Funds, Inc.:

Federated Bond Fund
0.05%
None


Federated Municipal Bond Fund, Inc.:
None
None


Federated Municipal Securities Income Trust:

Federated Municipal High Yield Advantage Fund
0.05%
None
Federated Ohio Municipal Income Fund
0.05%
None
Federated Pennsylvania Municipal Income Fund
0.05%
None


Federated Total Return Series, Inc.:

Federated Total Return Bond Fund
0.25%
None


Federated World Investment Series, Inc.:

Federated Emerging Market Debt Fund
None
None

3.  CLASS A SHARES SUBJECT TO THE MODIFIED FIXED INCOME SALES LOAD
SCHEDULE

Multiple Class Company
Series
12b-1 Fee
Redemption Fee


Federated Income Securities Trust:

Federated Short-Term Income Fund
0.50%
None


Federated Institutional Trust:
Federated Short-Intermediate Total Return Bond Fund
0.10%
None


Federated Short-Intermediate Duration Municipal Trust
0.25%
None


4.	CLASS A SHARES SUBJECT TO THE MONEY MARKET LOAD SCHEDULE

Multiple Class Company
Series
12b-1 Fee
Redemption Fee


Money Market Obligations Trust:

Federated Government Reserves Fund
0.45%
None

5.	CLASS A SHARES SUBJECT TO THE ULTRASHORT BOND LOAD SCHEDULE

Multiple Class Company
Series
12b-1 Fee
Redemption Fee


Federated Fixed Income Securities, Inc.:

Federated Municipal Ultrashort Fund
0.25%
None


Federated Income Securities Trust:

Federated Floating Rate Strategic Income Fund
0.10%
None


Federated Institutional Trust:

Federated Government Ultrashort Duration Fund
0.25%
None


Federated Total Return Series, Inc.:

Federated Ultrashort Bond Fund
0.30%
None

6.	CLASS A SHARES NOT PARTICIPATING IN THE LARGE TICKET PURCHASE PROGRAM

Multiple Class Company
Series

Federated Fixed Income Securities, Inc.:
Federated Municipal Ultrashort Fund

Federated Income Securities Trust:
Federated Short-Term Income Fund
Federated Floating Rate Strategic Income Fund

Federated Institutional Trust:
Federated Government Ultrashort Duration Fund

Federated Short-Intermediate Duration Municipal Trust

Federated Total Return Series, Inc.:
Federated Ultrashort Bond Fund


CLASS B SHARES EXHIBIT
TO
MULTIPLE CLASS PLAN
(Revised 12/15/17)

1.	SEPARATE ARRANGEMENT AND EXPENSE ALLOCATION
For purposes of Rule 18f-3 under the Act, the basic distribution
and shareholder servicing arrangement of the Class B Shares will
consist of sales by financial intermediaries in consideration of
the payment of an advance commission paid by the principal
underwriter.  Financial intermediaries may perform shareholder
services and receive a shareholder service fee for their
services. In consideration of advancing commissions and/or the
provision of shareholder services, the principal underwriter may
receive the contingent deferred sales charges paid upon
redemption of Class B Shares, and/or shareholder service fees
and/or fees under a 12b-1 plan. In connection with this basic
arrangement, Class B Shares will bear the following fees and
expenses:

The information below is presented in the following manner:

Fees and Expenses:
Maximum Amount Allocated Class B Shares


Sales Load:
None

Contingent Deferred Sales Charge ("CDSC"):
Up to 5.5% of the share price at the time of
  purchase or redemption, whichever is lower

Shareholder Service Fee:
Up to 25 basis points (0.25%) of the average daily
  net asset value

12b-1 Fee:
Up to 75 basis points (0.75%) of the average daily
  net asset value

Redemption Fee:
  As set forth in the attached Schedule

Other Expenses:
Itemized expenses incurred by the Fund with
  respect to holders of Class B Shares as described
  in Section 3 of the Plan

2.	CONVERSION AND EXCHANGE PRIVILEGES
For purposes of Rule 18f-3, Class B Shares have the following
conversion rights and exchange privileges at the election of the
shareholder:

Conversion Rights:
After Class B Shares have been held for eight years
from the date of purchase, they will automatically
convert into Class A Shares.

Exchange Privilege:
Class B Shares may be exchanged for Class B Shares of
any other fund.


In any conversion or exchange, the shareholder shall receive
shares having the same aggregate net asset value as the shares
surrendered.  Exchanges to any other Class shall be treated in
the same manner as a redemption and purchase.



