Item 77 Q1(e)
FEDERATED MUNICIPAL TRUST
INVESTMENT ADVISORY CONTRACT
This Contract is made between FEDERATED MANAGEMENT, a Delaware business
trust having its principal place of business in Pittsburgh,
Pennsylvania (the "Adviser"), and FEDERATED MUNICIPAL TRUST,
a Massachusetts business trust having its principal place of
business in Pittsburgh, Pennsylvania (the "Trust").
WHEREAS the Trust is an open-end management investment company as that
term is defined in the Investment Company Act of 1940 and is registered
as such with the Securities and Exchange Commission; and
WHEREAS Adviser is engaged in the business of rendering investment
advisory and incurred management services.
NOW, THEREFORE, the parties hereto, intending to be legally bound,
hereby agree as follows:
1. The Trust hereby appoints Adviser as Investment Adviser
for each of the portfolios ("Funds") of the Trust which executes
an exhibit to this Contract, and Adviser accepts the appointments.
Subject to the direction of the Trustees of the Trust, Adviser shall
provide investment research and supervision of the investments of the
Funds and conduct a continuous program of investment evaluation and of
appropriate sale or other disposition and reinvestment of each Fund's
assets.
2. Adviser, in its supervision of the investments of each of the
Funds will be guided by each of the Fund's investment objective and
policies and the provisions and restrictions contained in the Declaration
of Trust and By-Laws of the Trust and as set forth in the Registration
Statements and exhibits as may be on file with the Securities and
Exchange Commission.
3. Each Fund shall pay or cause to be paid all of its own expenses
and its allocable share of Trust expenses, including, without limitation,
the expenses of organizing the Trust and continuing its existence; fees
and expenses of Trustees and officers of the Trust; fees for investment
advisory services and administrative personnel and services; fees and
expenses of preparing and printing its Registration Statements under the
Securities Act of 1933 and the Investment Company Act of 1940 and any
amendments thereto; expenses of registering and qualifying the
Trust, the Funds, and shares ("Shares") of the Funds under federal and
state laws and regulations; expenses of preparing, printing, and distributing
prospectuses (and any amendments thereto) to shareholders; interest
expense, taxes, fees, and commissions of every kind; expenses of issue
(including cost of Share certificates), purchase, repurchase, and redemption
of Shares, including expenses attributable to a program of periodic issue;
charges and expenses of custodians, transfer agents,
dividend disbursing agents, shareholder servicing agents, and registrars;
printing and mailing costs, auditing, accounting, and legal expenses;
reports to shareholders and governmental officers and commissions;
expenses of meetings of Trustees and shareholders and proxy solicitations
therefor; insurance expenses; association membership dues and such
nonrecurring items as may arise, including all losses and liabilities
incurred in administering the Trust and the Funds. Each Fund will also
pay its allocable share of such extraordinary expenses as may arise
including expenses in connection with litigation, proceedings, and claims
and the legal obligations of the Trust to indemnify its officers and
Trustees and agents with respect thereto.
4. Each of the Funds shall pay to Adviser, for all services
rendered to each Fund by Adviser hereunder, the fees set forth in the
exhibits attached hereto.
5. The net asset value of each Fund's Shares as used herein
will be calculated to the nearest 1/10th of one cent.
6. The Adviser may from time to time and for such periods
as it deems appropriate reduce its compensation (and, if appropriate,
assume expenses of one or more of the Funds) to the extent that any
Fund's expenses exceed such lower expense limitation as the Adviser
may, by notice to the Fund, voluntarily declare to be effective.
7. This Contract shall begin for each Fund on the date
that it executes an exhibit to this Contract. This Contract shall remain
in effect for each Fund for two years from the date of its execution
and from year to year thereafter, subject to the provisions for termination
and all of the other terms and conditions hereof if: (a) such continuation
shall be specifically approved at least annually by the vote of a majority
of the Trustees of the Trust, including a majority of the Trustees who are
not parties to this Contract or interested persons of any such party,
(other than as Trustees of the Trust) cast in person at a meeting called for
that purpose; and (b) Adviser shall not have notified a Fund in writing
at least sixty (60) days prior to the anniversary date of this Contract
in any year thereafter that it does not desire such continuation with
respect to that Fund.
