AMENDMENT TO TRANSFER AGENCY AND SERVICE AGREEMENT

Exhibit 23(h)(16) under Form N-1A

Exhibit 23 under Item 601/Reg. S-K

AMENDMENT TO TRANSFER AGENCY AND SERVICE AGREEMENT

           This Amendment (the “Amendment”), made as of the 1st day of January 2008 amends that certain Transfer Agency and service Agreement, date as of July 1, 2004 (the “Agreement”) by and between each of the entities listed on the signature pages to the Agreement (the “Funds”) and State Street Bank and Trust Company (the “Transfer Agent”).  Capitalized terms used, but not otherwise defined herein, shall have the meanings ascribed thereto in the Agreement.

RECITALS

WHEREAS, the Funds and the Transfer Agent are parties to the Agreement under and pursuant to which Transfer Agent has agreed to perform services as transfer agent, divided disbursing agent and agent in connection with certain other activities of the Funds; and

WHEREAS, the Funds and the Transfer Agent wish to amend the Agreement to extend the initial term and to reflect certain fee reductions and other changes.

NOW, THEREFORE, in consideration of the mutual promises set forth herein, the parties agree as follows:

1.   Amendments to the Agreement:  The Agreement is hereby amended as follows:

(a)             COLA is waived for the redefined Initial Term, therefore Section 3.5 of the Agreement is hereby amended by deleting the first phrase of the first sentence and replacing it with the words “During the initial term”.  The second sentence is amended by deleting the first phrase and replacing it with the words “Following the initial term”.

(b)           The Initial Term of the Agreement is extended three (3) years, therefore Section 12.1 of the Agreement is hereby amended by deleting “five (5)” in the first sentence and replacing with “eight (8)”.

(c)             Schedule 3.1 (Fees) is hereby amended by (i) deleting the first footnote in its entirety and replacing it with the revised footnote below; (ii) deleting the Telephone Servicing section in its entirety and replacing it with the revised fees below; and (iii) deleting the third footnote:

“1  The “Per CUSIP Fee” shall be waived (i) for the first six (6) months from CUSIP implementation, unless such implementation is a result of a conversion or merger and (ii) once a closed CUSIP’s tax reporting requirements have been satisfied.”

“Telephone Servicing Complex Base Fees2

Years 1-3	$2,700,000/year
Year 4
July 1, 2007 -December 31, 2007	$1,350,000
January 1, 2008 - June 30, 2008	$   801,098
Year 5
July 1, 2008-December 31, 2008	$   801,097
January 1, 2009 -June 30, 2009	$   801,097
Year 6
July 1, 2009 - December 31, 2009	$   471,756
January 1, 2010 - June 30, 2010	$   471,756
Year 7
July 1, 2010 - December 31, 2010	$   471,756
January 1, 2011 - June 30, 2011	$   471,756
Year 8
July 1, 2011 - December 31, 2011	$   471,756
January 1, 2012 - June 30, 2012	$   471,756

2.           No Other Amendments.  Except as expressly amended hereby, the Agreement shall continue in full force and effect in accordance with the terms thereof.

3.           Due Authorization.  Each party hereto represents and warrants that it has full legal authority, and has obtained all requisite approvals necessary, to enter into this Amendment.  This Amendment constitutes the legal, valid and binding obligation of each such party, enforceable in accordance with the terms hereof.

IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above written.

By each of the Federated Funds set forth on	STATE STREET BANK AND TRUST
Exhibit A to the Agreement	COMPANY
By:   /s/ Xxxx X. XxXxxxxxx	By:  /s/ Xxxxxx X. Xxxxxx
Name:  Xxxx X. XxXxxxxxx	Xxxxxx X. Xxxxxx, Vice Chairman
Title:  Executive Vice President and Secretary

SCHEDULE 3.2

OUT-OF-POCKET EXPENSES

The Fund shall be responsible for its portion (either based upon actual usage where such usage can be definitively determined or on an equitably allocated basis where all Funds enjoy the same benefits) of expenses incurred by the Transfer Agent for the benefit of the Funds and/or the shareholders of the Funds, including but not limited to the following:  (a) All shareholder recordkeeping system charges and expenses, including charges for the maintenance and/or storage of shareholder records, trading information, programming charges and other shareholder trading and lookup enhancements, including  DST’s TA 2000 system, FANWeb, Vision, as in existence on the date hereof, together with such changes as may be agreed to in writing by the Fund from time to time during the Term, (b) all costs and expenses for typesetting, printing, processing, coalating and mailing (including postage and/or courier charges) of documents, legally required to be delivered to shareholders, that the Transfer Agent is required to deliver hereunder or that have been requested by shareholders, (c) costs and expenses related to the provision of customer services to shareholders in the Trusts and/or financial intermediaries, including but not limited to phone line charges, datacom charges, facsimile line charges, (d) membership fees, per CUSIP fees, and costs and expenses charged by the National Securities Clearing Corporation with respect to trades placed and/or cleared through such systems, (e) per transaction expenses incurred in connection with wires, ACH transactions, checkwriting transactions and availability, debit card transactions and availability, check processing, and escheatment, (f) costs and expenses associated with printing, mailing, production and replacement of checkbooks for shareholders electing checkwriting services, (g) costs and expenses incurred at the specific direction of the Funds or required by a regulatory organization and other out-of-pocket expenses deemed to be properly payable by the Fund administrator’s treasury department, (h) professional services costs and expenses associated with the performance of the annual SAS70 of the Transfer Agent and such other audits, compliance checks and other professional services required by the Funds to be performed with respect to the Transfer Agent, and (i) costs of shareholder servicing enhancements, enhancements specific to trading with a particular financial intermediary with the purpose of increasing assets in or promoting efficiency in the trading with a given Fund, systems automation costs and expenses that promote increases in shareholder servicing and/or processing efficiency or that cause a net reduction in overall fund expenses.