3.	EXCEPTIONS TO BASIC ARRANGEMENTS
For purposes of Rules 6c-10 and 22d-1 under the Act, unless
otherwise specified on the Schedule to this Exhibit, the
scheduled variations in contingent deferred sales charges
payable upon redemption are as follows:

(A) BASIC CDSC SCHEDULE

The information below is presented in the following manner:

Shares Held Up to:
Have A CDSC Of:

1 year
5.50 %

2 years
4.75 %

3 years
4.00 %

4 years
3.00 %

5 years
2.00 %

6 years
1.00 %

7 years
0.00 %

8 years
Convert to Class A Shares


	(B)	WAIVER OF CDSC
Contingent upon notification to the Fund's principal underwriter
or transfer agent, no CDSC will be imposed on redemptions:
*
following the death of the last surviving shareholder or
post-purchase disability, as defined in Section 72(m)(7) of
the Internal Revenue Code of 1986;
*
due to the termination of a trust following the death of the
trustor/grantor or beneficiary, provided that the trust
document specifically states that the trust is terminated
upon the death
*
representing minimum required distributions ("RMD") from an
Individual Retirement Account or other retirement plan as
required under the Internal Revenue Code;
*
of Shares that were reinvested within 120 days of a previous
redemption;
*
of Shares held by the Directors, Trustees, employees, former
employees and sales representatives of the Fund, the Adviser,
the principal underwriter and their affiliates, employees of
any investment professional that sells Shares according to a
sales agreement with the principal underwriter, by the
immediate family members of the above persons, and by trusts,
pension or profit-sharing plans for the above persons;
*
of Shares originally purchased through a program offered by a
Financial Intermediary that provides for the purchase of
Shares without imposition of a sales charge (for example, a
wrap account, self-directed brokerage account, retirement, or
other fee-based program offered by the Financial
Intermediary) and where the Financial Intermediary has agreed
with the principal underwriter not to receive an advanced
commission on purchases under such program;
*
of Shares purchased with reinvested dividends or capital
gains;
*
imposed by the Fund when it closes an account for not meeting
the minimum balance requirements; and
*
of Shares which were purchased pursuant to an exchange
privilege if the Shares were held for the applicable CDSC
holding period.

	(C) SYSTEMATIC WITHDRAWAL PROGRAM
Contingent upon notification to the principal underwriter or
the Fund's transfer agent, no CDSC will be imposed on
redemptions that are qualifying redemptions of Class B Shares
under a Systematic Withdrawal Program as described in the
applicable prospectus and statement of additional information.
 (B)  SALES CHARGE WAIVERS FOR SHAREHOLDERS PURCHASING THROUGH
CERTAIN FINANCIAL INTERMEDIARIES

Effective April 10, 2017, shareholders purchasing Fund shares
through a Merrill Lynch platform or account will be eligible
only for the following contingent deferred, or back-end, sales
charge ("CDSC") waivers and discounts, which may differ from
those disclosed in Section B above.

CDSC Waivers on A, B and C Shares available at Merrill Lynch

Death or disability of the shareholder
Shares sold as part of a systematic withdrawal plan as described
in the Fund's prospectus
Return of excess contributions from an IRA Account
Shares sold as part of a required minimum distribution for IRA
and retirement accounts due to the shareholder reaching age 701/2

Shares sold to pay Merrill Lynch fees but only if the transaction
is initiated by Merrill Lynch
Shares acquired through a right of reinstatement
Shares held in retirement brokerage accounts, that are converted
to a lower cost share class due to transfer to a fee based account
or platform (applicable to A and C shares only).  CDSC applicable
to shares converted for another class of shares through a fee
based individual retirement account on the Merrill Lynch platform
will be waived and Merrill Lynch will remit the portion of the
payment to be made to the Distributor equal to the number of
months remaining on the CDSC period divided by the total number of
months of the CDSC period.

4.	REDEMPTION FEE
For purposes of Rule 11a-3 under the Act, any redemption fee
received upon the redemption or exchange of Class B Shares will
be applied to fees incurred or amount expended in connection
with such redemption or exchange.  The balance of any redemption
fees shall be paid to the Fund.
A Fund shall waive any redemption fee with respect to (i) non-
participant directed redemptions or exchanges involving Class B
Shares held in retirement plans established under Section 401(a)
or 401(k) of the Internal Revenue Code (the "Code"), custodial
plan accounts established under Section 493(b)(7) of the Code,
or deferred compensation plans established under Section 457 of
the Code;  (ii) redemptions or exchanges involving Class B
Shares held in plans administered as college savings programs
under Section 529 of the Code; and (iii) Class B Shares redeemed
due to the death of the last surviving shareholder on the
account.



SCHEDULE OF FUNDS OFFERING CLASS B SHARES

The Funds set forth on this Schedule each offer Class B Shares
on the terms set forth in the Class B Shares Exhibit to the
Multiple Class Plan, in each case as indicated below.  The 12b-1
fees indicated are the maximum amounts authorized based on the
average daily net asset value.  Actual amounts accrued may be less.