8. Notwithstanding any provision in this Contract, it may be
terminated at any time with respect to any Fund, without the payment of
any penalty, by the Trustees of the Trust or by a vote of the shareholders
of that Fund on sixty (60) days' written notice to Adviser.
9. This Contract may not be assigned by Adviser and shall
automatically terminate in the event of any assignment. Adviser may
employ or contract with such other person, persons, corporation, or
corporations at its own cost and expense as it shall determine in
order to assist it in carrying out this Contract.
10. In the absence of willful misfeasance, bad faith,
gross negligence, or reckless disregard of the obligations or duties
under this Contract on the part of Adviser, Adviser shall not be
liable to the Trust or to any of the Funds or to any shareholder
for any act or omission in the course of or connected in any way
with rendering services or for any losses that may be sustained
in the purchase, holding, or sale of any security.
11. This Contract may be amended at any time by agreement
of the parties provided that the amendment shall be approved both by
the vote of a majority of the Trustees of the Trust, including a
majority of the Trustees who are not parties to this Contract or
interested persons of any such party to this Contract (other than
as Trustees of the Trust) cast in person at a meeting called for
that purpose, and on behalf of a Fund by a majority of the
outstanding voting securities of such Fund.
12. Adviser is hereby expressly put on notice of the limitation
of liability as set forth in Article XI of the Declaration of Trust
and agrees that the obligations pursuant to this Contract of a
particular Fund and of the Trust with respect to that particular
\Fund be limited solely to the assets of that particular Fund, and
Adviser shall not seek satisfaction of any such obligation from any
other Fund, the shareholders of any Fund, the Trustees, officers,
employees or agents of the Trust, or any of them.
13. The Trust and the Funds are hereby expressly put on
notice of the limitation of liability as set forth in the Declaration
of Trust of the Adviser and agrees that the obligations assumed by the
Adviser pursuant to this Contract shall be limited in any case to
the Adviser and its assets and, except to the extent expressly
permitted by the Investment Company Act of 1940, the Trust and
the Funds shall not seek satisfaction of any such obligation from
the shareholders of the Adviser, the Trustees, officers, employees,
or agents of the Adviser, or any of
them.
14. This Contract shall be construed in accordance with
and governed by the laws of the Commonwealth of Pennsylvania.
15. This Contract will become binding on the parties
hereto upon their execution of the attached exhibits to this Contract.
EXHIBIT A
PENNSYLVANIA MUNICIPAL CASH TRUST
For all services rendered by Adviser hereunder, the above-named
Fund of the Trust shall pay to Adviser and Adviser agrees to accept as
full compensation for all services rendered hereunder, an annual
investment advisory fee equal to .50 of 1% of the average daily net
assets of the Fund.
The portion of the fee based upon the average daily net assets
of the Fund shall be accrued daily at the rate of 1/365th of .50 of 1%
applied to the daily net assets of the Fund.
The advisory fee so accrued shall be paid to Adviser daily.
The right of the Adviser as set forth in Paragraph 6 of this
Contract to assume expenses of one or more of the Funds shall also apply
as to any classes of the above-named Fund.
Witness the due execution hereof this 25th day of October, 1990.
Attest: FEDERATED MANAGEMENT
/s/Xxxx X. XxXxxxxxx By:/s/Xxxx X. Xxxxxx
Secretary Executive Vice President
Attest: FEDERATED MUNICIPAL TRUST
/s/Xxxx X. XxXxxxxxx By:/s/Xxxxxxx X. Xxxxxx
Secretary Vice President
EXHIBIT B
CONNECTICUT MUNICIPAL CASH TRUST
For all services rendered by Adviser hereunder, the
above-named Fund of the Trust shall pay to Adviser and Adviser
agrees to accept as full compensation for all services rendered
hereunder, an annual investment advisory fee equal to .50 of 1%
of the average daily net assets of the Fund.
The portion of the fee based upon the average daily net
assets of the Fund shall be accrued daily at the rate of 1/365th
of .50 of 1% applied to the daily net assets of the Fund.
The advisory fee so accrued shall be paid to Adviser daily.
The right of the Adviser as set forth in Paragraph 6 of
this Contract to assume expenses of one or more of the Funds
shall also apply as to any classes of the above-named Fund.
Witness the due execution hereof this 25th day of
October, 1990.
