EX-99.MULTICLASSPLAN 21 multclassplan.txt Exhibit n under N-1A Exhibit 99 under 601/Reg SK MULTIPLE CLASS PLAN This Multiple Class Plan (this "Plan") is adopted by the investment companies (the "Multiple Class Companies") identified in exhibits hereto (the "Class Exhibits") as offering separate classes of shares ("Classes"). 1. Purpose This Plan is adopted pursuant to Rule 18f-3 under the Investment Company Act of 1940, as amended (the "Rule"), in connection with the issuance by the Multiple Class Companies and any series thereof (collectively the "Funds") of more than one Class of shares in reliance on the Rule. In documenting the exchange features for each Class, this plan describes the arrangements whereby shares of Funds may be exchanged for or from certain other investment companies which are not part of this Plan. In documenting the separate arrangement for distribution of each Class, this Plan also sets forth the schedules for variations in sales loads and contingent deferred sales charges required by Rules 22d-1 and 6c-10, respectively. 2. Separate Arrangements/Class Differences The arrangements for shareholders services or the distribution of shares, or both, for each Class shall be set forth in the applicable Class Exhibit hereto. 3. Expense Allocations Each Class shall be allocated those shareholder service fees and fees and expenses payable under a Rule 12b-1 Plan specified in the Class Exhibit. In addition the following expenses may be specifically allocated to each Class to the extent that the Fund's officers determine that such expenses are actually incurred in a different amount by that Class, or that the Class receives services of a different kind or to a different degree than other Classes: (a) transfer agent fees; (b) printing and postage expenses related to preparing and distributing materials such as shareholder reports, prospectuses, and proxies to current shareholders; (c) blue sky registration fees; (d) SEC registration fees; (e) the expense of administrative personnel and services as required to support the shareholders; (f) litigation or other legal expenses relating solely to one Class; or (g) other expenses incurred on behalf of the Class or for events or activities pertaining exclusively to the Class. 4. Conversion and Exchange Features The conversion and exchange features for shares of each Class shall be as set forth in the applicable Class Exhibit hereto. 5. Amendment Any material amendment of this Plan or any Class Exhibit hereto by any Multiple Class Company is subject to the approval of a majority of the directors/trustees of the applicable Multiple Class Company and a majority of the directors/trustees of the Multiple Class Company who are not interested persons of the Multiple Class Company, pursuant to the Rule. ============================================================================== Institutional Capital Shares Exhibit ============================================================================== To Multiple Class Plan 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 Capital Shares will consist of sales by financial intermediaries who will receive a shareholder service fee paid by Federated Shareholder Services Co. In connection with this arrangement, Institutional Capital Shares will bear the following fees and expenses: Fees and Maximum Amount Allocated Institutional Expenses Capital Shares -------------------------------------------------------------------- -------------------------------------------------------------------- Sales Load None Contingent None Deferred Sales Charge ("CDSC") Shareholder Up to 25 basis points (0.25%) of the Service Fee average daily net asset value 12b-1 Fee None Other Expenses Itemized expenses incurred by the Fund with respect to holders of Institutional Capital Shares as described in Section 3 of the Plan 2. CONVERSION AND EXCHANGE PRIVILEGES For purposes of Rule 18f-3, Institutional Capital Shares have the following conversion rights and exchange privileges at the election of the shareholder: Conversion None Rights: Exchange Institutional Capital Shares may be Rights: exchanged for Institutional Capital Shares of any other Fund. Additionally, Institutional Capital Shares issued in exchange for Class A Shares or Class F Shares may be exchanged back into Class A Shares or Class F Shares, respectively. In any exchange, the shareholder shall receive shares having the same aggregate net asset value as the shares surrendered, unless Class A Shares or Class F Shares which are subject to a CDSC are being exchanged, in which case the CDSC fee will be imposed as if the Class A Shares or Class F Shares had been redeemed. Exchanges to any other Class shall be treated in the same manner as a redemption and purchase. ============================================================================== Schedule of Funds Offering Institutional Capital Shares ============================================================================== The Funds set forth on this Schedule each offer Institutional Capital Shares on the terms set forth in the Institutional Capital Shares Exhibit to the Multiple Class Plan, in each case as indicated below. ------------------------------------------------------------------- Multiple Class Series 12b-1 Plan Company ------------------------------------------------------------------- ------------------------------------------------------------------- Money Market Municipal None Obligations Trust Obligations Fund ------------------------------------------------------------------- ------------------------------------------------------------------- Prime Cash None Obligations Fund ------------------------------------------------------------------- ------------------------------------------------------------------- Prime Value None Obligations Fund ------------------------------------------------------------------- ------------------------------------------------------------------- Treasury None Obligations Fund ------------------------------------------------------------------- ------------------------------------------------------------------------------ ============================================================================== CasH II Shares Exhibit ============================================================================== To Multiple Class Plan 3. SEPARATE ARRANGEMENT AND EXPENSE ALLOCATION For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement of the Cash II Shares will consist of shareholder services to be provided by financial intermediaries who will receive a shareholder service fee paid by Federated Shareholder Services Co., and when indicated on the Schedule to this Exhibit, the principal underwriter and financial intermediaries may also receive additional payments for distribution and administrative services under a 12b-1 Plan. In connection with this arrangement, Cash II Shares will bear the following fees and expenses: Fees and Maximum Amount Allocated Cash II Expenses Shares ------------------------------------------------------------------- ------------------------------------------------------------------- Sales Load None Contingent None Deferred Sales Charge ("CDSC") Shareholder Up to 25 basis points (0.25%) of the Service Fee average daily net asset value 12b-1 Fee As set forth in the attached Schedule Other Expenses Itemized expenses incurred by the Fund with respect to holders of Cash II Shares as described in Section 3 of the Plan 4. CONVERSION AND EXCHANGE PRIVILEGES For purposes of Rule 18f-3, Cash II Shares have the following conversion rights and exchange privileges at the election of the shareholder: Conversion None Rights: Exchange Cash II Shares may be exchanged for Rights: Cash II Shares of any other Fund. Additionally, Cash II Shares issued in exchange for Class A Shares or Class F Shares may be exchanged back into Class A Shares or Class F Shares, respectively. In any exchange, the shareholder shall receive shares having the same aggregate net asset value as the shares surrendered, unless Class A Shares or Class F Shares which are subject to a CDSC are being exchanged, in which case the CDSC fee will be imposed as if the Class A Shares or Class F Shares had been redeemed. Exchanges to any other Class shall be treated in the same manner as a redemption and purchase. ============================================================================== Schedule of Funds Offering Cash II Shares ============================================================================== The Funds set forth on this Schedule each offer Cash II Shares on the terms set forth in the Cash II 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 Series 12b-1 Company Plan ------------------------------------------------------------------- ------------------------------------------------------------------- Money Market Automated Cash 0.25% Obligations Trust Management Trust ------------------------------------------------------------------- ------------------------------------------------------------------- Florida Municipal 0.25% Cash Trust ------------------------------------------------------------------- ------------------------------------------------------------------- New York Municipal 0.25% Cash Trust ------------------------------------------------------------------- ------------------------------------------------------------------- Ohio Municipal Cash 0.30% Trust ------------------------------------------------------------------- ------------------------------------------------------------------- California Municipal 0.20% Cash Trust ------------------------------------------------------------------- ------------------------------------------------------------------- Michigan Municipal 0.25% Cash Trust ------------------------------------------------------------------- ------------------------------------------------------------------- Cash Trust Series Municipal Cash Series 0.20% ------------------------------------------------------------------- ------------------------------------------------------------------- Treasury Cash Series 0.20% ------------------------------------------------------------------- ------------------------------------------------------------------------------ ============================================================================== Cash series Shares Exhibit ============================================================================== To Multiple Class Plan 5. SEPARATE ARRANGEMENT AND EXPENSE ALLOCATION For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement for the Cash Series Shares will consist of shareholder services to be provided by financial intermediaries who will receive a shareholder service fee paid by Federated Shareholder Services Co., and when indicated on the Schedule to this Exhibit, the principal underwriter and financial intermediaries may also receive additional payments for distribution and administrative services under a 12b-1 Plan. In connection with this arrangement, Cash Series Shares will bear the following fees and expenses: Fees and Maximum Amount Allocated Cash Series Expenses Shares -------------------------------------------------------------------- -------------------------------------------------------------------- Sales Load None Contingent None Deferred Sales Charge ("CDSC") Shareholder Up to 25 basis points (0.25%) of the Service Fee average daily net asset value 12b-1 Fee As set forth in the attached Schedule Other Expenses Itemized expenses incurred by the Fund with respect to holders of Cash Series Shares as described in Section 3 of the Plan 6. CONVERSION AND EXCHANGE PRIVILEGES For purposes of Rule 18f-3, Cash Series Shares have the following conversion rights and exchange privileges at the election of the shareholder: Conversion None Rights: Exchange Cash Series Shares may be exchanged for Rights: Cash Series Shares of any other Fund. Additionally, Cash Series Shares issued in exchange for Class A Shares or Class F Shares may be exchanged back