Schedule A

to Transfer Agent and Service Agreement

dated July 1, 2004

(revised as of 12/1/08)

Contract

Effective                      Fund Name:

Date:                                Series Name(if applicable)

7/1/04                      Capital Preservation Fund

Cash Trust Series II:

7/1/04                                Treasury Cash Series II

Cash Trust Series, Inc.

7/1/04                                Government Cash Series

7/1/04                                Municipal Cash Series

7/1/04                                Prime Cash Series

7/1/04                                Treasury Cash Series

7/1/04                      Federated Adjustable Rate Securities Fund

7/1/04                      Federated American Leaders Fund, Inc.

Federated Core Trust:

6/1/08                                Federated Enhanced Duration Active Cash Core Fund

9/1/05                                Federated Inflation-Protected Securities Core Fund

7/1/04                                Federated Mortgage Core Portfolio

7/1/04                                High Yield Bond Portfolio

Federated Core Trust II, L.P.:

7/1/04                                Emerging Markets Fixed Income Core Fund

3/1/05                                Market Plus Core Fund

Federated Core Trust III:

3/1/08                                Federated Project and Trade Finance Core Fund

Federated Equity Funds:

7/1/04                                Federated Capital Appreciation Fund

12/1/08                                Federated Clover Mid Value Fund

12/1/08                                Federated Clover Small Value Fund

12/1/08                                Federated Clover Value Fund

7/1/04                                Federated InterContinental Fund

3/1/08                                Federated International Strategic Value Fund

7/1/04                                Federated Xxxxxxxx Fund

9/17/07                                Federated Xxxxxxxx Large Cap Fund

7/1/04                                Federated Xxxxxxxx Small Cap Fund

7/1/04                                Federated Market Opportunity Fund

9/1/08                                Federated Prudent Bear Fund

7/1/04                                Federated Mid-Cap Growth Strategies Fund

12/1/04                                Federated Strategic Value Fund

7/1/04                      Federated Equity Income Fund, Inc.

Federated Fixed Income Securities, Inc.

7/1/04                                Federated Municipal Ultrashort Fund

7/1/04                                Federated Strategic Income Fund

7/1/04                      Federated GNMA Trust

7/1/04                      Federated Government Income Securities, Inc.

7/1/04                      Federated High Income Bond Fund, Inc.

7/1/04                      Federated High Yield Trust

Federated Income Securities Trust:

7/1/04                                Federated Capital Income Fund

7/1/04                                Federated Fund for U.S. Government Securities

7/1/04                                Federated Intermediate Corporate Bond Fund

7/1/04                                Federated Muni and Stock Advantage Fund

9/1/08                                Federated Prudent Global Income  Fund

12/1/05                                Federated Real Return Bond Fund

7/1/04                                Federated Short-Term Income Fund

9/1/06                                Federated Stock and California Muni Fund

7/1/04                      Federated Income Trust

Federated Index Trust:

7/1/04                                Federated Max-Cap Index Fund

7/1/04                                Federated Mid-Cap Index Fund

7/1/04                                Federated Mini-Cap Index Fund

Federated Institutional Trust:

7/1/04                                Federated Government Ultrashort Duration Fund

7/1/04                                Federated Institutional High Yield Bond Fund

6/1/05                                Federated Intermediate Government/Corporate Fund

Federated Insurance Series:

7/1/04                                Federated American Leaders Fund II

7/1/04                                Federated Capital Appreciation Fund II

7/1/04                                Federated Capital Income Fund II

7/1/04                                Federated Equity Income Fund II

7/1/04                                Federated Fund for U.S. Government Securities II

7/1/04                                Federated High Income Bond Fund II

7/1/04                                Federated International Equity Fund II

7/1/04                                Federated Xxxxxxxx Fund II

12/1/05                                Federated Market Opportunity Fund II

7/1/04                                Federated Mid-Cap Growth Strategies Fund II

7/1/04                                Federated Prime Money Fund II

7/1/04                                Federated Quality Bond Fund II

7/1/04                      Federated Intermediate Government Fund, Inc.

Federated International Series, Inc.:

7/1/04                                Federated International Bond Fund

7/1/04                                Federated International Equity Fund

Federated Investment Series Funds, Inc.