Attest: FEDERATED MANAGEMENT
/s/Xxxx X. XxXxxxxxx By:/s/Xxxx X. Xxxxxx
Secretary Executive Vice President
Attest: FEDERATED MUNICIPAL TRUST
/s/Xxxx X. XxXxxxxxx By:/s/Xxxxxxx X. Xxxxxx
Secretary Vice President
EXHIBIT C
MASSACHUSETTS MUNICIPAL CASH TRUST
For all services rendered by Adviser hereunder, the
above-named Fund of the Trust shall pay to Adviser and Adviser
agrees to accept as full compensation for all services rendered
hereunder, an annual investment advisory fee equal to .50 of 1%
of the average daily net assets of the Fund.
The portion of the fee based upon the average daily net
assets of the Fund shall be accrued daily at the rate of 1/365th
of .50 of 1% applied to the daily net assets of the Fund.
The advisory fee so accrued shall be paid to Adviser daily.
The right of the Adviser as set forth in Paragraph 6 of
this Contract to assume expenses of one or more of the Funds
shall also apply as to any classes of the above-named Fund.
Witness the due execution hereof this 25th day of
October, 1990.
Attest: FEDERATED MANAGEMENT
/s/Xxxx X. XxXxxxxxx By:/s/Xxxx X. Xxxxxx
Secretary Executive Vice President
Attest: FEDERATED MUNICIPAL TRUST
/s/Xxxx X. XxXxxxxxx By:/s/Xxxxxxx X. Xxxxxx
Secretary Vice President
EXHIBIT D
MINNESOTA MUNICIPAL CASH TRUST
For all services rendered by Adviser hereunder, the above-
named Fund of the Trust shall pay to Adviser and Adviser agrees to
accept as full compensation for all services rendered hereunder,
an annual investment advisory fee equal to .40 of 1% of the average
daily net assets of the Fund.
The portion of the fee based upon the average daily net
assets of the Fund shall be accrued daily at the rate of 1/365th
of .40 of 1% applied to the daily net assets of the Fund.
The advisory fee so accrued shall be paid to Adviser daily.
The right of the Adviser as set forth in Paragraph 6 of
this Contract to assume expenses of one or more of the Funds shall
also apply as to any classes of the above-named Fund.
Witness the due execution hereof this 31st day of
August, 1990.
Attest: FEDERATED MANAGEMENT
/s/Xxxx X. XxXxxxxxx By:/s/Xxxx X. Xxxxxx
Secretary Executive Vice President
Attest: FEDERATED MUNICIPAL TRUST
/s/Xxxx X. XxXxxxxxx By:/s/Xxxxxxx X. Xxxxxx
Secretary Vice President
EXHIBIT E
NEW JERSEY MUNICIPAL CASH TRUST
For all services rendered by Adviser hereunder, the
above-named Fund of the Trust shall pay to Adviser and Adviser
agrees to accept as full compensation for all services rendered
hereunder, an annual investment advisory fee equal to .40 of
1% of the average daily net assets of the Fund.
The portion of the fee based upon the average daily net
assets of the Fund shall be accrued daily at the rate of 1/365th
of .40 of 1% applied to the daily net assets of the Fund.
The advisory fee so accrued shall be paid to Adviser daily.
The right of the Adviser as set forth in Paragraph 6 of
this Contract to assume expenses of one or more of the Funds shall
also apply as to any classes of the above-named Fund.
Witness the due execution hereof this 10th day of December, 1990.
Attest: FEDERATED MANAGEMENT
/s/Xxxx X. XxXxxxxxx By:/s/Xxxx X. Xxxxxx
Secretary Executive Vice President
Attest: FEDERATED MUNICIPAL TRUST
/s/Xxxx X. XxXxxxxxx By:/s/Xxxx X. Xxxxxx, XX
Secretary Vice President
EXHIBIT F
OHIO MUNICIPAL CASH TRUST
For all services rendered by Adviser hereunder, the
above-named Fund of the Trust shall pay to Adviser and Adviser
agrees to accept as full compensation for all services rendered
hereunder, an annual investment advisory fee equal to .40 of 1%
of the average daily net assets of the Fund.
The portion of the fee based upon the average daily net assets
of the Fund shall be accrued daily at the rate of 1/365th of .40 of
1% applied to the daily net assets of the Fund.