CLASS B SHARES SUBJECT TO THE BASIC LOAD SCHEDULE

Multiple Class Company
Series
12b-1 Fee
Redemption Fee


Federated Equity Funds:

Federated Absolute Return Fund
0.75%
None
Federated Kaufmann Fund
0.75%
None
Federated Kaufmann Small Cap Fund
0.75%
None
Federated MDT Mid-Cap Growth Fund
0.75%
None


Federated Equity Income Fund, Inc.
0.75%
None


Federated Fixed Income Securities, Inc.:

Federated Strategic Income Fund
0.75%
None


Federated Global Allocation Fund
0.75%
None


Federated Government Income Securities, Inc.
0.75%
None


Federated High Income Bond Fund, Inc.
0.75%
2% on shares redeemed or exchanged within
  90 days of purchase


Federated Income Securities Trust:

Federated Capital Income Fund
0.75%
None
Federated Fund for U.S. Government Securities
0.75%
None
Federated Muni and Stock Advantage
Fund
0.75%
None


Federated International Series, Inc.:

Federated Global Total Return Bond Fund
(formerly Federated International Bond Fund)
0.75%
None



Federated Investment Series Funds, Inc.:

Federated Bond Fund
0.75%
None


CLASS B SHARES SUBJECT TO THE BASIC LOAD SCHEDULE (continued)

Multiple Class Company
Series
12b-1 Fee
Redemption Fee


Federated MDT Series:

Federated MDT Large Cap Growth Fund
0.75%
None
Federated MDT Small Cap Growth Fund
0.75%
None


Federated MDT Equity Trust:

Federated MDT Large Cap Value Fund
0.75%
None

Federated Municipal Bond Fund, Inc.
0.75%
None

Federated Municipal Securities Income Trust:

Federated Municipal High Yield Advantage Fund
0.75%
None
Federated Pennsylvania Municipal Income Fund
0.75%
None


Federated Total Return Series, Inc.:

Federated Total Return Bond Fund
0.75%
None


Federated World Investment Series, Inc.:

Federated Emerging Market Debt Fund
0.75%
None
Federated International Small-Mid Company Fund
0.75%
2% on shares redeemed or exchanged within 30 days of purchase

Federated International Leaders Fund
0.75%
None


Money Market Obligations Trust:

Federated Government Reserves Fund
0.75%
None



CLASS C SHARES EXHIBIT
TO
MULTIPLE CLASS PLAN
(REVISED 12/15/17)

1.	SEPARATE ARRANGEMENT AND EXPENSE ALLOCATION

For purposes of Rule 18f-3 under the Act, the basic distribution
and shareholder servicing arrangement of the Class C Shares will
consist of sales by financial intermediaries in consideration of
an advance commission of up to 1.00% of the public offering
price, paid by the principal underwriter. Financial
intermediaries may also provide shareholder services and may
receive shareholder services fees therefor.  Additionally, the
principal underwriter and financial intermediaries may receive
distribution and/or administrative service fees under the 12b-1
Plan. In cases where the principal underwriter has advanced a
commission to the financial intermediary, such 12b-1 fees will
be paid to the financial intermediary beginning in the
thirteenth month after purchase.  In consideration of advancing
commissions, the principal underwriter will receive the
contingent deferred sales charges paid upon redemption of Class
C Shares and payments made under the 12b-1 Plan for twelve
months following the purchase.  In connection with this basic
arrangement, Class C Shares will bear the following fees and
expenses:

The information below is presented in the following manner:

Fees and Expenses:
Maximum Amount Allocated Class C Shares

Contingent Deferred Sales Charge ("CDSC"):
1.00% of the share price at the time of
purchase or redemption, whichever is lower if
redeemed within twelve months following
purchase


Shareholder Service Fee:
Up to 25 basis points (0.25%) of the average
daily net asset value


12b-1 Fee:
As set forth in the attached Schedule


Redemption Fee:
As set forth in the attached Schedule


Other Expenses:
Itemized expenses incurred by the Fund with
respect to holders of Class C Shares as
described in Section 3 of the Plan

2.	CONVERSION AND EXCHANGE PRIVILEGES

For purposes of Rule 18f-3, Class C Shares have the following
conversion rights and exchange privileges at the election of the
shareholder:

Conversion Rights:
At the election of the shareholder, Class C
Shares that are not subject to a contingent
deferred sales charge ("CDSC") may be
converted to any other Share Class of the same
Fund, provided that the shareholder meets the
eligibility requirements for the Share Class
into which the conversion is sought, as
applicable. For Class C Shares purchased
through a financial intermediary after (DATE),
such shares may only be converted to another
Share Class of the same Fund if: (i) the Class
C Shares are no longer subject to a CDSC or
the financial intermediary agrees to reimburse
the Fund's distributor the CDSC otherwise
payable upon the sale of such Class C Shares;
(ii) the shareholder meets the investment
minimum and eligibility requirements for the
Share Class into which the conversion is
sought, as applicable; and (iii) (A) the
conversion is made to facilitate the
shareholder's participation in a self-directed
brokerage account for a fee-based advisory
program offered by the intermediary, or (B)
the conversion is part of a multiple-client
transaction through a particular financial
intermediary as pre-approved by the Fund's
Administrator.

