TWENTY-SECOND AMENDMENT TO
Exhibit (h)(11) under Form N-1A
Exhibit 10 under Item 601/Reg. S-K
TWENTY-SECOND AMENDMENT TO
AGENCY AGREEMENT FOR SECURITIES LENDING TRANSACTIONS
BETWEEN
EACH OF THE REGISTERED INVESTMENT COMPANIES
ON BEHALF OF ITS RESPECTIVE SERIES COMPANIES LISTED ON EXHIBIT B
AND
CITIBANK, N.A.
This Amendment (the “Amendment”) dated as of December 15, 2017, is between each of the registered investment companies on behalf of its respective series companies, if any, listed on Exhibit B thereto (each a “Fund”), and Citibank, N.A. (“Bank”).
Reference is made to an Agency Agreement for Securities Lending Transactions dated October 4, 2004 by and between certain of the Funds and the Bank, as amended from time to time, and as in effect on the date hereof prior to giving effect to this Amendment (the “Agreement”). The Funds and the Bank both desire to amend the Agreement to provide for the addition of new Funds to the Agreement.
For value received, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties mutually agree to amend the Agreement in the following respects:
1. Definitions. All terms used herein and not otherwise defined shall have the meaning set forth in the Agreement.
2. Amendments.
| (a) | The Agreement is hereby amended by deleting Exhibit B (List of Registered Investment Companies) thereto in its entirety and substituting the Exhibit B attached hereto, respectively, therefore. Federated Prudent DollarBear Fund reorganized into Federated Global Total Return Bond Fund on September 22, 2017. Federated Clover Value Fund along with the standalone Federated MDT Large Cap Value Fund were reorganized into Federated MDT Large Cap Value Fund, a portfolio of Federated MDT Equity Trust, on December 8, 2017. Federated New York Municipal Income Fund was also reorganized into Federated Municipal Bond Fund, Inc. on December 8, 2017. |
3. Miscellaneous. Except to the extent specifically amended by the Amendment, the provisions of the Agreement shall remain unmodified, and the Agreement is ratified and affirmed as being in full force and effect. This Amendment, the Agreement and the other documents and certificates referred to in the Agreement constitute the entire understanding of the parties with respect to the subject matter thereof and superseded all prior and current understanding and agreements, whether written or oral. The Amendment shall be construed in accordance with the laws of the State of New York.
4. Effective Date. This Amendment shall be effective as of the date first written above.
IN WITNESS WHEREOF, the parties hereto execute this Agreement as an instrument under the seal by their duly authorized officers by affixing their signatures below.
| Each registered investment company on behalf of its respective series as listed on Exhibit B, severally and jointly | CITIBANK, N.A. |
| By: /s/ Xxxx X. Xxxxxxx | By: /s/ Xxxxxxx Xxxxxxxxx |
| Name: Xxxx X. Xxxxxxx | Name: Xxxxxxx Xxxxxxxxx |
| Title: Treasurer | Title: Director |
Exhibit B
This Exhibit is attached to and made part of the Agency Agreement for Securities Lending Transactions dated the 4th day of October, 2004, as amended from time to time, is between each of the registered investment companies on behalf of its respective series companies, if any, listed on Exhibit B and Citibank, N.A.
Registered Investment Companies and Respective Series Companies
Federated Adjustable Rate Securities Fund
Federated Core Trust
Emerging Markets Core Fund
Federated Bank Loan Core Fund
Federated Mortgage Core Portfolio
High Yield Bond Portfolio
Federated Core Trust III
Federated Project and Trade Finance Core Fund
Federated Equity Funds
Federated Absolute Return Fund
Federated Clover Small Value Fund
Federated Global Strategic Value Dividend Fund
Federated International Strategic Value Dividend Fund
Federated Xxxxxxxx Fund
Federated Xxxxxxxx Large Cap Fund
Federated Xxxxxxxx Small Cap Fund
Federated MDT Mid-Cap Growth Fund
Federated Prudent Bear Fund
Federated Strategic Value Dividend Fund
Federated Equity Income Fund, Inc.
Federated Fixed Income Securities, Inc.
Federated Municipal Ultrashort Fund
Federated Strategic Income Fund
Federated Global Allocation Fund
Federated Government Income Securities, Inc.
Federated Government Income Trust
Federated High Income Bond Fund, Inc.