into Class A Shares or Class F Shares, respectively. In any exchange, the shareholder shall receive shares having the same aggregate net asset value as the shares surrendered, unless Class A Shares or Class F Shares which are subject to a CDSC are being exchanged, in which case the CDSC fee will be imposed as if the Class A Shares or Class F Shares had been redeemed. Exchanges to any other Class shall be treated in the same manner as a redemption and purchase. ============================================================================== Schedule of Funds Offering Cash Series Shares ============================================================================== The Funds set forth on this Schedule each offer Cash Series Shares on the terms set forth in the Cash Series Shares Exhibit to 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 Series 12b-1 Company Plan -------------------------------------------------------------------- -------------------------------------------------------------------- Money Market Minnesota Municipal 0.50% Obligations Cash Trust Trust -------------------------------------------------------------------- -------------------------------------------------------------------- Pennsylvania Municipal 0.40% Cash Trust -------------------------------------------------------------------- -------------------------------------------------------------------- Cash Trust Municipal Cash Series 0.35% Series -------------------------------------------------------------------- -------------------------------------------------------------------- Treasury Cash Series 0.35% -------------------------------------------------------------------- ------------------------------------------------------------------------------ ============================================================================== Class A Shares Exhibit ============================================================================== To Multiple Class Plan 7. 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 by financial intermediaries in consideration of a sales load paid through the principal underwriter and a shareholder service fee paid by Federated Shareholder Services Co. When indicated on the Schedule to this Exhibit, the principal underwriter and financial intermediaries may also receive additional payments for distribution and administrative services under a 12b-1 Plan. In connection with this arrangement, Class A Shares will bear the following fees and expenses: Fees and Maximum Amount Allocated Class A Expenses Shares ------------------------------------------------------------------- ------------------------------------------------------------------- Sales Load Up to 5.5% of the public offering price Contingent None Deferred Sales Charge ("CDSC") Shareholder Up to 25 basis points (0.25%) of the Service Fee average daily net asset value 12b-1 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 8. 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 None Rights: Exchange Class A Shares may be exchanged for Rights: Class A Shares of any other Funds. Additionally, Class A Shares may be exchanged for Investment Shares of Tax-Free Instruments Trust. Class A Shares may also be exchanged for shares of investment companies that are not subject to this Plan, as provided in the "Proprietary Fund Schedule" attached hereto. 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. 9. 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 load and contingent deferred sales charges payable upon redemption 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: Sales Load as a Purchase Percentage Amount of Public Offering Price ------------------------------------------ ------------------------------------------ Less than 5.50% $50,000 $50,000 but 4.50% less than $100,000 $100,000 3.75% but less than $250,000 $250,000 2.50% but less than $500,000 $500,000 2.00% but less than $1 million $1 million 0.00% or greater (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: Sales Charge as Purchase a Percentage Amount of Public Offering Price ------------------------------------------ ------------------------------------------ Less than 4.50% $100,000 $100,000 but 3.75% less than $250,000 $250,000 but 2.50% less than $500,000 $500,000 but 2.00% less than $1 million $1 million 0.00% or greater (c) limited term 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: Sales Charge as Purchase a Percentage Amount of Public Offering Price ---------------------------------------- ---------------------------------------- Less than 1.00% $1 million $1 0.00% million or greater (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: Sales Charge as Purchase a Percentage Amount of Public Offering Price ---------------------------------------- ---------------------------------------- All 0.00% purchases (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: Sales Charge as Purchase a Percentage Amount of Public Offering Price ---------------------------------------- Less than 2.00% $50,000 $50,000 1.75% but less than $100,000 $100,000 1.50% but less than $250,000 $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) AGGREGATION OF PURCHASES In applying the exceptions set forth in this Section 3, the purchase amount shall take into account: |X| Concurrent purchases of Class A Shares of other Funds; |X| Accumulated purchases of Class A Shares will be considered in calculating the applicable sales charge on the additional Shares; and |X| Letters of intent to purchase Class A Shares within a thirteen month period. (H) waiver of sales load No sales load shall be assessed or contingent deferred sales charge imposed on purchases of Class A Shares: o within 120 days of redeeming shares of an equal or greater amount; o through a bank trust department, a registered investment adviser, retirement plans where the third party administrator has entered into certain arrangements with the principal underwriter, or its affiliates, or any other investment professional, to the extent that no payments were advanced for purchases made through these entities or individuals; o with reinvested dividends or capital gains; o by shareholders that originally became shareholders of a Fund pursuant to the terms of an agreement and plan of reorganization which permits the shareholders to acquire shares at net asset value; o 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); and o by Directors, Trustees, 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, and the immediate family members of the above persons. (I) SPECIAL OFFER PROGRAM 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 are subject to a CDSC of 2.00% on redemptions which occur within 30 months after the purchase, which amount is 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 may 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 are exchanged for Class A Shares of other Funds during the 30 month CDSC period will incur the CDSC fee upon redemption. However, no sales load will be charged for the exchange. ============================================================================== 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 Series 12b-1 Company Plan ------------------------------------------------------------------- ------------------------------------------------------------------- Federated None American Leaders Fund, Inc. ------------------------------------------------------------------- ------------------------------------------------------------------- Federated Equity Federated Capital 0.25% Funds Appreciation Fund ------------------------------------------------------------------- ------------------------------------------------------------------- Federated 0.25% Communications Technology Fund ------------------------------------------------------------------- ------------------------------------------------------------------- Federated Growth None Strategies Fund ------------------------------------------------------------------- ------------------------------------------------------------------- Federated Kaufmann 0.25% Fund ------------------------------------------------------------------- ------------------------------------------------------------------- Federated Kaufmann 0.25% Small Cap Fund ------------------------------------------------------------------- ------------------------------------------------------------------- Federated Large Cap 0.25% Growth Fund ------------------------------------------------------------------- ------------------------------------------------------------------- Federated Market 0.25% Opportunity Fund ------------------------------------------------------------------- ------------------------------------------------------------------- Federated Equity 0.50% Income Fund, Inc. ------------------------------------------------------------------- ------------------------------------------------------------------- Federated Income Federated Capital None Securities Trust Income Fund ------------------------------------------------------------------- ------------------------------------------------------------------- Federated Federated None International International Series, Inc. Equity Fund ------------------------------------------------------------------- ------------------------------------------------------------------- Federated Stock None and Bond Fund, Inc. ------------------------------------------------------------------- ------------------------------------------------------------------- Federated World Federated European 0.25% Investment Growth Fund Series, Inc. ------------------------------------------------------------------- ------------------------------------------------------------------- Federated Global 0.25% Equity Fund ------------------------------------------------------------------- ------------------------------------------------------------------- Federated Global None Value Fund -------------------------- ------------------------------------------------------------------- ------------------------------------------------------------------- Federated 0.25% International Capital Appreciation Fund ------------------------------------------------------------------- ------------------------------------------------------------------- Federated 0.25% International High Income Fund ------------------------------------------------------------------- ------------------------------------------------------------------- Federated 0.25% International Small Company Fund ------------------------------------------------------------------- ------------------------------------------------------------------- Federated 0.25% International Value Fund (formerly: Federated Global Financial Services Fund) -------------------------------------------------------------------
