Item 77Q1: Exhibit
EXHIBIT G
INVESTMENT ADVISORY CONTRACT
FEDERATED NORTH CAROLINA MUNICIPAL INCOME FUND
For all services rendered by Adviser hereunder, the above-named
Fund of the Trust shall pay to Adviser and Adviser agrees to accept as
full compensation for all services rendered hereunder, an annual
investment advisory fee equal to .40 of 1% of the average daily net
assets of the Fund.
The portion of the fee based upon the average daily net assets
of the Fund shall be accrued daily at the rate of 1/365th of .40 of
1% applied to the daily net assets of the Fund.
The advisory fee so accrued shall be paid to Adviser daily.
The right of the adviser as set forth in Paragraph six of
this Contract to assume expenses of one or more of the Funds shall
also apply as to any classes of the above-named Fund.
Witness the due execution hereof this 1st day of June, 1999.
FEDERATED INVESTMENT
MANAGEMENT COMPANY
By: /s/ Stephen A. Keen
Name: Stephen A. Keen
Title: Vice President
MUNICIPAL SECURITIES INCOME TRUST
By: /s/ John W. McGonigle
Name: John W. McGonigle
Title: Executive Vice President
and Secretary