Federated High Yield Trust
Federated High Yield Trust
Federated Equity Advantage Fund
Federated Income Securities Trust
Federated Capital Income Fund
Federated Fixed Income Opportunity Fund
Federated Floating Rate Strategic Income Fund
Federated Fund for U.S. Government Securities
Federated Intermediate Corporate Bond Fund
Federated Muni and Stock Advantage Fund
Federated Real Return Bond Fund
Federated Short-Term Income Fund
Federated Index Trust
Federated Max-Cap Index Fund
Federated Mid-Cap Index Fund
Federated Institutional Trust
Federated Government Ultrashort Duration Fund
Federated Institutional High Yield Bond Fund
Federated Short-Intermediate Total Return Bond Fund
Federated Insurance Series
Federated High Income Bond Fund II
Federated Xxxxxxxx Fund II
Federated Managed Tail Risk Fund II
Federated Managed Volatility Fund II
Federated Fund for U.S. Government Securities II
Federated Quality Bond Fund II
Federated International Series, Inc.
Federated Global Total Return Bond Fund
Federated Investment Series Funds, Inc.
Federated Bond Fund
Federated MDT Equity Trust
Federated MDT Large Cap Value Fund
Federated MDT Series
Federated MDT All Cap Core Fund
Federated MDT Balanced Fund
Federated MDT Large-Cap Growth Fund
Federated MDT Small-Cap Core Fund
Federated MDT Small-Cap Growth Fund
Federated Managed Pool Series
Federated Corporate Bond Strategy Portfolio
Federated High-Yield Strategy Portfolio
Federated International Dividend Strategy Portfolio
Federated International Bond Strategy Portfolio
Federated Mortgage Strategy Portfolio
Federated Municipal Bond Fund, Inc.
Federated Municipal Securities Income Trust
Federated Michigan Intermediate Municipal Trust
Federated Municipal High Yield Advantage Fund
Federated Ohio Municipal Income Fund
Federated Pennsylvania Municipal Income Fund
Federated Short-Intermediate Duration Municipal Trust
Federated Total Return Government Bond Fund
Federated Total Return Series, Inc.
Federated Mortgage Fund
Federated Total Return Bond Fund
Federated Ultrashort Bond Fund
Federated U.S. Government Securities Fund: 1-3 Years
Federated U.S. Government Securities Fund: 2-5 Years
Federated World Investment Series, Inc.
Federated Emerging Market Debt Fund
Federated International Leaders Fund
Federated International Small-Mid Company Fund
Intermediate Municipal Trust
Federated Intermediate Municipal Trust
TWENTY-THIRD AMENDMENT TO THE
AGENCY AGREEMENT
THIS TWENTY-THIRD AMENDMENT effective as of February 12, 2018 (the “Amendment”) hereby amends the Global Securities Lending Agency Agreement (the “Agency Agreement”) dated as of October 4, 2004 as assigned and amended from time to time, between each of the registered investment companies listed on Exhibit B to the Agency Agreement (each such company a “Customer” or a “Fund”) and Citibank, N.A. (“Bank”) (collectively, the “Parties”). Capitalized terms used but not defined herein shall have the meaning given to them in the Agency Agreement.
WHEREAS, the Customer wishes to amend the Agency Agreement to set forth the market standard borrowing agreements;
WHEREAS, the Customer wishes to amend the Agency Agreement as set forth in this Amendment to provide for the Bank’s entry into “pay-to-hold” arrangements (“P2H Reservation”) on behalf of the Customer.
NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, the Parties hereby agree as follows:
| 1. | Schedule IV |
A new Schedule IV is hereby added to the Agency Agreement in the form attached hereto.