Exchange Privileges:
Class C Shares may be exchanged for Class C
Shares of any other Fund.
In any exchange, the shareholder shall receive shares having the
same aggregate net asset value as the shares surrendered.
Exchanges to any other Class shall be treated in the same manner
as a redemption and purchase.

3.	EXCEPTIONS TO BASIC ARRANGEMENTS

For purposes of Rules 22d-1 and 6c-10 under the Act, unless
otherwise specified on the Schedule to this Exhibit, the
scheduled variations contingent deferred sales charges are as
follows:

   (A)	 WAIVER OF CDSC

*
following the death of the last surviving shareholder
or post-purchase disability, as defined in Section
72(m)(7) of the Internal Revenue Code of 1986;
*
	due to the termination of a trust following the death
of the trustor/grantor or beneficiary, provided that
the trust document specifically states that the trust
is terminated upon the death
*
	representing minimum required distributions ("RMD")
from an Individual Retirement Account or other
retirement plan as required under the Internal Revenue
Code;
*
of Shares that were reinvested within 120 days of a
previous redemption;
*
of Shares held by the Directors, Trustees, employees,
former employees and sales representatives of the Fund,
the Adviser, the principal underwriter and their
affiliates, employees of any investment professional
that sells Shares according to a sales agreement with
the principal underwriter, by the immediate family
members of the above persons, and by trusts, pension or
profit-sharing plans for the above persons;
*
of Shares originally purchased through a program
offered by a Financial Intermediary that provides for
the purchase of Shares without imposition of a sales
charge (for example, a wrap account, self-directed
brokerage account, retirement, or other fee-based
program offered by the Financial Intermediary) and
where the Financial Intermediary has agreed with the
principal underwriter not to receive an advanced
commission on purchases under such program;
*
of Shares purchased with reinvested dividends or
capital gains;
*
imposed by the Fund when it closes an account for not
meeting the minimum balance requirements; and
*
of Shares which were purchased pursuant to an exchange
privilege if the Shares were held for the applicable
CDSC holding period.

(B)  SALES CHARGE WAIVERS FOR SHAREHOLDERS PURCHASING THROUGH
CERTAIN FINANCIAL INTERMEDIARIES

Effective April 10, 2017, shareholders purchasing Fund shares
through a Merrill Lynch platform or account will be eligible
only for the following contingent deferred, or back-end, sales
charge ("CDSC") waivers and discounts, which may differ from
those disclosed in Section A above.

CDSC Waivers on A, B and C Shares available at Merrill Lynch

Death or disability of the shareholder
Shares sold as part of a systematic withdrawal plan as described
in the Fund's prospectus
Return of excess contributions from an IRA Account
Shares sold as part of a required minimum distribution for IRA
and retirement accounts due to the shareholder reaching age 701/2

Shares sold to pay Merrill Lynch fees but only if the transaction
is initiated by Merrill Lynch
Shares acquired through a right of reinstatement
Shares held in retirement brokerage accounts, that are converted
to a lower cost share class due to transfer to a fee based account
or platform (applicable to A and C shares only).  CDSC applicable
to shares converted for another class of shares through a fee
based individual retirement account on the Merrill Lynch platform
will be waived and Merrill Lynch will remit the portion of the
payment to be made to the Distributor equal to the number of
months remaining on the CDSC period divided by the total number
of months of the CDSC period.


4.	REDEMPTION FEE

For purposes of Rule 11a-3 under the Act, any redemption fee
received upon the redemption or exchange of Class C Shares will
be applied to fees incurred or amount expended in connection
with such redemption or exchange.  The balance of any redemption
fees shall be paid to the Fund.
A Fund shall waive any redemption fee with respect to (i) non-
participant directed redemptions or exchanges involving Class C
Shares held in retirement plans established under Section 401(a)
or 401(k) of the Internal Revenue Code (the "Code"), custodial
plan accounts established under Section 493(b)(7) of the Code,
or deferred compensation plans established under Section 457 of
the Code; (ii) redemptions or exchanges involving Class C Shares
held in plans administered as college savings programs under
Section 529 of the Code; and (iii) Class C Shares redeemed due
to the death of the last surviving shareholder on the account.



SCHEDULE OF FUNDS
OFFERING CLASS C SHARES

The Funds set forth on this Schedule each offer Class C Shares
on the terms set forth in the Class C Shares Exhibit to the
Multiple Class Plan, in each case as indicated below.  The 12b-1
fees indicated are the maximum amounts authorized based on the
average daily net asset value.  Actual amounts accrued may be less.


