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SIGNATURE MARY JANE MALONEY
TITLE MANAGER
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EXHIBIT INDEX
EXHIBIT A:
Attachment to item 77B: Accountant's report on internal control.
EXHIBIT B:
Attachment to item 77Q1: Copies of any material amendments to the
Registrant's charter and by-laws.
- ------------------------------------------------------------------
EXHIBIT A:
Independent Auditors' Report
To the Shareholders and Trustees
Municipal Fund for Temporary Investment:
In planning and performing our audit of the financial statements of Municipal
Fund for Temporary Investment for the year ended November 30, 1998, we
considered its internal control, including control activities for
safeguarding securities, in order to determine our auditing procedures for
the purpose of expressing our opinion on the financial statements and to
comply
with the requirements of Form N-SAR, not to provide assurance on internal
control.
The management of Municipal Fund for Temporary Investment is responsible for
establishing and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are required to assess
the expected benefits and related costs of controls. Generally, controls that
are relevant to an audit pertain to the entity's objective of preparing
financial statements for external purposes that are fairly presented in
conformity with generally accepted accounting principles. Those controls
include the safeguarding of assets against unauthorized acquisition, use or
disposition.
Because of inherent limitations in internal control, error or fraud may occur
and may not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become
inadequate
because of changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of one or
more internal control components does not reduce to a relatively low level
the
risk that misstatements caused by error or fraud in amounts that would be
material in relation to the financial statements being audited may occur and
not
be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving
internal control and its operation, including controls over safeguarding
securities, that we consider to be material weaknesses as defined above as
of November 30, 1998.
This report is intended solely for the information and use of management,
the Trustees of Municipal Fund for Temporary Investment, and the
Securities and Exchange Commission and is not intended to be and should
not be used by anyone other than these specified parties.
KPMG LLP
Philadelphia, PA
January 8, 1999
EXHIBIT B:
CODE OF REGULATIONS
of
MUNICIPAL FUND FOR TEMPORARY INVESTMENT
AMENDED AND RESTATED AS OF October 22, 1998
ARTICLE I
MEETINGS OF INTERESTHOLDERS
1.1 No Annual Meeting Required. No Annual Meeting of
Interestholders shall be held unless required by applicable law
or otherwise determined by the Board of Trustees. Any Annual or
Special Meetings of Interestholders shall be held at such place,
date and time as the Trustees may designate.
1.2 Special Meetings. Special Meetings of
Interestholders may be called by the Trustees and shall be called
by the Trustees upon the written request of holders of at least
twenty percent of the outstanding Interests entitled to vote.
1.3 Notice. Written notice, stating the place, day
and hour of each meeting of Interestholders and in the case of
Special Meetings, the general nature of the business to be
transacted, shall be given by, or at the direction of, the person
calling the meeting to each Interestholder of record entitled to
vote at the meeting at least ten days prior to the day named for
the meeting, unless in a particular case a longer period of
notice is required by law.
1.4 Interestholders' List. The officer or agent
having charge of the transfer books for Interests of the Trust
shall make, at least five days before each meeting of
Interestholders, a complete list of the Interestholders entitled
to vote at the meeting, arranged in alphabetical order with the
address of and the number of Interests held by each such
Interestholder. The list shall be kept on file at the office of
the Trust and shall be subject to inspection by any
Interestholder at any time during usual business hours and shall
also be produced and kept open at the time and place of each
meeting of Interestholders and shall be subject to the inspection
of any Interestholder during each meeting of Interestholders.
1.5 Record Date. The Trustees may fix a time (during
which they may close the Interest transfer books of the Trust)
not more than ninety (90) days prior to the date of any meeting
of Interestholders, or the date fixed for the payment of any
dividend, or the date of the allotment of rights or the date when
any change or conversion or exchange of Interests shall go into
effect, as a record date for the determination of the
Interestholders entitled to notice of, or to vote at, any such
meeting, or entitled to receive payment of any such dividend, or
to receive any such allotment of rights, or to exercise such
rights, as the case may be. In such case, only such
Interestholders as shall be Interestholders of record at the
close of business on the date so fixed shall be entitled to
notice of, or to vote at, such meeting or to receive payment of
such dividend, or to receive such allotment of rights, or to
exercise such rights, as the case may be, notwithstanding any
transfer of any Interests on the books of the Trust after any
record date fixed, as aforesaid.