| 2. | P2H Reservation |
| A. | As used herein, “P2H Reservation” means an arrangement between the Bank and an Approved Borrower pursuant to which the Bank, on behalf of the Customer, will cause securities maintained in Designated Accounts to be held in reserve for possible future borrowing by the Approved Borrower. |
| B. | A P2H Reservation shall be treated as a Loan for all purposes under the agency Agreement except that: |
| a. | The Customer shall have no obligation to deliver, and the Bank shall not deliver, the securities subject to the P2H Reservation to the Approved Borrower, whether by causing such securities to be credited to the Approved Borrower’s securities account or otherwise, and all incidents of ownership of such securities (including all dividends and distributions thereon) shall be and remain the property of the Lender. |
| b. | The Approved Borrower shall have no obligation to provide Collateral with respect to a P2H Reservation. |
| c. | The fee payable by the Approved Borrower to the Customer with respect to the P2H Reservation shall be negotiated by the Bank with the Approved Borrower. The Bank agrees that it will seek in good faith to establish such fee at a rate that is consistent with then-current industry norms for lending fees established for securities loan transactions. |
| d. | The income from a P2H Reservation shall be split between the Customer and the Bank in the same proportion as fees from ordinary loans. |
| C. | The Bank shall cause the Securities Lending Agreement between the Bank and an Approved Borrower with which the Bank enters into a P2H Reservation to conform to the provisions of the Agency Agreement as modified by this Amendment. |
| D. | A P2H Reservation, unless earlier terminated by the Customer, may be converted to a Loan if requested by the Approved Borrower and agreed by the Bank. The provisions of the Agency Agreement and the applicable Securities Lending Agreement (including all fees due to the Customer thereunder) shall apply to a Loan resulting from conversion of a P2H Reservation on the same basis as such provisions apply to a Loan that has not been subject to a P2H Reservation. |
| 3. | Miscellaneous |
| a) | This Amendment supplements and amends the Agency Agreement. The provisions set forth in this Amendment supersede all prior negotiations, understandings and agreements bearing upon the subject matter covered herein, including any conflicting provisions of the Agency Agreement or any provisions of the Agency Agreement that directly cover or indirectly bear upon matters covered under this Amendment. |
| b) | Each reference to the Agency Agreement in that document and in every other agreement, contract or instrument to which the Parties are bound, shall hereafter be construed as a reference to the Agency Agreement as separately amended by this Amendment. Except as provided in this Amendment, the provisions of the Agency Agreement remain in full force and effect. No amendment or modification to this Amendment shall be valid unless made in writing and executed by each party hereto. |
| c) | This Amendment may be executed in counterparts, each of which shall be an original but all of which, taken together, shall constitute one and the same agreement. |
IN WITNESS WHEREOF, the Parties hereto have caused this Amendment to be duly executed all as of the day and year first above written.
EACH REGISTERED INVESTMENT COMPANY
ON BEHALF OF ANY APPLICABLE SERIES COMPANY
LISTED ON EXIBIT B TO THEAGENCY AGREEMENT
By: /s/ Xxxxxxx X. Xxxxxx
Name: Xxxxxxx X. Xxxxxx
Title: Assistant Fund Treasurer
Date: February 22, 2018
Acknowledged and agreed:
CITIBANK, N.A., as Agent
By: /s/ Xxxxxxx Xxxxxxxxx
Name: Xxxxxxx Xxxxxxxxx
Title: Director
Schedule IV
to the Global Securities Lending Agency Agreement,
Between CITIBANK, N.A., As the Agent
and the Lender
MARKET STANDARD LENDING AGREEMENTS
| APPLICABLE LENDING AGREEMENT* |
|
Global Master Securities Lending Agreement (May 2000) and (January 2010) Master Securities Lending Agreement (1984) Master Securities Loan Agreement (2000 version) |
* Note: Agent shall provide Lender with a copy of the applicable Lending Agreement upon request.
TWENTY-FOURTH AMENDMENT TO
AGENCY AGREEMENT FOR SECURITIES LENDING TRANSACTIONS
BETWEEN
EACH OF THE REGISTERED INVESTMENT COMPANIES
ON BEHALF OF ITS RESPECTIVE SERIES COMPANIES LISTED ON EXHIBIT B
AND
CITIBANK, N.A.
This Amendment (the “Amendment”) dated as of September 1, 2018, is between each of the registered investment companies on behalf of its respective series companies, if any, listed on Exhibit B thereto (each a “Fund”), and Citibank, N.A. (“Bank”).
Reference is made to an Agency Agreement for Securities Lending Transactions dated October 4, 2004 by and between certain of the Funds and the Bank, as amended from time to time, and as in effect on the date hereof prior to giving effect to this Amendment (the “Agreement”). The Funds and the Bank both desire to amend the Agreement to provide for the addition of new Funds to the Agreement.
For value received, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties mutually agree to amend the Agreement in the following respects:
1. Definitions. All terms used herein and not otherwise defined shall have the meaning set forth in the Agreement.
2. Amendments.
| (a) | The Agreement is hereby amended by deleting Exhibit B (List of Registered Investment Companies) thereto in its entirety and substituting the Exhibit B attached hereto, respectively, therefore. Federated MDT Equity Trust changed its name to Federated Adviser Series on August 15, 2018, and Federated Hermes SDG Engagement Equity Fund was added to Federated Adviser Series. On August 17, 2018, Federated Managed Tail Risk Fund II merged into Federated Managed Volatility Fund II. |
3. Miscellaneous. Except to the extent specifically amended by the Amendment, the provisions of the Agreement shall remain unmodified, and the Agreement is ratified and affirmed as being in full force and effect. This Amendment, the Agreement and the other documents and certificates referred to in the Agreement constitute the entire understanding of the parties with respect to the subject matter thereof and superseded all prior and current understanding and agreements, whether written or oral. The Amendment shall be construed in accordance with the laws of the State of New York.