CLASS C SHARES SUBJECT TO THE BASIC LOAD SCHEDULE

Multiple Class Company
Series
12b-1 Fee
Redemption Fee


Federated Equity Funds:

Federated Absolute Return Fund
0.75%
None
Federated Clover Small Value Fund
0.75%
None
Federated Global Strategic Value Dividend Fund
0.75%
None
Federated International Strategic Value Dividend Fund
0.75%
None
Federated Kaufmann Fund
0.75%
None
Federated Kaufmann Large Cap Fund
0.75%
None
Federated Kaufmann Small Cap Fund
0.75%
None
Federated MDT Mid-Cap Growth Fund
0.75%
None
Federated Prudent Bear Fund
0.75%
None
Federated Strategic Value Dividend Fund
0.75%
None


Federated Equity Income Fund, Inc.
0.75%
None


Federated Fixed Income Securities, Inc.:

Federated Strategic Income Fund
0.75%
None


Federated Global Allocation Fund
0.75%
None


Federated Government Income Securities, Inc.
0.75%
None



Federated High Income Bond Fund, Inc.
0.75%
2% on shares redeemed or exchanged
 within 90 days of purchase



Federated High Yield Trust
0.75%
2% on shares redeemed or exchanged
within 90 days of purchase


Federated Income Securities Trust:

Federated Capital Income Fund
0.75%
None
Federated Floating Rate Strategic Income Fund
0.75%
None
Federated Fund for U.S. Government Securities
0.75%
None
Federated Muni and Stock Advantage Fund
0.75%
None
Federated Real Return Bond Fund
0.75%
None





CLASS C SHARES SUBJECT TO THE BASIC LOAD SCHEDULE (continued)

Multiple Class Company
Series
12b-1 Fee
Redemption Fee


Federated Index Trust
Federated Max-Cap Index Fund
0.75%
None


Federated International Series, Inc.:
Federated Global Total Return Bond Fund (formerly Federated
International Bond Fund)
0.75%
None


Federated Investment Series Funds, Inc.:

Federated Bond Fund
0.75%
None


Federated MDT Series:
Federated MDT All Cap Core Fund
0.75%
None
Federated MDT Balanced Fund
0.75%
None
Federated MDT Large Cap Growth Fund
0.75%
None
Federated MDT Small Cap Core Fund
0.75%
None
Federated MDT Small Cap Growth Fund
0.75%
None


Federated MDT Equity Trust
Federated MDT Large Cap Value Fund
0.75%
None


Federated Municipal Bond Fund, Inc.
0.75%
None


Federated Municipal Securities Income Trust:

Federated Municipal High Yield Advantage Fund
0.75%
None


Federated Total Return Series, Inc.:

Federated Total Return Bond Fund
0.75%
None


Federated World Investment Series, Inc.:

Federated Emerging Market Debt Fund
0.75%
None
Federated International Leaders Fund
0.75%
None
Federated International Small-Mid Company Fund
0.75%
2% on shares redeemed or exchanged within 30 days of purchase


Money Market Obligations Trust:

Federated Government Reserves Fund
0.75%
None


CLASS T SHARES EXHIBIT
TO
MULTIPLE CLASS PLAN
(REVISED (12/15/17)

1.	SEPARATE ARRANGEMENT AND EXPENSE ALLOCATION

For purposes of Rule 18f-3 under the Act, the basic distribution
and shareholder servicing arrangement of the Class T Shares will
consist of sales and shareholder servicing by financial
intermediaries in consideration of the payment of the applicable
sales load ("dealer reallowance") and a shareholder service fee.
In connection with this basic arrangement, Class T Shares will
bear the following fees and expenses:

The information below is presented in the following manner:

Fees and Expenses:
Maximum Amount Allocated Class T Shares

Sales Load:
Up to 2.50% of the public offering price

Contingent Deferred Sales Charge ("CDSC"):
None

Shareholder Service Fee:
Up to 25 basis points (0.25%) of the average
daily net asset value

12b-1 Fee:
None

Redemption Fee:
As set forth in the attached Schedule

Other Expenses:
Itemized expenses incurred by the Fund with
respect to holders of Class T Shares as
described in Section 3 of the Plan

2.	CONVERSION AND EXCHANGE PRIVILEGES

For purposes of Rule 18f-3, Class T Shares have the
following conversion rights and exchange privileges at the
election of the shareholder:

Conversion Rights:
At the election of the shareholder, Shares
may be converted into any other Share Class
of the same Fund, provided that the
shareholder meets the eligibility
requirements for the Share Class into which
the conversion is sought, as applicable, and
that no CDSC on the original shares purchased
is owed.