ARTICLE II
TRUSTEES
2.1 Number and Term of Office. The number of Trustees
shall be seven or such other number, not less than three (3) nor
more than ten (10), as may be fixed from time to time by the
Trustees. Subject to the provisions of Article I, Section 1.1,
the members of the Board of Trustees shall be elected by the
Interestholders at their Annual Meeting and each Trustee shall
hold office until the annual meeting next after his election and
until his successor shall have been duly elected and qualified.
2.2 Place of Meeting. Meetings of the Trustees,
regular or special, shall be held at the principal office of the
Trust or at such other place as the Trustees may from time to
time determine.
2.3 Regular Meetings. Regular meetings of the
Trustees may be held without notice at such time and at the
principal office of the Trust or at such other place as the
Trustees may from time to time determine.
2.4 Special Meetings. Special Meetings of the
Trustees shall be held whenever called by the President, Vice
President or Secretary, by two or more Trustees or by a majority
of the Executive Committee, either in writing or by vote at a
meeting, on one day's notice to each Trustee.
2.5 Committee. The Trustees may by resolution passed
by a majority of the Trustees appoint from among its members an
executive committee and other committees composed of two or more
Trustees, and may delegate to such committees, in the intervals
between meetings of the Trustees, any or all of the powers of the
Trustees in the management of the business and affairs of the
Trust, except the power to issue Interests in the Trust or to
recommend to Interestholders any action requiring
Interestholders' approval.
2.6 Compensation. Any Trustee, whether or not he is a
salaried officer or employee of the Trust, may be compensated for
his services as Trustee or as a member of a committee, or as
Chairman of the Trustees or Chairman of a committee, by fixed
periodic payments or by fees for attendance at meetings or by
both, and in addition may be reimbursed for transportation and
other expenses, all in such manner and amounts as the Trustees
may from time to time determine.
2.7 Participation by Conference Telephone. Trustees
may participate in Regular or Special Meetings of the Board of
Trustees, or committee meetings thereof, by means of conference
telephone or similar communications equipment if all persons
participating in the meeting can hear one another, and
participation in a meeting by such means shall constitute
presence in person at the meeting.
ARTICLE III
NOTICES
3.1 Form. Notices to Interestholders shall be in
writing and delivered personally or mailed to the Interestholders
at their addresses appearing on the books of the Trust. Notices
to Trustees shall be oral or by telephone or telegram or in
writing delivered personally or mailed to the Trustees at their
addresses appearing on the books of the Trust. Oral notice shall
be deemed to be given when given directly to the person required
to be notified and notice by mail shall be deemed to be given
when deposited in the United States mail or with a telegraph
office for transmission. Notice to Trustees need not state the
purpose of a Regular or Special Meeting.
3.2 Waiver. Whenever any notice of the time, place or
purpose of any meeting of Interestholders, Trustees or Committee
is required to be given under the provisions of Pennsylvania law
or under the provisions of the Declaration of Trust or these
Regulations, a waiver thereof in writing, signed by the person or
persons entitled to such notice and filed with the records of the
meeting, whether before or after the holding thereof, or actual
attendance at the meeting of Interestholders in person or by
proxy, or at the meeting of Trustees or Committee in person,
shall be deemed equivalent to the giving of such notice to such
persons.
ARTICLE IV
OFFICERS
4.1 Number. The officers of the Trust shall be chosen
by the Trustees and shall include a President, a Secretary and a
Treasurer. The Board of Trustees may, from time to time, elect
or appoint a Controller, one or more Vice Presidents, Assistant
Secretaries and Assistant Treasurers. The Trustees may in their
discretion, also appoint a Chairman who shall perform and execute
such executive and administrative duties and powers as the
Trustees shall from time to time prescribe.
4.2 Other Officers. The Trustees from time to time
may appoint such other officers and agents as they shall deem
advisable, who shall hold their offices for such terms and shall
exercise such powers and perform such duties as shall be
determined from time to time by the Trustees. The Trustees may
delegate to one or more officers or agents the power to appoint
any such subordinate officers or agents and to prescribe the
respective rights, terms of office, authorities and duties.