7/1/04                                Federated Bond Fund

Federated Managed Allocation Portfolios:

9/1/05                                Federated Balanced Allocation Fund

12/1/05                                Federated Target ETF Fund 2015

12/1/05                                Federated Target ETF Fund 2025

12/1/05                                Federated Target ETF Fund 2035

Federated Managed Pool Series:

12/1/05                                Federated Corporate Bond Strategy Portfolio

12/1/05                                Federated High-Yield Strategy Portfolio

12/1/05                                Federated International Bond Strategy Portfolio

12/1/05                                Federated Mortgage Strategy Portfolio

Federated MDT Series:

7/31/06                                Federated MDT All Cap Core Fund

7/31/06                                Federated MDT Balanced Fund

7/31/06                                Federated MDT Large Cap Growth Fund

12/1/07                                Federated MDT Large Cap Value Fund

7/31/06                                Federated MDT Mid Cap Growth Fund

7/31/06                                Federated MDT Small Cap Core Fund

7/31/06                                Federated MDT Small Cap Growth Fund

7/31/06                                Federated MDT Small Cap Value Fund

7/31/06                                Federated MDT Tax Aware/All Cap Core Fund

7/1/04                      Federated Municipal Securities Fund, Inc.

Federated Municipal Securities Income Trust:

7/1/04                                Federated California Municipal Income Fund

7/1/04                                Federated Michigan Intermediate Municipal Trust

6/1/06                                Federated Municipal High Yield Advantage Fund

7/1/04                                Federated New York Municipal Income Fund

7/1/04                                Federated North Carolina Municipal Income Fund

7/1/04                                Federated Ohio Municipal Income Fund

7/1/04                                Federated Pennsylvania Municipal Income Fund

7/1/04                      Federated Short-Intermediate Duration Municipal Trust

6/1/08                      Federated Stock and Bond Fund

7/1/04                      Federated Stock Trust

7/1/04                      Federated Total Return Government Bond Fund

Federated Total Return Series, Inc.:

7/1/04                                Federated Mortgage Fund

7/1/04                                Federated Total Return Bond Fund

7/1/04                                Federated Ultrashort Bond Fund

7/1/04                      Federated U.S. Government Bond Fund

7/1/04                      Federated U.S. Government Securities Fund:  1-3 Years

7/1/04                      Federated U.S. Government Securities Fund:  2-5 Years

Federated World Investment Series, Inc.:

7/1/04                                Federated International High Income Fund

7/1/04                                Federated International Small-Mid Company Fund

7/1/04                                Federated International Value Fund

Intermediate Municipal Trust:

7/1/04                                Federated Intermediate Municipal Trust

Money Market Obligations Trust:

7/1/04                                Alabama Municipal Cash Trust

7/1/04                                Arizona Municipal Cash Trust

7/1/04                                Automated Cash Management Trust

7/1/04                                Automated Government Cash Reserves

7/1/04                                Automated Government Money Trust

7/1/04                                California Municipal Cash Trust

7/1/04                                Connecticut Municipal Cash Trust

12/1/04                                Federated Capital Reserves Fund

12/1/04                                Federated Government Reserves Fund

7/1/04                                Federated Master Trust

12/1/04                                Federated Municipal Trust

7/1/04                                Federated Short-Term U.S. Government Trust

7/1/04                                Florida Municipal Cash Trust

Money Market Obligations Trust: (continued)

7/1/04                                Georgia Municipal Cash Trust

7/1/04                                Government Obligations Fund

7/1/04                                Government Obligations Tax-Managed Fund

7/1/04                                Liberty U.S. Government Money Market Trust

7/1/04                                Maryland Municipal Cash Trust

7/1/04                                Massachusetts Municipal Cash Trust

7/1/04                                Michigan Municipal Cash Trust

7/1/04                                Minnesota Municipal Cash Trust

7/1/04                                Money Market Management

7/1/04                                Municipal Obligations Fund

7/1/04                                New Jersey Municipal Cash Trust

7/1/04                                New York Municipal Cash Trust

7/1/04                                North Carolina Municipal Cash Trust

7/1/04                                Ohio Municipal Cash Trust

7/1/04                                Pennsylvania Municipal Cash Trust

7/1/04                                Prime Cash Obligations Fund

7/1/04                                Prime Management Obligations Fund

7/1/04                                Prime Obligations Fund

7/1/04                                Prime Value Obligations Fund

7/1/04                                Tax-Free Instruments Trust

7/1/04                                Tax-Free Obligations Fund

7/1/04                                Treasury Obligations Fund

7/1/04                                Trust for U.S. Treasury Obligations

7/1/04                                U.S. Treasury Cash Reserves

7/1/04                                Virginia Municipal Cash Trust

State Street Bank and Trust Company	By each of the Federated Funds set forth On Schedule A
By:  /s/ Xxxxxx X. Xxxxxxxxxx	By:  /s/ Xxxx X. XxXxxxxxx
Name:  Xxxxxx X. Xxxxxxxxxx	Name:  Xxxx X. XxXxxxxxx
Title:  Vice Chairman	Title:  Executive Vice President
Date:  December 10, 2008	Date:  December 1, 2008