2. CLASS A SHARES SUBJECT TO THE FIXED INCOME LOAD SCHEDULE ------------------------------------------------------------------------------- Multiple Class Series 12b-1 Plan Company ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Federated Fixed Federated Strategic Income None Income Fund Securities, Inc. ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Federated 0.25% Government Income Securities, Inc. ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Federated High None Income Bond Fund, Inc. ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Federated Income Federated Fund for U.S. None Securities Trust Government Securities ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Federated Federated International 0.25% International Bond Fund Series, Inc. ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Federated Federated Bond Fund 0.25% Investment Series Funds, Inc. ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Federated None Municipal Opportunities Fund, Inc. ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Federated None Municipal Securities Fund, Inc. ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Federated Federated California 0.25% Municipal Municipal Income Fund Securities Income Trust ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Federated New York 0.25% Municipal Income Fund ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Federated North Carolina 0.25% Municipal Income Fund ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Federated Pennsylvania 0.40% Municipal Income Fund ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Federated Total Federated Total Return 0.25% Return Series, Bond Fund Inc. ------------------------------------------------------------------------------- 3. Class A Shares Subject to the Limited Term Sales Load Schedule ------------------------------------------------------------------------------- Multiple Class Series 12b-1 Plan Company ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Federated Fixed Federated Limited Term Fund 0.50% Income Securities, Inc. ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Federated Limited Term 0.25% Municipal Fund ------------------------------------------------------------------------------- 4. CLASS A SHARES SUBJECT TO THE MONEY MARKET LOAD SCHEDULE ------------------------------------------------------------------------------- Multiple Class Series 12b-1 Plan Company ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Money Market Liberty U.S. Government None Obligations Trust Money Market Trust ------------------------------------------------------------------------------- 5. CLASS A SHARES SUBJECT TO THE ULTRASHORT BOND LOAD SCHEDULE ------------------------------------------------------------------------------- Multiple Class Series 12b-1 Plan Company ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Federated Fixed Federated Municipal 0.25% Income Ultrashort Fund Securities, Inc. ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Federated Federated Government 0.25% Institutional Ultrashort Duration Fund Trust ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Federated Total Federated Ultrashort Bond 0.30% Return Series, Fund Inc. -------------------------------------------------------------------------------
6. CLASS A SHARES NOT PARTICIPATING IN THE LARGE TICKET PURCHASE PROGRAM ---------------------------------------------------------------- Multiple Class Series Company ---------------------------------------------------------------- ---------------------------------------------------------------- Federated Fixed Federated Municipal Ultrashort Income Fund Securities, Inc. ---------------------------------------------------------------- ---------------------------------------------------------------- Federated Federated Government Ultrashort Institutional Duration Fund Trust ---------------------------------------------------------------- ---------------------------------------------------------------- Federated Total Federated Ultrashort Bond Fund Return Series, Inc. ---------------------------------------------------------------- ============================================================================== proprietary fund schedule - class a shares ============================================================================== Shares issued by investment companies that are not party to this Plan but that are listed on this Proprietary Fund Schedule ("Non-Plan Investment Companies") may be exchanged for Class A Shares of the Funds indicated opposite their names. Such Class A Shares may also be exchanged back into shares of the original Non-Plan Investment Company. In addition, indicated Class A Shares purchased from a dealer party to a Dealer Agreement to sell the indicated Non-Plan Investment Company Shares may be exchanged for Shares of such Non-Plan Investment Company. In any exchange, the shareholder shall receive shares having the same aggregate net asset value as the shares surrendered. Exchanges into any class of shares of a Non-Plan Investment Company not shown on this schedule shall be treated in the same manner as a redemption and purchase. -------------------------------------------------------------------- Multiple Class Non-Plan Investment Companies Series/Company ----------------------- -------------------------------------------------------------------- -------------------------------------------------------------------- Federated Vision Funds (Class A Shares) International Southtrust Funds (Class A Shares) Series - Federated International Equity Fund -------------------------------------------------------------------- -------------------------------------------------------------------- Federated Equity Southtrust Funds (Class A Shares) Funds - Federated Small Cap Strategies Fund -------------------------------------------------------------------- -------------------------------------------------------------------- Federated Southtrust Funds (Class A Shares) Utility Fund -------------------------------------------------------------------- -------------------------------------------------------------------- Federated Fund Southtrust Funds (Class A Shares) for U.S. Government Securities -------------------------------------------------------------------- -------------------------------------------------------------------- Federated Southtrust Funds (Class A Shares) Municipal Securities Fund -------------------------------------------------------------------- -------------------------------------------------------------------- Federated CCMI Funds American Leaders Fund -------------------------------------------------------------------- -------------------------------------------------------------------- Federated International Series - Federated International Bond Fund -------------------------------------------------------------------- -------------------------------------------------------------------- Federated High Income Bond Fund -------------------------------------------------------------------- -------------------------------------------------------------------- Federated Equity Income Fund -------------------------------------------------------------------- -------------------------------------------------------------------- Federated Fixed Income Securities - Federated Strategic Income Fund -------------------------------------------------------------------- -------------------------------------------------------------------- Money Market Obligations CCMI Funds Trust - Liberty U.S. Government Money Market Trust -------------------------------------------------------------------- ============================================================================== Class B Shares Exhibit ============================================================================== To Multiple Class Plan 10. 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 an advance commission paid by the principal underwriter. In consideration of advancing commissions and the provision of shareholder services, the principal underwriter will receive the contingent deferred sales charges paid upon redemption of Class B Shares, shareholder service fees and fees under a 12b-1 plan. In connection with this arrangement, Class B Shares will bear the following fees and expenses: Fees and Maximum Amount Allocated Class B Shares Expenses --------------------------------------------------------------------------- --------------------------------------------------------------------------- Sales Load None Contingent Up to 5.5% of the public offering price Deferred Sales Charge ("CDSC") Shareholder Up to 25 basis points (0.25%) of the average Service Fee daily net asset value 12b-1 Fee Up to 75 basis points (0.75%) of the average daily net asset value Other Expenses Itemized expenses incurred by the Fund with respect to holders of Class B Shares as described in Section 3 of the Plan 11. 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 Class B Shares will automatically convert into Rights: Class A Shares after the period specified in the Basic CDSC Schedule set forth below. Exchange Class B Shares may be exchanged for Class B Rights: 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. 12. 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 ------------------------------------------ Shares Held Have A CDSC Up to: To: 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) AUTOMATIC INVESTMENT in Class A Shares Except for accounts held in the name of an investment professional, orders for $250,000 or more will be invested in Class A Shares instead of Class B Shares. (c) Waiver of CDSC Upon notification to the Fund's principal underwriter or transfer agent, no CDSC will be imposed on redemptions: |X| following the death or post-purchase disability, as defined in Section 72(m)(7) of the Internal Revenue Code of 1986, of the last surviving shareholder; |X| representing minimum required distributions from an Individual Retirement Account or other retirement plan to a shareholder who has attained the age of 70 1/2; |X| of Shares that represent a reinvestment within 120 days of a previous redemption; |X| of Shares held by the Directors, Trustees, 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, and the immediate family members of the above persons; |X| of Shares originally purchased through a bank trust department, a registered investment adviser, retirement plans where the third party administrator has entered into certain arrangements with the principal underwriter or its affiliates, or any other investment professional, to the extent that no payments were advanced for purchases made through these entities; |X| of shares purchased with reinvested dividends or capital gains; and |X| of shares which were exchanged into another Fund if the Shares were held for the applicable CDSC holding period. (d) Systematic Withdrawal Program 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. ============================================================================== 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 Series 12b-1 Plan Company -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated 0.75% American Leaders Fund, Inc. -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated Equity Federated Capital 0.75% Funds Appreciation Fund -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated Communications 0.75% Technology Fund -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated Growth 0.75% Strategies Fund -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated Kaufmann Fund 0.75% -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated Kaufmann Small 0.75% Cap Fund -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated Large Cap Growth 0.75% Fund -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated Market 0.75% Opportunity Fund -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated Equity 0.75% Income Fund, Inc. -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated Fixed Federated Strategic Income 0.75% Income Fund Securities, Inc. -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated 0.75% Government Income Securities, Inc. -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated High 0.75% Income Bond Fund, Inc. -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated Income Federated Fund for U.S. 0.75% Securities Trust Government Securities -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated Capital Income 0.75% Fund -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated Federated International 0.75% International Bond Fund Series, Inc. -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated International 0.75% Equity Fund -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated Federated Bond Fund 0.75% Investment Series Funds, Inc. -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated 0.75% Municipal Opportunities Fund, Inc. -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated 0.75% Municipal Securities Fund, Inc. -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated Federated California 0.75% Municipal Municipal Income Fund Securities Income Trust -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated New York 0.75% Municipal Income Fund -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated Pennsylvania 0.75% Municipal Income Fund -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated Stock 0.75% and Bond Fund, Inc. -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated Total Federated Total Return 0.75% Return Series, Bond Fund Inc. -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated World Federated Emerging Markets 0.75% Investment Fund Series, Inc. -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated European Growth 0.75% Fund -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated Global Equity 0.75% Fund -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated Global Value 0.75% Fund -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated International 0.75% Capital Appreciation Fund -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated International 0.75% High Income Fund -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated International 0.75% Small Company Fund -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated International 0.75% Value Fund (formerly: Federated Global Financial Services Fund) -------------------------------------------------------------------------- -------------------------------------------------------------------------- Money Market Liberty U.S. Government 0.75% Obligations Trust Money Market Trust -------------------------------------------------------------------------- ------------------------------------------------------------------------------ ============================================================================== Class C Shares Exhibit ============================================================================== To Multiple Class Plan 13. 