4.3 Election and Tenure. The officers of the Trust
shall be chosen annually by the Trustees. Two or more offices
may be held by the same person but no officer shall execute,
acknowledge or verify any instrument in more than one capacity,
if such instrument is required by law, the Declaration of Trust
or these Regulations to be executed, acknowledged or verified by
two or more officers. Any officer or agent may be removed by the
Trustees. An officer of the Trust may resign by filing a written
resignation with the President or with the Trustees or with the
Secretary. Any vacancy occurring in any office of the Trust by
death, resignation, removal or otherwise shall be filled by the
Trustees.
4.4 Compensation. The salaries or other compensation
of all officers and agents of the Trust shall be fixed by the
Trustees, except that the Trustees may delegate to any Committee
the power to fix the salary or other compensation of any officer
of the Trust.
4.5 President. The President, unless the Chairman has
been so designated, shall be the chief executive officer of the
Trust; he shall preside at all meetings of the Interestholders
and the Trustees, shall be, ex officio, a member of all standing
committees, and shall see that all orders and resolutions of the
Trustees are carried into effect. The President shall also be
the chief administrative officer of the Trust and shall perform
such other duties and have such other powers as the Trustees may
from time to time prescribe.
4.6 Vice Presidents. The Vice Presidents, in the
order of their seniority, shall in the absence or disability of
the President, perform the duties and exercise the powers of the
President and shall perform such other duties as the Trustees may
from time to time prescribe.
4.7 Secretary. The Secretary shall attend all
meetings of the Trustees and all meetings of the Interestholders
and record all the proceedings thereof and shall perform like
duties for any Committee when required. He shall give, or cause
to be given, notice of meetings of the Interestholders and of the
Trustees, and shall perform such other duties as may be
prescribed by the Trustees or President, under whose supervision
he shall be. He shall keep in safe custody the seal of the Trust
and, when authorized by the Trustees, affix and attest the same
to any instrument requiring it. The Trustees may give general
authority to any other officer to affix the seal of the Trust and
to attest the affixing by his signature.
4.8 Assistant Secretaries. The Assistant Secretaries,
in order of their seniority, shall in the absence of disability
of the Secretary, perform the duties and exercise the powers of
the Secretary and shall perform such other duties as the Trustees
shall prescribe.
4.9 Treasurer. The Treasurer shall be the chief
financial officer of the Trust. He shall be responsible for the
maintenance of its accounting records and shall render to the
Trustees, when the Trustees so require, an account of all the
Trust's financial transactions and a report of the financial
condition of the Trust.
4.10 Controller. The Controller shall be under the
direct supervision of the Treasurer. He shall maintain adequate
records of all assets, liabilities and transactions of the Trust,
establish and maintain internal accounting control and, in
cooperation with the independent accounts selected by the
Trustees, shall supervise internal auditing. He shall have such
further powers and duties as may be conferred upon him from time
to time by the President or the Trustees.
4.11 Assistant Treasurers. Each Assistant Treasurer
shall exercise such powers and perform such duties as shall be
determined from time to time by the Trustees or the President.
ARTICLE V
INVESTMENT RESTRICTIONS
The Trustees may from time to time adopt such
restrictions upon the investment of the assets of the Trust, or
amendments thereto, as they may consider necessary or desirable,
provided, any such restriction or amendment shall be approved by
a majority of the outstanding Interests of the Trust if required
by the Investment Company Act of 1940, as amended.
ARTICLE VI
GENERAL PROVISIONS
6.1 Inspection of Books. The Trustees shall from time
to time determine whether and to what extent, and at what time
and place, and under what conditions and regulations the accounts
and books of the Trust or any of them shall be open to the
inspections of the Interestholders; and no Interestholder shall
have any right of inspecting any account or book or document of
the Trust except as conferred by law or authorized by the
Trustees or by resolution of the Interestholders.
6.2 Reports. The Trust shall transmit to the
Interestholders and/or file with federal and state regulatory
agencies such reports of its operations as the Trustees shall
consider necessary or desirable or as may be required by law.
6.3 Bonding of Officers and Employees. All officers
and employees of the Trust shall be bonded to such extent, and in
such manner, as may be required by law.
6.4 Fiscal Year. The fiscal year of the Trust shall
be the period of twelve months ending on the last day of November
in each year.
ARTICLE VII
AMENDMENTS
This Code of Regulations may be altered or repealed by
the Trustees at any Regular or Special Meeting of the Trustees.