Exchange Privilege:
None

3.	EXCEPTIONS TO BASIC ARRANGEMENTS

For purposes of Rules 22d-1 and 6c-10 under the Act, unless
otherwise specified on the Schedule to this Exhibit, the
scheduled variations in sales loads and contingent deferred
sales charges are as follows:

(A)	BASIC SALES LOAD SCHEDULE

The basic schedule of sales loads for Class T Shares of Funds so
designated on the Schedule to this Exhibit is as follows:

Transaction Amount
Sales Load as a Percentage of Public Offering Price

Less than $250,000
2.50%

$250,000 but less than $500,000
2.00%

$500,000 but less than $1 million
1.50%

$1 million or greater
1.00%

4.	REDEMPTION FEE

For purposes of Rule 11a-3 under the Act, any redemption fee
received upon the redemption or exchange of Class T Shares will
be applied to fees incurred or amount expended in connection
with such redemption or exchange.  The balance of any redemption
fees shall be paid to the Fund.

A Fund shall waive any redemption fee with respect to (i) non-
participant directed redemptions or exchanges involving Class T
Shares held in retirement plans established under Section 401(a)
or 401(k) of the Internal Revenue Code (the "Code"), custodial
plan accounts established under Section 493(b)(7) of the Code,
or deferred compensation plans established under Section 457 of
the Code; (ii) redemptions or exchanges involving Class T Shares
held in plans administered as college savings programs under
Section 529 of the Code; and (iii) Class T Shares redeemed due
to the death of the last surviving shareholder on the account.


SCHEDULE OF FUNDS
OFFERING CLASS T SHARES

The Funds set forth on this Schedule each offer Class T Shares
on the terms set forth in the Class T Shares Exhibit to the
Multiple Class Plan, in each case as indicated below.  Actual
amounts accrued may be less.

1.	CLASS A SHARES SUBJECT TO THE BASIC LOAD SCHEDULE

Multiple Class Company
Series
Redemption Fee


Federated Equity Funds:

Federated Absolute Return Fund
None
Federated Clover Small Value Fund
None
Federated International
Strategic Value Dividend Fund
None
Federated Kaufmann Fund
None
Federated Kaufmann Large Cap Fund
None
Federated Kaufmann Small Cap Fund
None
Federated MDT Mid-Cap Growth Fund
None
Federated Prudent Bear Fund
None
Federated Strategic Value Dividend Fund
None


Federated Equity Income Fund, Inc.
None

Federated Fixed Income Securities, Inc.:

Federated Strategic Income Fund
None


Federated Global Allocation Fund
None


Federated Government Income Securities, Inc.
None


Federated High Income Bond Fund, Inc.
None


Federated High Yield Trust:

Federated High Yield Trust
2.00% on shares redeemed within 90 days of purchase


Federated Income Securities Trust:

Federated Capital Income Fund
None
Federated Fund for U.S. Government Securities
None
Federated Muni and Stock Advantage Fund
None


Federated Investment Series Funds, Inc.:

Federated Bond Fund
None


Federated MDT Equity Trust:

Federated MDT Large Cap Value Fund
None


Federated MDT Series:

Federated MDT All Cap Core Fund
None
Federated MDT Balanced Fund
None
Federated MDT Large Cap Growth Fund
None
Federated MDT Small Cap Core Fund
None
Federated MDT Small Cap Growth Fund
None


Federated Municipal Securities Income Trust:

Federated Municipal High Yield Advantage Fund
None
Federated Pennsylvania Municipal Income Fund
None


Federated Municipal Bond Fund, Inc.
None


Federated Total Return Series, Inc.:

Federated Total Return Bond Fund
None


Federated World Investment Series, Inc.:

Federated International Leaders Fund
None
Federated International Small-Mid Company Fund
2.00% on shares redeemed within 30 days of purchase


INSTITUTIONAL/WEALTH SHARES EXHIBIT
TO
MULTIPLE CLASS PLAN
(REVISED 12/15/17)

1.	SEPARATE ARRANGEMENT AND EXPENSE ALLOCATION

For purposes of Rule 18f-3 under the Act, the basic distribution
and shareholder servicing arrangement of the Institutional and
Wealth Shares will consist of

(i)
with respect to money market funds, sales and
shareholder servicing by financial intermediaries; and


(ii)
with respect to fluctuating NAV funds, sales and
shareholder servicing by financial intermediaries to
the following categories of investors ("Eligible
Investors");

*
An investor participating in a no-load platform,
network or other fee-based program offered by a
financial intermediary, for example, a wrap-account
or retirement platform, where Federated has entered
into an agreement with the intermediary;
*
A trustee/director, employee or former employee of
the Fund, the Adviser, the Distributor and their
affiliates; an immediate family member of these
individuals, or a trust, pension or profit-sharing
plan for these individuals;
*
An employer-sponsored retirement plan;
*
A trust institution investing on behalf of its trust
customers;
*
A Federated Fund;
*
An investor, other than a natural person, purchasing
Shares directly from the Fund;
*
An investor (including a natural person) who owned
Shares as of December 31, 2008;
*
Without regard to the initial investment minimum, an
investor who acquired Institutional and/or Wealth
Shares pursuant to the terms of an agreement and
plan of reorganization which permits the investor to
acquire such Shares; and
*
Without regard to the initial investment minimum, in
connection with an acquisition of an investment
management or advisory business, or related
investment services, products or assets, by
Federated or its investment advisory subsidiaries,
an investor (including a natural person) who (1)
becomes a client of an investment advisory
subsidiary of Federated or (2) is a shareholder or
interest holder of a pooled investment vehicle or
product that becomes advised or subadvised by a
Federated investment advisory subsidiary as a result
of such an acquisition other than as a result of a
fund reorganization transaction pursuant to an
agreement and plan of reorganization.