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 a 1.0% front-end sales load paid through the principal underwriter and an advance commission of up to 1.0% of the public offering price paid by the principal underwriter and shareholder services fees paid by Federated Shareholder Services Co. Additionally, distribution and administrative service fees will be paid by the principal underwriter under the 12b-1 Plan beginning in the thirteenth month. 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 arrangement, Class C Shares will bear the following fees and expenses: Fees and Maximum Amount Allocated Class C Shares Expenses --------------------------------------------------------------------------- --------------------------------------------------------------------------- Sales Load 1.0% of the public offering price Contingent Up to 1.0% of the public offering price if Deferred Sales redeemed within twelve months following Charge ("CDSC") purchase Shareholder Up to 25 basis points (0.25%) of the average Service Fee daily net asset value 12b-1 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 14. 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 None Rights: Exchange Class C Shares may be exchanged for Class C Rights: Shares of any other Fund. Additionally, no CDSC fee will be imposed on exchanges between Class C Shares and either Investment Shares of Federated Tax-Free Instruments Trust or Class A Shares of Liberty U.S. Government Money Market Trust, provided that the CDSC fee will be imposed on any redemption of such Shares or exchange of such Shares into any other Class. 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. 15. 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 load and contingent deferred sales charges are as follows: (A) waiver of sales load No sales load shall be assessed or contingent deferred sales charge imposed on purchases of Class A Shares: o within 120 days of redeeming shares of an equal or greater amount; o through a bank trust department, a registered investment adviser, retirement plans where the third party administrator has entered into certain arrangements with the principal underwriter, or its affiliates, or any other investment professional, to the extent that no payments were advanced for purchases made through these entities or individuals; o with reinvested dividends or capital gains; o by Directors, Trustees, 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, and the immediate family members of the above persons. (A) WAIVER OF CDSC Upon notification of the principal underwriter or the Fund's transfer agent, no CDSC will be imposed on redemptions: o following the death or post-purchase disability, as defined in Section 72(m) (7) of the Internal Revenue Code of 1986, of the last surviving shareholder; o representing minimum required distributions from an Individual Retirement Account or other retirement plan to a shareholder who has attained the age of 70 1/2; o of Shares that represent a reinvestment within 120 days of a previous redemption; o of Shares held by Directors, Trustees, 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, and the immediate family members of the above persons; o of Shares originally purchased through a bank trust department, a registered investment adviser, retirement plans where the third party administrator has entered into certain arrangements with the principal underwriter or its affiliates, or any other investment professional, to the extent that no payments were advanced for purchases made through these entities; o of shares purchased with reinvested dividends or capital gains; and o of shares which were exchanged into another fund if the Shares were held for the applicable CDSC holding period. ============================================================================== 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 Series 12b-1 Plan Company -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated 0.75% American Leaders Fund, Inc. -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated Equity Federated Capital 0.75% Funds Appreciation Fund -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated Communications 0.75% Technology Fund -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated Growth 0.75% Strategies Fund -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated Kaufmann Fund 0.75% -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated Kaufmann Small 0.75% Cap Fund -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated Large Cap Growth 0.75% Fund -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated Market 0.75% Opportunity Fund -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated Equity 0.75% Income Fund, Inc. -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated Fixed Federated Strategic Income 0.75% Income Fund Securities, Inc. -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated 0.75% Government Income Securities, Inc. -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated High 0.75% Income Bond Fund, Inc. -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated Income Federated Fund for U.S. 0.75% Securities Trust Government Securities -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated Capital Income 0.75% Fund -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated Index Federated Max-Cap Index 0.75% Trust Fund -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated Mini-Cap Index 0.75% Fund -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated Federated International 0.75% International Bond Fund Series, Inc. -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated International 0.75% Equity Fund -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated Federated Bond Fund 0.75% Investment Series Funds, Inc. -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated 0.75% Municipal Opportunities Fund, Inc. -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated 0.75% Municipal Securities Fund, Inc. -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated Total Federated Total Return 0.75% Return Series, Bond Fund Inc. -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated World Federated Asia Pacific 0.75% Investment Growth Fund Series, Inc. -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated Emerging Markets 0.75% Fund -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated European Growth 0.75% Fund -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated Global Equity 0.75% Fund -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated Global Value 0.75% Fund -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated International 0.75% Capital Appreciation Fund -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated International 0.75% High Income Fund -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated International 0.75% Small Company Fund -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated International 0.75% Value Fund (formerly: Federated Global Financial Services Fund) -------------------------------------------------------------------------- ------------------------------------------------------------------------------ ============================================================================== Class F Shares* Exhibit ============================================================================== To Multiple Class Plan 16. SEPARATE ARRANGEMENT AND EXPENSE ALLOCATION For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement for the Class F Shares will consist of sales by financial intermediaries in consideration of a sales load paid by the principal underwriter and shareholder service fees to be paid by Federated Shareholder Service Co. Additionally, the principal underwriter will pay up to 100 basis points (1.00%) of the public offering price to financial intermediaries as an advance commission on sales. In consideration of advancing this payment, the principal underwriter will receive any contingent deferred sales charges paid upon redemption of Class F Shares and the 12b-1 fee on an ongoing basis. In connection with this arrangement Class F Shares will bear the following fees and expenses: Fees and Expenses Maximum Amount Allocated Class F Shares --------------------------------------------------------------------------- --------------------------------------------------------------------------- Sales Load Up to 100 basis points (1.00%) of the public offering price Contingent Deferred Up to 100 basis points (1.00%) of the lower of the Sales Charge ("CDSC") original purchase price or the redemption proceeds Shareholder Service Up to 25 basis points (0.25%) of the average daily Fee net asset value 12b-1 Fee As set forth in the attached Schedule Other Expenses Itemized expenses incurred by the Fund with respect to holders of Class F Shares as described in Section 3 of the Plan 17. CONVERSION AND EXCHANGE PRIVILEGES For purposes of Rule 18f-3, Class F Shares have the following conversion rights and exchange privileges at the election of the shareholder: Conversion Rights: None Exchange Rights: Class F Shares may be exchanged for Class F 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 as a redemption and purchase. 1. 71 18. 