The advisory fee so accrued shall be paid to Adviser daily.
The right of the Adviser as set forth in Paragraph 6 of this
Contract to assume expenses of one or more of the Funds shall also
apply as to any classes of the above-named Fund.
Witness the due execution hereof this 26th day of March, 1991.
Attest: FEDERATED MANAGEMENT
/s/Xxxx X. XxXxxxxxx By:/s/Xxxx X. Xxxxxx
Secretary Executive Vice President
Attest: FEDERATED MUNICIPAL TRUST
/s/Xxxx X. XxXxxxxxx By:/s/Xxxxxxx X. Xxxxxx
Secretary Vice President
EXHIBIT G
to the
Investment Advisory Contract
VIRGINIA MUNICIPAL CASH TRUST
For all services rendered by Adviser hereunder, the
above-named Fund of the Trust shall pay to Adviser and Adviser
agrees to accept as full compensation for all services rendered
hereunder, an annual investment advisory fee equal to .40 of
1% of the average daily net assets of the Fund.
The portion of the fee based upon the average daily net
assets of the Fund shall be accrued daily at the rate of 1/365th
of .40 of 1% applied to the daily net assets of the Fund.
The advisory fee so accrued shall be paid to Adviser daily.
The right of the Adviser as set forth in Paragraph 6 of
this Contract to assume expenses of one or more of the Funds
shall also apply as to any classes of the above-named Fund.
Witness the due execution hereof this 1st day of June, 1993.
Attest: FEDERATED MANAGEMENT
/s/Xxxx X. XxXxxxxxx By:/s/Xxxx X. Xxxxxx, XX
Secretary
President
Attest: FEDERATED MUNICIPAL TRUST
/s/Xxxx X. XxXxxxxxx By:/s/J. Xxxxxxxxxxx Xxxxxxx
Secretary Vice President
EXHIBIT H
to the
Investment Advisory Contract
Alabama Municipal Cash Trust
For all services rendered by Adviser hereunder, the
above-named Fund of the Trust shall pay to Adviser and
Adviser agrees to accept as full compensation for all services
rendered hereunder, an annual investment advisory fee equal to .50
of 1% of the average daily net assets of the Fund.
The portion of the fee based upon the average daily net
assets of the Fund shall be accrued daily at the rate of 1/365th of .50 of
1% applied to the daily net assets of the Fund.
The advisory fee so accrued shall be paid to Adviser daily.
Witness the due execution hereof this 1st day of December, 1993.
Attest: FEDERATED MANAGEMENT
/s/Xxxx X. XxXxxxxxx By: /s/Xxxxxxx X. Xxxxxx
Secretary Senior Vice President
Attest: FEDERATED MUNICIPAL TRUST
/s/G. Xxxxxx Xxxxxxxxx By: /s/J. Xxxxxxxxxxx Xxxxxxx
Assistant Secretary Vice President
EXHIBIT I
to the
Investment Advisory Contract
North Carolina Municipal Cash Trust
For all services rendered by Adviser hereunder,
the above-named Fund of the Trust shall pay to Adviser
and Adviser agrees to accept as full compensation for
all services rendered hereunder, an annual investment
advisory fee equal to .50 of 1% of the average daily
net assets of the Fund.
The portion of the fee based upon the average
daily net assets of the Fund shall be accrued daily
at the rate of 1/365th of .50 of 1% applied to the
daily net assets of the Fund.
The advisory fee so accrued shall be paid to Adviser daily.
Witness the due execution hereof this 1st day of December, 1993.
Attest: FEDERATED MANAGEMENT
/s/Xxxx X. XxXxxxxxx By: /s/Xxxxxxx X. Xxxxxx
Secretary Senior Vice President
Attest: FEDERATED MUNICIPAL TRUST
/s/G. Xxxxxx Xxxxxxxxx By: /s/J. Xxxxxxxxxxx Xxxxxxx
Assistant Secretary Vice President
EXHIBIT J
to the
Investment Advisory Contract
Maryland Municipal Cash Trust
For all services rendered by Adviser hereunder,
the above-named Fund of the Trust shall pay to Adviser
and Adviser agrees to accept as full compensation for
all services rendered hereunder, an annual investment
advisory fee equal to .50 of 1% of the average daily
net assets of the Fund.