The principal underwriter and financial intermediaries may
receive payments for distribution and/or administrative
services under a Rule 12b-1 Plan and financial
intermediaries may also receive shareholder service fees
for services provided.  In connection with this basic
arrangement, Institutional and Wealth Shares will bear the
following fees and expenses:

The information below is presented in the following manner:

Fees and Expenses:
Maximum Amount Allocated Institutional and Wealth Shares

Sales Load:
None

Contingent Deferred Sales Charge ("CDSC"):
None

Shareholder Service Fee:
As set forth in the attached Schedule

12b-1 Fee:
As set forth in the attached Schedule

Other Expenses:
Itemized expenses incurred by the Fund
with respect to holders of Institutional
and/or Wealth Shares as described in Section 3 of the Plan

2.	CONVERSION AND EXCHANGE PRIVILEGES

For purposes of Rule 18f-3, Institutional and Wealth Shares
have the following conversion rights and exchange
privileges at the election of the shareholder:

Conversion Rights:
At the election of the shareholder, Shares
may be converted into any other Share
Class of the same Fund, provided that the
shareholder meets the eligibility
requirements for the Share Class into
which the conversion is sought, as applicable.

Exchange Privilege:
Institutional and/or Wealth Shares may be
exchanged into any Federated fund or share
class that does not have a stated sales
charge or contingent deferred sales
charge, except Shares of Federated
Institutional Prime 60 Day Fund, Federated
Institutional Money Market Management,
Federated Institutional Prime Obligations
Fund, Federated Institutional Tax-Free
Cash Trust, Federated Institutional Prime
Value Obligations Fund, Class A Shares of
Federated Government Reserves Fund and
Class R Shares of any Fund, provided that
the shareholder meets any shareholder
eligibility and minimum initial investment
requirements for the Shares to be
purchased, (if applicable), both accounts
have identical registrations, and the
shareholder receives a prospectus for the
fund in which the shareholder wishes to
exchange.

In any exchange, the shareholder shall receive shares having the
same aggregate net asset value as the shares surrendered.
Exchanges to any other Class shall be treated in the same manner
as a redemption and purchase.

3.	REDEMPTION FEE.

For purposes of Rule 11a-3 under the Act, any redemption fee
received upon the redemption or exchange of Institutional and/or
Wealth Shares will be applied to fees incurred or amount
expended in connection with such redemption or exchange.  The
balance of any redemption fees shall be paid to the Fund.

A Fund shall waive any redemption fee with respect to (i) non-
participant directed redemptions or exchanges involving
Institutional and/or Wealth Shares held in retirement plans
established under Section 401(a) or 401(k) of the Internal
Revenue Code (the "Code"), custodial plan accounts established
under Section 493(b)(7) of the Code, or deferred compensation
plans established under Section 457 of the Code; (ii)
redemptions or exchanges involving Institutional and/or Wealth
Shares held in plans administered as college savings programs
under Section 529 of the Code; and (iii) Institutional and/or
Wealth Shares redeemed due to the death of the last surviving
shareholder on the account.


SCHEDULE OF FUNDS
OFFERING INSTITUTIONAL SHARES

The Funds set forth on this Schedule each offer Institutional Shares
on the terms set forth in the Institutional/-Wealth Shares Exhibit to
the Multiple Class Plan, in each case as indicated below.  The 12b-1
fees indicated are the maximum amounts authorized based on the
average daily net asset value.  Actual amounts accrued may be less.