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 load and contingent deferred sales charges are as follows: (a) basic sales load schedule * ----------------------------------------------------------------------- Sales Charge as Sales Charge as Purchase Amount: Percentage of a Percentage of Offering Price NAV ----------------------------------------------------------------------- ----------------------------------------------------------------------- Less than $1 1.00% 1.01% million ----------------------------------------------------------------------- ----------------------------------------------------------------------- $1 million or 0.00% 0.00% greater ----------------------------------------------------------------------- * Applies to all Funds indicated on the attached Schedule, except Federated Limited Term Municipal Fund, which has no initial sales load. (b) CDSC SCHEDULE Unless otherwise indicated below, the Schedule of Contingent Deferred Sales Charges for each Fund is as follows: ----------------------------------------------------------------------- Contingent Deferred Purchase Amount: Shares Sales Charge: Held: ----------------------------------------------------------------------- ----------------------------------------------------------------------- Under $2 million 4 1.00%** years or less ----------------------------------------------------------------------- ----------------------------------------------------------------------- $2 million but less 2 0.50%** than $5 million years or less ----------------------------------------------------------------------- ----------------------------------------------------------------------- $ 5 million or 1 year 0.25%** greater or less ----------------------------------------------------------------------- ** Calculated using Share price at the time of original purchase or redemption, whichever is lower. (C) WAIVER OF SALES LOAD Upon notification to the Fund's principal underwriter or transfer agent, no sales load will be assessed on purchases of Class F Shares: o within 120 days of redeeming Shares of an equal or greater amount; o through a bank trust department, a registered investment adviser, retirement plans where the third party administrator has entered into certain arrangements with the principal underwriter or its affiliates, or any other investment professional, to the extent that no payments were advanced for purchases made through these entities or individuals; o 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); and o by Directors, Trustees, 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 , and the immediate family members of the above persons. (D) WAIVER OF CDSC Upon notification to the Fund's principal underwriter or transfer agent, no CDSC will be imposed on redemptions: o following the death or post-purchase disability, as defined in Section 72(m) (7) of the Internal Revenue Code of 1986, of the last surviving shareholder; o representing minimum required distributions from an Individual Retirement Account or other retirement plan to a shareholder who has attained the age of 70 1/2; o of Shares that represent a reinvestment within 120 days of a previous redemption; o of Shares held by Directors, Trustees, 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, and the immediate family members of the above persons; o of Shares originally purchased through a bank trust department, a registered investment adviser, retirement plans where the third party administrator has entered into certain arrangements with the principal underwriter or its affiliates, or any other investment professional, to the extent that no payments were advanced for purchases made through these entities; o of Shares purchased with reinvested dividends or capital gains; o of Shares which were exchanged into another fund if the Shares were held for the applicable CDSC holding period (other than a money market fund); and o representing a total or partial distribution from a qualified plan, which would not include account transfers, rollovers, or redemptions for the purpose of reinvestment. For these purposes, qualified plans would not include an Individual Retirement Account, Keogh Plan or custodial account following retirement. ============================================================================== Schedule of Funds Offering Class F Shares ============================================================================== The Funds set forth on this Schedule each offer Class F Shares on the terms set forth in the Class F 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 F SHARES SUBJECT TO THE BASIC LOAD SCHEDULE -------------------------------------------------------------------------- Multiple Class Series 12b-1 Plan Company -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated None American Leaders Fund, Inc. -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated Equity 0.25% Income Fund, Inc -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated Fixed Federated Limited Term Fund 0.15% Income Securities, Inc. -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated Limited Term 0.15% Municipal Fund -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated Strategic Income 0.50% Fund -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated None Government Income Securities, Inc. -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated Income Federated Capital Income 0.25% Securities Trust Fund -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated Fund for U.S. 0.25% Government Securities -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated Federated Bond Fund None Investment Series Funds, Inc. -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated 0.25% Municipal Opportunities Fund, Inc. -------------------------------------------------------------------------- -------------------------------------------------------------------------- Federated Federated Ohio Municipal 0.40% Municipal Income Fund Securities Income Trust -------------------------------------------------------------------------- ============================================================================== galaxy-bkb* Shares Exhibit ============================================================================== To Multiple Class Plan 19. SEPARATE ARRANGEMENT AND EXPENSE ALLOCATION For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement of the Galaxy-BKB Shares will consist of shareholder services to be provided by financial intermediaries who will receive a shareholder service fee paid by Federated Shareholder Services Co. In connection with this arrangement, Galaxy-BKB Shares will bear the following fees and expenses: Fees and Maximum Amount Allocated Galaxy-BKB Shares Expenses ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Sales Load None Contingent None Deferred Sales Charge ("CDSC") Shareholder Up to 25 basis points (0.25%) of the average daily Service Fee net asset value 12b-1 Fee None Other Expenses Itemized expenses incurred by the Fund with respect to holders of Galaxy-BKB Shares as described in Section 3 of the Plan 20. CONVERSION AND EXCHANGE PRIVILEGES For purposes of Rule 18f-3, Galaxy-BKB Shares have the following conversion rights and exchange privileges at the election of the shareholder: Conversion None Rights: Exchange Galaxy-BKB Shares may be exchanged for Rights: Galaxy-BKB Shares of any of the Galaxy Funds. Additionally, these Shares may be exchanged for Class A Shares of any of the Galaxy Funds that do not offer Galaxy-BKB Shares. 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. ============================================================================== Schedule of Funds Offering Galaxy-BKB Shares ============================================================================== The Funds set forth on this Schedule each offer Galaxy-BKB Shares on the terms set forth in the Galaxy-BKB Shares Exhibit to the Multiple Class Plan, in each case as indicated below. ------------------------------------------------------------------------------- Multiple Class Company Series 12b-1 Plan ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Money Market Massachusetts Municipal None Obligations Trust Cash Trust ------------------------------------------------------------------------------- ------------------------------------------------------------------------------ ============================================================================== Class k Shares Exhibit ============================================================================== To Multiple Class Plan 21. SEPARATE ARRANGEMENT AND EXPENSE ALLOCATION For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement for the Class K Shares will consist of: (i) sales by financial intermediaries to retirement plans in consideration of payments financed by a Rule 12b-1 Plan, with shareholder services provided by the retirement plan recordkeepers; and (ii) additionally, with respect to the Federated Kaufmann Fund, (a) the issuance of Class K Shares as provided in the Plan of Reorganization between the Federated-Kaufmann Fund and the Kaufmann Fund, and (b) additional investments by former Kaufmann Fund shareholders and related persons with respect to the other funds listed in this exhibit, sales by financial intermediaries. The principal underwriter, Federated Securities Corp. and financial intermediaries through which shareholders acquire or hold Class K Shares may receive a shareholder service fee and may also receive additional payments for distribution and administrative services under a Rule 12b-1 Plan. In connection with this arrangement, Class K Shares will bear the following fees and expenses: Fees and Maximum Amount Allocated Class K Shares Expenses --------------------------------------------------------------------------- --------------------------------------------------------------------------- Sales Load None Contingent None Deferred Sales Charge ("CDSC") Redemption Fee As set forth in the attached Schedule. Shareholder As set forth in the attached Schedule Service Fee 12b-1 Fee As set forth in the attached Schedule Other Expenses Itemized expenses incurred by the Fund with respect to holders of Class K Shares as described in Section 3 of the Multiple Class Plan 22. CONVERSION AND EXCHANGE PRIVILEGES For purposes of Rule 18f-3, Class K Shares have the following conversion rights and exchange privileges at the election of the shareholder: Conversion None Rights: Exchange With respect to the Kaufmann Fund, Class K Rights: Shares may be exchanged for Class A Shares or Class K Shares of any other Fund. With respect to the other funds, Class K Shares may be exchanged for Class K Shares, including the Kaufmann Fund. In any exchange, the shareholder shall receive shares having the same aggregate net asset value as the shares surrendered, after the payment of any redemption fees to the Fund. Exchanges to any other Class shall be treated in the same manner as a redemption and purchase. 23. REDEMPTION FEE For purposes of Rule 11a-3 under the Act, any redemption fee received upon the redemption or exchange of Class K Shares shall be applied to fees incurred or amounts 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 Class K Shares redeemed or exchange by employer sponsored retirement plans. ============================================================================== Schedule of Funds Offering class K Shares ============================================================================== The Funds set forth on this Schedule each offer Class K Shares on the terms set forth in the Class K 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 Series Redemption 12b-1 Plan Company Shareholder Fee Services Fee -------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------- Federated 0.50% None None American Leaders Fund, Inc. -------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------- Federated Equity 0.50% 0.25% 0.20% Funds Federated-Kaufmann Fund -------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------- Federated 0.50% None None Capital Appreciation Fund -------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------- Federated Index Federated 0.50% None None Trust Max-Cap Index Fund -------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------- Federated Stock 0.50% None None and Bond Fund, Inc. -------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------- Total Return Bond Federated 0.50% None None Fund Total Return Bond Fund -------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------- Federated U.S. 0.50% None None Government Securities Fund: 2-5 Years --------------------------------------------------------------------------------------