The portion of the fee based upon the average daily
net assets of the Fund shall be accrued daily at the rate
of 1/365th of .50 of 1% applied to the
daily net assets of the Fund.
The advisory fee so accrued shall be paid to Adviser daily.
Witness the due execution hereof this 1st day of March, 1994.
Attest: FEDERATED MANAGEMENT
/s/JohnW. McGonigle_________By:/s/Xxxxxxx X. Fisher_________
Secretary Executive Vice President
Attest: FEDERATED MUNICIPAL TRUST
/s/G. Andrew Bonnewell____________By:/s/J.ChristopherDonahue________
Assistant Secretary Vice President
EXHIBIT K
to the
Investment Advisory Contract
New York Municipal Cash Trust
For all services rendered by Adviser hereunder, the
above-named Fund of the Trust shall pay to Adviser and Adviser
agrees to accept as full compensation for all services rendered
hereunder, an annual investment advisory fee equal to .40 of 1%
of the average daily net assets of the Fund.
The portion of the fee based upon the average daily net
assets of the Fund shall be accrued daily at the rate of 1/365th
of .40 of 1% applied to the daily net assets of the Fund.
The advisory fee so accrued shall be paid to Adviser daily.
Witness the due execution hereof this 1st day of March, 1994.
Attest: FEDERATED MANAGEMENT
/s/ Xxxx X. XxXxxxxxx By: /s/ Xxxxxxx X. Xxxxxx, III
Secretary Executive Vice President
Attest: FEDERATED MUNICIPAL TRUST
/s/ S. Xxxxxxx Xxxxx By: /s/ Xxxxxx X. Xxxxxxxx
Assistant Secretary Vice President
EXHIBIT L
to the
Investment Advisory Contract
California Municipal Cash Trust
For all services rendered by Adviser hereunder, the
above-named Fund of the Trust shall pay to Adviser and Adviser
agrees to accept as full compensation for all services rendered
hereunder, an annual investment advisory fee equal to .50 of 1%
of the average daily net assets of the Fund.
The portion of the fee based upon the average daily net
assets of the Fund shall be accrued daily at the rate of 1/365th
of .50 of 1% applied to the daily net assets of the Fund.
The advisory fee so accrued shall be paid to Adviser daily.
Witness the due execution hereof this 1st day of March, 1994.
Attest: FEDERATED MANAGEMENT
/s/ Xxxx X. XxXxxxxxx By: /s/ Xxxxxxx X. Xxxxxx, III
Secretary Executive Vice President
Attest: FEDERATED MUNICIPAL TRUST
/s/ S. Xxxxxxx Xxxxx By: /s/ Xxxxxx X. Xxxxxxxx
Assistant Secretary Vice President
EXHIBIT M
to the
Investment Advisory Contract
Florida Municipal Cash Trust
For all services rendered by Adviser hereunder, the
above-named Fund of the Trust shall pay to Adviser and Adviser
agrees to accept as full compensation for all services rendered
hereunder, an annual investment advisory fee equal to .40 of 1%
of the average daily net assets of the Fund.
The portion of the fee based upon the average daily net
assets of the Fund shall be accrued daily at the rate of 1/365th
of .40 of 1% applied to the daily net assets of the Fund.
The advisory fee so accrued shall be paid to Adviser daily.
Witness the due execution hereof this 1st day of September, 1994.
Attest: FEDERATED MANAGEMENT
/s/ Xxxx X. XxXxxxxxx By:/s/ Xxxxxxx X. Xxxxxx, III
Secretary Executive Vice President
Attest: FEDERATED MUNICIPAL TRUST
/s/ S. Xxxxxxx Xxxxx By:/s/ J. Xxxxxxxxxxx Xxxxxxx
Assistant Secretary Vice President
EXHIBIT N
to the
Investment Advisory Contract
Georgia Municipal Cash Trust
For all services rendered by Adviser hereunder, the
above-named Fund of the Trust shall pay to Adviser and Adviser
agrees to accept as full compensation for all services rendered
hereunder, an annual investment advisory fee equal to .50 of 1%
of the average daily net assets of the Fund.
The portion of the fee based upon the average daily net
assets of the Fund shall be accrued daily at the rate of 1/365th
of .50 of 1% applied to the daily net assets of the Fund.