Multiple Class Company
Series
12b-1 Fee
Shareholder Service Fee
Redemption Fee


Federated Adjustable Rate Securities Fund
None
0.25%
None


Federated Equity Funds:

Federated Absolute Return Fund
None
None
None
Federated Clover Small Value Fund
None
None
None
Federated Global Strategic Value Dividend Fund
None
None
None
Federated International Strategic Value Dividend Fund
None
None
None
Federated Kaufmann Fund
None
None
None
Federated Kaufmann Large Cap Fund
None
None
None
Federated Kaufmann Small Cap Fund
None
None
None
Federated MDT Mid-Cap Growth Fund
None
None
None
Federated Prudent Bear Fund
None
None
None
Federated Strategic Value Dividend Fund
None
None
None


Federated Equity Income Fund, Inc.
None
None
None


Federated Fixed Income Securities, Inc.:

Federated Municipal Ultrashort Fund
None
None
None
Federated Strategic Income Fund
None
None
None


Federated Global Allocation Fund)
None
None
None


Federated Government Income Trust
None
0.25%
None


Federated High Income Bond Fund
None
None
None


Federated High Yield Trust:

Federated High Yield Trust
None
None
None
Federated Equity Advantage Fund
None
None
None







The information below is presented in the following manner:

Multiple Class Company
Series
12b-1 Fee
Shareholder Service Fee
Redemption Fee


Federated Income Securities Trust:

Federated Capital Income Fund
None
None
None
Federated Floating Rate Strategic
Income Fund
None
None
None
Federated Intermediate Corporate Bond
Fund
None
0.25%
None
Federated Muni and Stock Advantage
Fund
None
None
None
Federated Real Return Bond Fund
None
0.25%
None
Federated Short-Term Income Fund
None
0.25%
None


Federated Index Trust:

Federated Max-Cap Index Fund
None
0.25%
None
Federated Mid-Cap Index Fund
None
None
None


Federated Institutional Trust:

Federated Government Ultrashort Duration Fund
None
None
None
Federated Short-Intermediate Total Return Bond Fund
None
None
None


Federated International Series, Inc.

Federated Global Total Return Bond Fund (formerly Federated
 International Bond Fund)
None
None
None


Federated Investment Series Fund, Inc.

Federated Bond Fund
None
None
None


Federated MDT Equity Trust

Federated MDT Large Cap Value Fund
0.00%
0.25%
None


Federated MDT Series:

Federated MDT All Cap Core Fund
None
None
None
Federated MDT Balanced Fund
None
None
None
Federated MDT Large Cap Growth Fund
None
None
None
Federated MDT Small Cap Core Fund
None
None
None
Federated MDT Small Cap Growth Fund
None
None
None




Federated Municipal Bond Fund, Inc.
(formerly Federated Municipal Securities Fund, Inc.)
None
None
None


Federated Municipal Securities Income Trust
Federated Municipal High Yield Advantage Fund
None
None
None


Federated Short-Intermediate Duration Municipal Trust
None
0.25%
None


Federated Total Return Government Bond Fund
None
None
None


Federated Total Return Series, Inc.:
Federated Mortgage Fund
None
0.25%
None
Federated Total Return Bond Fund
None
None
None
Federated Ultrashort Bond Fund
None
0.25%
None

The information below is presented in the following manner:

Multiple Class Company
Series
12b-1 Fee
Shareholder Service Fee
Redemption Fee

Federated U.S. Government Securities Fund:  1-3 Years
None
0.25%
None




Federated U.S. Government Securities Fund:  2-5 Years
None
0.25%
None

Federated World Investment Series, Inc.
Federated Emerging Market Debt Fund
None
None
None
Federated International Leaders Fund
None
None
None
Federated International Small-Mid
Company Fund
None
None
2% on shares redeemed or exchanged within 90 days of purchase


Intermediate Municipal Trust:
Federated Intermediate Municipal Trust
None
0.25%
None


Money Market Obligations Trust:
Federated Government Obligations Fund
None
0.25%
None
Federated Government Obligations Tax-Managed Fund
None
0.25%
None
Federated Money Market Management
None
0.25%
None
Federated Institutional Prime 60 Day Fund
None
0.25%
None
Federated Institutional Prime Obligations Fund
None
0.25%
None
Federated Institutional Tax-Free Cash Trust
None
0.25%
None
Federated Treasury Obligations Fund
None
0.25%
None
Federated Trust for U.S. Treasury Obligations
None
None
None
Federated U.S. Treasury Cash Reserves
None
0.25%
None

SCHEDULE OF FUNDS
OFFERING WEALTH SHARES

The Retail Money Market Funds set forth on this Schedule each offer
Wealth Shares on the terms set forth in the Institutional/Wealth
Shares Exhibit to the Multiple Class Plan, in each case as indicated
below.  The 12b-1 fees indicated are the maximum amounts authorized
based on the average daily net asset value.  Actual amounts accrued
may be less.

Multiple Class Company
Series
12b-1 Fee
Shareholder Service Fee
Redemption Fee


Money Market Obligations Trust:
Federated California Municipal Cash Trust
None
0.25%
None
Federated Massachusetts Municipal Cash Trust
None
0.25%
None
Federated Municipal Obligations Fund
None
0.25%
None
Federated New York Municipal Cash Trust
None
0.25%
None
Federated Pennsylvania Municipal Cash Trust
None
0.25%
None
Federated Prime Cash Obligations Fund
None
0.25%
None
Federated Tax-Free Obligations Fund
None
0.25%
None