------------------------------------------------------------------------------ ============================================================================== Class Y Shares Exhibit ============================================================================== To Multiple Class Plan 24. SEPARATE ARRANGEMENT AND EXPENSE ALLOCATION For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement for the Class Y Shares will consist of sales to institutional purchasers requiring less distribution support activity and less shareholder services, who are also seeking low expense ratios. In connection with this arrangement, Class Y Shares will bear the following fees and expenses: Fees and Maximum Amount Allocated Class Y Shares Expenses --------------------------------------------------------------------------- --------------------------------------------------------------------------- Sales Load None Contingent None Deferred Sales Charge ("CDSC") Shareholder None Service Fee 12b-1 Fee None Other Expenses Itemized expenses incurred by the Fund with respect to holders of Class Y Shares as described in Section 3 of the Plan 25. CONVERSION AND EXCHANGE PRIVILEGES For purposes of Rule 18f-3, Class Y Shares have the following conversion rights and exchange privileges at the election of the shareholder: Conversion None Rights: Exchange Class Y Shares may be exchanged for Class Y Rights: 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. ============================================================================== Schedule of Funds Offering class Y Shares ============================================================================== The Funds set forth on this Schedule each offer Class Y Shares on the terms set forth in the Class Y Shares Exhibit to the Multiple Class Plan, in each case as indicated below: --------------------------------------------------------------------------- Multiple Class Company Series 12b-1 Plan --------------------------------------------------------------------------- --------------------------------------------------------------------------- Federated U.S. Government Securities None Fund: 1-3 Years --------------------------------------------------------------------------- ------------------------------------------------------------------------------ ============================================================================== Institutional Service Shares Exhibit ============================================================================== To Multiple Class Plan 26. SEPARATE ARRANGEMENT AND EXPENSE ALLOCATION For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement of the Institutional Service Shares will consist of sales by financial intermediaries who will receive a shareholder service fee paid by Federated Shareholder Services Co., and when indicated on the Schedule to this Exhibit, the principal underwriter and financial intermediaries may also receive additional payments for distribution and administrative services under a 12b-1 Plan. In connection with this arrangement, Institutional Service Shares will bear the following fees and expenses: Fees and Maximum Amount Allocated Institutional Expenses Service Shares --------------------------------------------------------------------------- --------------------------------------------------------------------------- Sales Load None Contingent None Deferred Sales Charge ("CDSC") Shareholder Up to 25 basis points (0.25%) of the average Service Fee daily net asset value 12b-1 Fee As set forth in the attached Schedule Other Expenses Itemized expenses incurred by the Fund with respect to holders of Institutional Service Shares as described in Section 3 of the Plan 27. CONVERSION AND EXCHANGE PRIVILEGES For purposes of Rule 18f-3, Institutional Service Shares have the following conversion rights and exchange privileges at the election of the shareholder: Conversion None Rights: Exchange Institutional Service Shares may be exchanged Rights: for Institutional Service Shares of any other Fund. Additionally, Institutional Service Shares issued in exchange for Class A Shares or Class F Shares may be exchanged back into Class A Shares or Class F Shares, respectively. Institutional Service Shares may also be exchanged for shares of Investment Companies that are not subject to this Plan, as provided in the "Proprietary Fund Schedule" attached hereto. In any exchange, the shareholder shall receive shares having the same aggregate net asset value as the shares surrendered, unless Class A Shares or Class F Shares which are subject to a CDSC are being exchanged, in which case the CDSC fee will be imposed as if the Class A Shares or Class F Shares had been redeemed. Exchanges to any other Class shall be treated in the same manner as a redemption and purchase. ============================================================================== Schedule of Funds Offering institutional Service Shares ============================================================================== The Funds set forth on this Schedule each offer Institutional Service Shares on the terms set forth in the Institutional Service 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 Plan ----------------------------------------------------------------------------------- ----------------------------------------------------------------------------------- Federated Adjustable 0.25% Rate Securities Fund ----------------------------------------------------------------------------------- ----------------------------------------------------------------------------------- Federated GNMA Trust 0.25% ----------------------------------------------------------------------------------- ----------------------------------------------------------------------------------- Federated Income Federated Intermediate 0.25% Securities Trust Income Fund ----------------------------------------------------------------------------------- ----------------------------------------------------------------------------------- Federated Short-Term 0.25% Income Fund ----------------------------------------------------------------------------------- ----------------------------------------------------------------------------------- Federated Income Trust 0.25% ----------------------------------------------------------------------------------- ----------------------------------------------------------------------------------- Federated Index Trust Federated Max-Cap Fund 0.30% ----------------------------------------------------------------------------------- ----------------------------------------------------------------------------------- Federated Institutional Federated Government 0.25% Trust Ultrashort Duration Fund (formerly: Federated Government UltraShort Fund) ----------------------------------------------------------------------------------- ----------------------------------------------------------------------------------- Federated Limited 0.25% Duration Government Fund, Inc. ----------------------------------------------------------------------------------- ----------------------------------------------------------------------------------- Federated Short-Term 0.25% Municipal Trust ----------------------------------------------------------------------------------- ----------------------------------------------------------------------------------- Federated Total Return 0.25% Government Bond Fund ----------------------------------------------------------------------------------- ----------------------------------------------------------------------------------- Federated Total Return Federated Limited Duration 0.25% Series, Inc. Fund ----------------------------------------------------------------------------------- ----------------------------------------------------------------------------------- Federated Mortgage Fund 0.25% ----------------------------------------------------------------------------------- ----------------------------------------------------------------------------------- Federated Total Return 0.25% Bond Fund ----------------------------------------------------------------------------------- ----------------------------------------------------------------------------------- Federated Ultrashort Bond 0.25% Fund ----------------------------------------------------------------------------------- ------------------------------------------------------------------------------ ----------------------------------------------------------------------------------- Federated U.S. 0.25% Government Securities Fund: 1-3 Years ----------------------------------------------------------------------------------- ----------------------------------------------------------------------------------- Federated U.S. 0.25% Government Securities Fund: 2-5 Years ----------------------------------------------------------------------------------- ----------------------------------------------------------------------------------- Money Market Arizona Municipal Cash None Obligations Trust Trust ----------------------------------------------------------------------------------- ----------------------------------------------------------------------------------- California Municipal Cash None Trust ----------------------------------------------------------------------------------- ----------------------------------------------------------------------------------- Connecticut Municipal Cash None Trust ----------------------------------------------------------------------------------- ----------------------------------------------------------------------------------- Government Obligations Fund None ----------------------------------------------------------------------------------- ----------------------------------------------------------------------------------- Government Obligations None Tax-Managed Fund ----------------------------------------------------------------------------------- ----------------------------------------------------------------------------------- Massachusetts Municipal None Cash Trust ----------------------------------------------------------------------------------- ----------------------------------------------------------------------------------- Michigan Municipal Cash None Trust ----------------------------------------------------------------------------------- ----------------------------------------------------------------------------------- Municipal Obligations Fund None ----------------------------------------------------------------------------------- ----------------------------------------------------------------------------------- New Jersey Municipal Cash 0.10% Trust ----------------------------------------------------------------------------------- ----------------------------------------------------------------------------------- New York Municipal Cash 0.25% Trust ----------------------------------------------------------------------------------- ----------------------------------------------------------------------------------- Ohio Municipal Cash Trust None ----------------------------------------------------------------------------------- ----------------------------------------------------------------------------------- Pennsylvania Municipal None Cash Trust ----------------------------------------------------------------------------------- ----------------------------------------------------------------------------------- Prime Cash Obligations Fund None ----------------------------------------------------------------------------------- ----------------------------------------------------------------------------------- Prime Obligations Fund None ----------------------------------------------------------------------------------- ----------------------------------------------------------------------------------- Prime Value Obligations None Fund ----------------------------------------------------------------------------------- ----------------------------------------------------------------------------------- Tax-Free Instruments Trust None ----------------------------------------------------------------------------------- ----------------------------------------------------------------------------------- Tax-Free Obligations Fund None ----------------------------------------------------------------------------------- ----------------------------------------------------------------------------------- Treasury Obligations Fund None ----------------------------------------------------------------------------------- ----------------------------------------------------------------------------------- U.S. Treasury Cash Reserves 0.25% ----------------------------------------------------------------------------------- ----------------------------------------------------------------------------------- Virginia Municipal Cash None Trust -----------------------------------------------------------------------------------
