RegAlert2002-02-06
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SEC Division of Investment Management staff letter: Federated Core Trust II, L.P.
The Office of Chief Counsel states that the sole general partner of Federated Core Trust II, L.P., a registered open-end management investment company structured as a limited partnership, and the natural persons acting through it, will not be deemed "directors" under Section 2(a)(12) of the Investment Company Act of 1940. This determination relies on the Partnership's structure, where the corporate general partner has irrevocably delegated its authority to manage the business and affairs to a Board of Directors. The Board retains full control over substantive actions and amendments, while the general partner retains only ministerial functions and no power to alter the Board's composition or revoke appointments. Consequently, only the natural persons serving on the Board are considered directors for purposes of the 1940 Act.
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Federated Core Trust II, L.P.
February 6, 2002
RESPONSE OF THE OFFICE OF CHIEF COUNSEL DIVISION OF INVESTMENT MANAGEMENT
Our Ref. No. 20016211641 Federated Core Trust II, L.P. File No. 811-10625
Your letter dated February 4, 2002, requests our concurrence that, as described in your letter, the sole general partner of a registered open-end management investment company that is structured as a limited partnership with a corporate general partner, as well as the natural persons through which the general partner acts, would not be deemed to be "directors" of the investment company, as that term is defined in Section 2(a)(12) of the Investment Company Act of 1940 ("1940 Act").
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