The advisory fee so accrued shall be paid to Adviser daily.
Witness the due execution hereof this 1st day of June, 1995.
Attest: FEDERATED MANAGEMENT
/s/ Xxxx X. XxXxxxxxx By: /s/ Xxxxxxx X. Xxxxxx, III
Xxxx X. XxXxxxxxx Xxxxxxx X. Xxxxxx, III
Secretary Executive Vice President
Attest: FEDERATED MUNICIPAL TRUST
/s/ S. Xxxxxxx Xxxxx By: /s/ J. Xxxxxxxxxxx Xxxxxxx
S. Xxxxxxx Xxxxx J. Xxxxxxxxxxx Xxxxxxx
Assistant Secretary Vice President
EXHIBIT O
to the
Investment Advisory Contract
Michigan Municipal Cash Trust
For all services rendered by Adviser hereunder, the
above-named Fund of the Trust shall pay to Adviser and Adviser
agrees to accept as full compensation for all services rendered
hereunder, an annual investment advisory fee equal to .50 of 1%
of the average daily net assets of the Fund.
The portion of the fee based upon the average daily net
assets of the Fund shall be accrued daily at the rate of 1/365th
of .50 of 1% applied to the daily net assets of the Fund.
The advisory fee so accrued shall be paid to Adviser daily.
Witness the due execution hereof this 1st day of June, 1995.
Attest: FEDERATED MANAGEMENT
/s/ Xxxx x. XxXxxxxxx By: /s/ Xxxxxxx X. Xxxxxx, III
Xxxx X. XxXxxxxxx Xxxxxxx X. Xxxxxx, III
Secretary Executive Vice President
Attest: FEDERATED MUNICIPAL TRUST
/s/ S. Xxxxxxx Xxxxx By: /s/ J. Xxxxxxxxxxx Xxxxxxx
S. Xxxxxxx Xxxxx J. Xxxxxxxxxxx Xxxxxxx
Assistant Secretary Vice President
EXHIBIT P
to the
Investment Advisory Contract
Tennessee Municipal Cash Trust
For all services rendered by Adviser hereunder, the
above-named Fund of the Trust shall pay to Adviser and Adviser
agrees to accept as full compensation for all services rendered
hereunder, an annual investment advisory fee equal to .50 of 1%
of the average daily net assets of the Fund.
The portion of the fee based upon the average daily net
assets of the Fund shall be accrued daily at the rate of 1/365th
of .50 of 1% applied to the daily net assets of the Fund.
The advisory fee so accrued shall be paid to Adviser daily.
Witness the due execution hereof this 1st day of March, 1996.
Attest: FEDERATED MANAGEMENT
/s/ Xxxxxxx X. Xxxx /s/ Xxxxxxx X. Xxxxxx, III
By:
Xxxxxxx X. Xxxx Xxxxxxx X. Xxxxxx, III
Secretary Executive Vice President
Attest: FEDERATED MUNICIPAL TRUST
/s/ S. Xxxxxxx Xxxxx /s/ Xxxxxxx X. Xxxxxx
By:
X. Xxxxxxx Xxxxx Xxxxxxx X. Xxxxxx
Assistant Secretary Vice President
EXHIBIT Q
to the
Investment Advisory Contract
Arizona Municipal Cash Trust
For all services rendered by Adviser hereunder, the
above-named Fund of the Trust shall pay to Adviser and Adviser
agrees to accept as full compensation for all services rendered
hereunder, an annual investment advisory fee equal to .50 of 1%
of the average daily net assets of the Fund.
The portion of the fee based upon the average daily net
assets of the Fund shall be accrued daily at the rate of 1/365th
of .50 of 1% applied to the daily net assets of the Fund.
The advisory fee so accrued shall be paid to Adviser daily.
Witness the due execution hereof this 1st day of March, 1998.
FEDERATED MANAGEMENT
By: /s/ Xxxxxxx X. Xxxx
Name: Xxxxxxx X. Xxxx
Title: Vice President
FEDERATED MUNICIPAL TRUST
By: /s/ J. Xxxxxxxxxxx Xxxxxxx
Name: J. Xxxxxxxxxxx Xxxxxxx
Title: Executive Vice President