============================================================================== Proprietary fund schedule - institutional service shares ============================================================================== Shares issued by investment companies that are not party to this Plan but that are listed on this Proprietary Fund Schedule ("Non-Plan Investment Companies") may be exchanged for Institutional Service Shares of the Funds indicated opposite their names. Such Institutional Service Shares may also be exchanged back into shares of the original Non-Plan Investment Company. In addition, indicated Institutional Service Shares purchased from a dealer party to a Dealer Agreement to sell the indicated Non-Plan Investment Company Shares may be exchanged for Shares of such Non-Plan Investment Company. In any exchange, the shareholder shall receive shares having the same aggregate net asset value as the shares surrendered. Exchanges into any class of shares of a Non-Plan Investment Company not shown on this schedule shall be treated in the same manner as a redemption and purchase.: --------------------------------------------------------------------------- Multiple Class Series/Company Non-Plan Investment Companies --------------------------------------------------------------------------- --------------------------------------------------------------------------- Federated Index Trust Series - ------------------------------------------------- Marshall Funds Federated Max-Cap Index Fund --------------------------------------------------------------------------- --------------------------------------------------------------------------- Money Market Obligations Trust - WesMark Funds Automated Cash Management Trust --------------------------------------------------------------------------- ============================================================================== Institutional Shares Exhibit ============================================================================== To Multiple Class Plan 28. SEPARATE ARRANGEMENT AND EXPENSE ALLOCATION For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement of the Institutional Shares will consist of sales by financial intermediaries in consideration of a shareholder service fee paid by Federated Shareholder Services Co., and when indicated on the Schedule to this Exhibit, the principal underwriter and financial intermediaries may also receive additional payments for distribution and administrative services under a 12b-1 plan. In connection with this arrangement, Institutional Shares will bear the following fees and expenses: Fees and Maximum Amount Allocated Institutional Shares Expenses --------------------------------------------------------------------------- --------------------------------------------------------------------------- Sales Load None Contingent None Deferred Sales Charge ("CDSC") Shareholder Up to 25 basis points (0.25%) of the average Service Fee daily net asset value 12b-1 Fee As set forth in the attached Schedule Other Expenses Itemized expenses incurred by the Fund with respect to holders of Institutional Shares as described in Section 3 of the Plan 29. CONVERSION AND EXCHANGE PRIVILEGES For purposes of Rule 18f-3, Institutional Shares have the following conversion rights and exchange privileges at the election of the shareholder: Conversion None Rights: Exchange Institutional Shares may be exchanged for Rights: Institutional Shares of any other Fund. Additionally, Institutional Shares issued in exchange for Class A Shares or Class F Shares may be exchanged back into Class A Shares or Class F Shares, respectively. In any exchange, the shareholder shall receive shares having the same aggregate net asset value as the shares surrendered, unless Class A Shares or Class F Shares which are subject to a CDSC are being exchanged, in which case the CDSC fee will be imposed as if the Class A Shares or Class F Shares had been redeemed. Exchanges to any other Class shall be treated in the same manner as a redemption and purchase. ============================================================================== 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 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 Plan ------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------- Federated Adjustable None Rate Securities Fund ------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------- Federated Fixed Income Federated Municipal None Securities, Inc. Ultrashort Fund ------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------- Federated GNMA Trust None ------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------- Federated Income Federated Intermediate None Securities Trust Income Fund ------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------- Federated Short-Term None Income Fund ------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------- Federated Income Trust None ------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------- Federated Index Trust Federated Max-Cap Fund None ------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------- Federated Mini-Cap Fund None ------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------- Federated Institutional Federated Government None Trust Ultrashort Duration Fund (formerly: Federated Government Ultrashort Fund) ------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------- Federated Limited None Duration Government Fund, Inc. ------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------- Federated Managed Federated Managed Growth None Allocation Portfolios Portfolio ------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------- Federated Managed Moderate None Growth Portfolio ------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------- Federated Managed None Conservative Growth Portfolio ------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------- Federated Managed Income None Portfolio ------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------- Federated Short-Term None Municipal Trust ------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------- Federated Total Return None Government Bond Fund ------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------- Federated Total Return Federated Limited Duration None Series, Inc. Fund ------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------- Federated Mortgage Fund None ------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------- Federated Total Return None Bond Fund ------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------- Federated Ultrashort Bond None Fund ------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------- Federated U.S. None Government Securities Fund: 1-3 Years ------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------- Federated U.S. None Government Securities Fund: 2-5 Years ------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------- Money Market Automated Cash Management None Obligations Trust Trust ------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------- California Municipal Cash None Trust ------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------- Florida Municipal Cash 0.25% Trust ------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------- Government Obligations Fund None ------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------- Government Obligations None Tax-Managed Fund ------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------- Michigan Municipal Cash None Trust ------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------- Minnesota Municipal Cash None Trust ------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------- Municipal Obligations Fund None ------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------- New Jersey Municipal Cash None Trust ------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------- Ohio Municipal Cash Trust None ------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------- Pennsylvania Municipal None Cash Trust ------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------- Prime Cash Obligations Fund None ------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------- Prime Management None Obligations Fund ------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------- Prime Obligations Fund None ------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------- Prime Value Obligations None Fund ------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------- Tax-Free Obligations Fund None ------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------- Treasury Obligations Fund None ------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------- U.S. Treasury Cash Reserves None ------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------- Virginia Municipal Cash None Trust ------------------------------------------------------------------------------------- ==============================================================================
investment Shares Exhibit ============================================================================== To Multiple Class Plan 30. SEPARATE ARRANGEMENT AND EXPENSE ALLOCATION For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement of the Investment Shares will consist of sales by financial intermediaries in consideration of a shareholder service fee paid by Federated Shareholder Services Co. In connection with this arrangement, Investment Shares will bear the following fees and expenses: Fees and Maximum Amount Allocated Investment Shares Expenses --------------------------------------------------------------------------- --------------------------------------------------------------------------- Sales Load None Contingent None Deferred Sales Charge ("CDSC") Shareholder Up to 25 basis points (0.25%) of the average Service Fee daily net asset value 12b-1 Fee None Other Expenses Itemized expenses incurred by the Fund with respect to holders of Investment Shares as described in Section 3 of the Plan 31. CONVERSION AND EXCHANGE PRIVILEGES For purposes of Rule 18f-3, Investment Shares have the following conversion rights and exchange privileges at the election of the shareholder: Conversion None Rights: Exchange Investment Shares may be exchanged for Rights: Investment Shares of any other Fund. Additionally, Investment Shares issued in exchange for Class A Shares or Class F Shares may be exchanged back into Class A Shares or Class F Shares, respectively. Investment Shares may also be exchanged for shares of Investment Companies that are not subject to this Plan, as provided in the "Proprietary Fund Schedule" attached hereto. In any exchange, the shareholder shall receive shares having the same aggregate net asset value as the shares surrendered, unless Class A Shares or Class F Shares which are subject to a CDSC are being exchanged, in which case the CDSC fee will be imposed as if the Class A Shares or Class F Shares had been redeemed. Exchanges to any other Class shall be treated in the same manner as a redemption and purchase. ============================================================================== Schedule of Funds Offering Investment Shares ============================================================================== The Funds set forth on this Schedule each offer Investment Shares on the terms set forth in the Investment Shares Exhibit to the Multiple Class Plan, in each case as indicated below.