4. Effective Date. This Amendment shall be effective as of the date first written above.
IN WITNESS WHEREOF, the parties hereto execute this Agreement as an instrument under the seal by their duly authorized officers by affixing their signatures below.
| Each registered investment company on behalf of its respective series as listed on Exhibit B, severally and jointly | CITIBANK, N.A. |
| By: /s/ Xxxx X. Xxxxxxx | By: /s/ Xxxxxxx Xxxxxxxxx |
| Name: Xxxx X. Xxxxxxx | Name: Xxxxxxx Xxxxxxxxx |
| Title: Treasurer | Title: Director |
Exhibit B
This Exhibit is attached to and made part of the Agency Agreement for Securities Lending Transactions dated the 4th day of October, 2004, as amended from time to time, is between each of the registered investment companies on behalf of its respective series companies, if any, listed on Exhibit B and Citibank, N.A.
Registered Investment Companies and Respective Series Companies
Federated Adjustable Rate Securities Fund
Federated Hermes SDG Engagement Equity Fund
Federated MDT Large Cap Value Fund
Federated Core Trust
Emerging Markets Core Fund
Federated Bank Loan Core Fund
Federated Mortgage Core Portfolio
High Yield Bond Portfolio
Federated Core Trust III
Federated Project and Trade Finance Core Fund
Federated Equity Funds
Federated Absolute Return Fund
Federated Clover Small Value Fund
Federated Global Strategic Value Dividend Fund
Federated International Strategic Value Dividend Fund
Federated Xxxxxxxx Fund
Federated Xxxxxxxx Large Cap Fund
Federated Xxxxxxxx Small Cap Fund
Federated MDT Mid-Cap Growth Fund
Federated Prudent Bear Fund
Federated Strategic Value Dividend Fund
Federated Equity Income Fund, Inc.
Federated Fixed Income Securities, Inc.
Federated Municipal Ultrashort Fund
Federated Strategic Income Fund
Federated Global Allocation Fund
Federated Government Income Securities, Inc.
Federated Government Income Trust
Federated High Income Bond Fund, Inc.
Federated High Yield Trust
Federated High Yield Trust
Federated Equity Advantage Fund
Federated Income Securities Trust
Federated Capital Income Fund
Federated Fixed Income Opportunity Fund
Federated Floating Rate Strategic Income Fund
Federated Fund for U.S. Government Securities
Federated Intermediate Corporate Bond Fund
Federated Muni and Stock Advantage Fund
Federated Real Return Bond Fund
Federated Short-Term Income Fund
Federated Index Trust
Federated Max-Cap Index Fund
Federated Mid-Cap Index Fund
Federated Institutional Trust
Federated Government Ultrashort Duration Fund
Federated Institutional High Yield Bond Fund
Federated Short-Intermediate Total Return Bond Fund
Federated Insurance Series
Federated High Income Bond Fund II
Federated Xxxxxxxx Fund II
Federated Managed Volatility Fund II
Federated Fund for U.S. Government Securities II
Federated Quality Bond Fund II
Federated International Series, Inc.
Federated Global Total Return Bond Fund
Federated Investment Series Funds, Inc.
Federated Bond Fund
Federated MDT Series
Federated MDT All Cap Core Fund
Federated MDT Balanced Fund
Federated MDT Large-Cap Growth Fund
Federated MDT Small-Cap Core Fund
Federated MDT Small-Cap Growth Fund
Federated Managed Pool Series
Federated Corporate Bond Strategy Portfolio
Federated High-Yield Strategy Portfolio
Federated International Dividend Strategy Portfolio
Federated International Bond Strategy Portfolio
Federated Mortgage Strategy Portfolio
Federated Municipal Bond Fund, Inc.
Federated Municipal Securities Income Trust
Federated Michigan Intermediate Municipal Trust
Federated Municipal High Yield Advantage Fund
Federated Ohio Municipal Income Fund
Federated Pennsylvania Municipal Income Fund
Federated Short-Intermediate Duration Municipal Trust
Federated Total Return Government Bond Fund
Federated Total Return Series, Inc.
Federated Mortgage Fund
Federated Total Return Bond Fund
Federated Ultrashort Bond Fund
Federated U.S. Government Securities Fund: 1-3 Years
Federated U.S. Government Securities Fund: 2-5 Years
Federated World Investment Series, Inc.
Federated Emerging Market Debt Fund
Federated International Leaders Fund
Federated International Small-Mid Company Fund
Intermediate Municipal Trust
Federated Intermediate Municipal Trust