------------------------------------------------------------------------------------ Multiple Class Company Series 12b-1 Plan ------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------ Money Market Tax-Free Instruments Trust None Obligations Trust ------------------------------------------------------------------------------------ ==============================================================================
============================================================================== proprietary fund schedule - investment shares Shares issued by investment companies that are not party to this Plan but that are listed on this Proprietary Fund Schedule ("Non-Plan Investment Companies") may be exchanged for Investment Shares of the Funds indicated opposite their names. Such Investment Shares may also be exchanged back into shares of the original Non-Plan Investment Company. In addition, indicated Investment Shares purchased from a dealer party to a Dealer Agreement to sell the indicated Non-Plan Investment Company Shares may be exchanged for Shares of such Non-Plan Investment Company. In any exchange, the shareholder shall receive shares having the same aggregate net asset value as the shares surrendered. Exchanges into any class of shares of a Non-Plan Investment Company not shown on this schedule shall be treated in the same manner as a redemption and purchase. ----------------------------------------------------------------- Multiple Class Non-Plan Investment Series/Company Companies ----------------------------------------------------------------- ----------------------------------------------------------------- Money Market Southtrust Funds (Class A Obligations Trust - Shares) ------------------------------ Tax-Free Instruments Trust ----------------------------------------------------------------- ============================================================================== Primary Shares Exhibit ============================================================================== To Multiple Class Plan 32. SEPARATE ARRANGEMENT AND EXPENSE ALLOCATION Primary Shares are available exclusively as an investment vehicle for separate accounts of participating life insurance companies offering variable life insurance policies and variable annuity contracts. For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement of the Primary Shares will consist of institutional sales to insurance companies for Primary Share inclusion in those variable life and variable annuity product separate accounts. The insurance company distributor, underwriter or affiliated entity will receive a shareholder service fee paid by Federated Shareholder Services Co. In connection with this arrangement, Primary Shares will bear the following fees and expenses: Fees and Maximum Amount Allocated Primary Shares Expenses --------------------------------------------------------------------------- --------------------------------------------------------------------------- Sales Load None Contingent None Deferred Sales Charge ("CDSC") Shareholder Up to 25 basis points (0.25%) of the average Service Fee daily net asset value 12b-1 Fee None Other Expenses Itemized expenses incurred by the Fund with respect to holders of Primary Shares as described in Section 3 of the Plan 33. CONVERSION AND EXCHANGE PRIVILEGES For purposes of Rule 18f-3, Primary Shares have the following conversion rights and exchange privileges at the election of the shareholder: Conversion None Rights: Exchange None Rights: ============================================================================== Schedule of Funds Offering Primary Shares ============================================================================== The Funds set forth on this Schedule each offer Primary Shares on the terms set forth in the Primary Shares Exhibit to the Multiple Class Plan, in each case as indicated below. ------------------------------------------------------------------------------- Multiple Class Company Series 12b-1 Plan ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Federated Insurance Federated High Income Bond None Series Fund II ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Federated American Leaders None Fund II ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Federated Capital None Appreciation Fund II ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Federated Quality Bond None Fund II ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Federated Kaufmann Fund II None ------------------------------------------------------------------------------- ------------------------------------------------------------------------------ ============================================================================== retirement Shares Exhibit ============================================================================== To Multiple Class Plan 34. SEPARATE ARRANGEMENT AND EXPENSE ALLOCATION For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement for the Retirement Shares will consist of sales by financial intermediaries in consideration of a shareholder service fee paid by Federated Shareholder Services Co. In connection with this arrangement, Retirement Shares will bear the following fees and expenses: Fees and Maximum Amount Allocated Retirement Shares Expenses --------------------------------------------------------------------------- --------------------------------------------------------------------------- Sales Load None Contingent None Deferred Sales Charge ("CDSC") Shareholder Up to 25 basis points (0.25%) of the average Service Fee daily net asset value 12b-1 Fee None Other Expenses Itemized expenses incurred by the Fund with respect to holders of Retirement Shares as described in Section 3 of the Plan 35. CONVERSION AND EXCHANGE PRIVILEGES For purposes of Rule 18f-3, Retirement Shares have the following conversion rights and exchange privileges at the election of the shareholder: Conversion None Rights: Exchange Retirement Shares may be exchanged for Rights: Retirement 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. ============================================================================== Schedule of Funds Offering retirement Shares ============================================================================== The Funds set forth on this Schedule each offer Retirement Shares on the terms set forth in the Retirement Shares Exhibit to the Multiple Class Plan, in each case as indicated below: ------------------------------------------------------------------------------- Multiple Class Company Series 12b-1 Plan ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Edward Jones Money None Market Fund ------------------------------------------------------------------------------- ------------------------------------------------------------------------------ ============================================================================== Select Shares Exhibit ============================================================================== To Multiple Class Plan 36. SEPARATE ARRANGEMENT AND EXPENSE ALLOCATION For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement of the Select Shares will consist of sales by financial intermediaries who will receive a shareholder service fee paid by Federated Shareholder Services Co. and when indicated on the Schedule to this Exhibit, the principal underwriter and financial intermediaries may also receive additional payments for distribution and administrative services under a 12b-1 Plan. In connection with this arrangement, Select Shares will bear the following fees and expenses: Fees and Maximum Amount Allocated Select Class Shares Expenses --------------------------------------------------------------------------- --------------------------------------------------------------------------- Sales Load None Contingent None Deferred Sales Charge ("CDSC") Shareholder Up to 25 basis points (0.25%) of the average Service Fee daily net asset value 12b-1 Fee As set forth in the attached Schedule Other Expenses Itemized expenses incurred by the Fund with respect to holders of Select Shares as described in Section 3 of the Plan 37. CONVERSION AND EXCHANGE PRIVILEGES For purposes of Rule 18f-3, Select Shares have the following conversion rights and exchange privileges at the election of the shareholder: Conversion None Rights: Exchange Select Shares may be exchanged for Select Shares Rights: of any other Fund. Additionally, Select Shares issued in exchange for Class A Shares or Class F Shares may be exchanged back into Class A Shares or Class F Shares, respectively. In any exchange, the shareholder shall receive shares having the same aggregate net asset value as the shares surrendered, unless Class A Shares or Class F Shares which are subject to a CDSC are being exchanged, in which case the CDSC fee will be imposed as if the Class A Shares or Class F Shares had been redeemed. Exchanges to any other Class shall be treated in the same manner as a redemption and purchase. ============================================================================== Schedule of Funds Offering Select Shares ============================================================================== The Funds set forth on this Schedule each offer Select Shares on the terms set forth in the Select 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 Plan ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Federated Managed Federated Managed Growth 0.75% Allocation Portfolios Portfolio ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Federated Managed Moderate 0.75% Growth Portfolio ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Federated Managed 0.75% Conservative Growth Portfolio ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Federated Managed Income 0.75% Portfolio ------------------------------------------------------------------------------- ------------------------------------------------------------------------------ ============================================================================== Service Shares Exhibit ============================================================================== To Multiple Class Plan 38. SEPARATE ARRANGEMENT AND EXPENSE ALLOCATION Service Shares are available exclusively as an investment vehicle for separate accounts of participating life insurance companies offering variable life insurance policies and variable annuity contracts. For purposes of Rule 18f-3 under the Act, the basic distribution and shareholder servicing arrangement of Service Shares will consist of institutional sales to insurance companies for Service Share inclusion in those variable life insurance and annuity product separate accounts. The insurance company distributor, underwriter or other affiliated entity will receive a shareholder service fee paid by Federated Shareholder Services Co. and when indicated on the Schedule to this Exhibit, may also receive additional payments for distribution and administrative services under a 12b-1 Plan. In connection with this arrangement Service Shares will bear the following fees and expenses: Fees and Maximum Amount Allocated Service Shares Expenses --------------------------------------------------------------------------- --------------------------------------------------------------------------- Sales Load None Contingent None Deferred Sales Charge ("CDSC") Shareholder Up to 25 basis points (0.25%) of the average Service Fee daily net asset value 12b-1 Fee As set forth in the attached Schedule Other Expenses Itemized expenses incurred by the Fund with respect to holders of Service Shares as described in Section 3 of the Plan 39. CONVERSION AND EXCHANGE PRIVILEGES For purposes of Rule 18f-3, Service Shares have the following conversion rights and exchange privileges at the election of the shareholder: Conversion None Rights: Exchange None Rights: ============================================================================== Schedule of Funds Offering Service Shares ============================================================================== The Funds set forth on this Schedule each offer Service Shares on the terms set forth in the Service 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 Plan ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Federated Insurance Federated High Income Bond 0.25% Series Fund II ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Federated American Leaders 0.25% Fund II ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Federated Capital 0.25% Appreciation Fund II ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Federated Quality Bond 0.25% Fund II ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Federated Kaufmann Fund II 0.25% ------------------------------------------------------------------------------- ------------------------------------------------------------------------------ ============================================================================== trust Shares Exhibit ============================================================================== To Multiple Class Plan 40. SEPARATE ARRANGEMENT AND EXPENSE ALLOCATION For purposes of Rule 18f-3 under the Act, the basic distribution arrangement for the Trust Shares will consist of sales by financial intermediaries, who, along with the principal underwriter, may receive payments for distribution and administrative services under a 12b-1 Plan. In connection with this arrangement, Trust Shares will bear the following fees and expenses: Fees and Maximum Amount Allocated Trust Shares Expenses --------------------------------------------------------------------------- --------------------------------------------------------------------------- Sales Load None Contingent None Deferred Sales Charge ("CDSC") 12b-1 Fee Up to 25 basis points (0.25%) of the average daily net asset value Other Expenses Itemized expenses incurred by the Fund with respect to holders of Trust Shares as described in Section 3 of the Multiple Class Plan 41. CONVERSION AND EXCHANGE PRIVILEGES For purposes of Rule 18f-3, Trust Shares have the following conversion rights and exchange privileges at the election of the shareholder: Conversion None Rights: Exchange Trust Shares may be exchanged for Trust Shares Rights: of any other Fund listed below. ============================================================================== Schedule of Funds Offering Trust Shares ============================================================================== The Funds set forth on this Schedule each offer Trust Shares on the terms set forth in the Trust 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 Plan ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Money Market Treasury .25% Obligations Trust Obligations Fund ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Money Market Government .25% Obligations Trust Obligations Fund ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Money Market Prime Obligations .25% Obligations Trust Fund ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Money Market Tax-Free .25% Obligations Trust Obligations Fund ------------------------------------------------------------------------------- ------------------------------------------------------------------------------ -------- * Formerly Fortress Class of Shares * formerly Boston 1784 Fund Shares and Bay Funds