Exhibit (m)(i) under Form N1-A
Exhibit 1 under Item 601/Reg. S-K
RULE 12b-1 AGREEMENT
This Agreement is made between the Broker/Dealer or Financial Institution
executing this Agreement ("Institution") and Edgewood Services, Inc. ("ESI") for
the mutual funds (referred to individually as the "Fund" and collectively as the
"Funds") for which ESI serves as Distributor of shares of beneficial interest or
capital stock ("Shares") and which have adopted a Rule 12b-1 Plan ("Plan") and
approved this form of agreement pursuant to Rule 12b-1 under the Investment
Company Act of 1940. In consideration of the mutual covenants hereinafter
contained, it is hereby agreed by and between the parties hereto as follows:
1. ESI hereby appoints the Institution to render or cause to be rendered
sales-related services to the Funds and their shareholders.
2. The services to be provided under Paragraph 1 may include, but are not
limited to, the following:
(a) maintaining and distributing current copies of prospectuses and
shareholder reports;
(b) advertising the availability of its services and products;
(c) providing assistance and review in designing materials to send to
customers and potential customers and developing methods of making
such materials accessible to customers and potential customers;
(d) responding to customers' and potential customers' questions about the
Funds; and
(e) providing training and supervision of its personnel; and
(f) paying for various distribution-related and/or recordkeeping and
administrative services for shareholders of the Funds.
The services listed above are illustrative. The Institution is not required to
perform each service and may at any time perform either more or fewer services
than described above.
3. During the term of this Agreement, ESI will pay the Institution fees for
each Fund as set forth in a written schedule delivered to the Institution
pursuant to this Agreement. ESI's fee schedule for Institution may be
changed by ESI sending a new fee schedule to Institution pursuant to
Paragraph 11 of this Agreement. For the payment period in which this
Agreement becomes effective or terminates, there shall be an appropriate
proration of the fee on the basis of the number of days that the Rule 12b-1
Agreement is in effect during the quarter.
4. The Institution agrees not to engage in a prohibited transaction (as
defined in Part 4 of ERISA or Section 4975 of the Internal Revenue Code) or
cause any employee benefit plan subject to ERISA to engage in such a
transaction with respect to the investment of employee benefit plan assets
in the Funds or the receipt of any compensation or fees from the Funds. The
Institution also agrees not to violate any applicable state law with
respect to the investment of employee benefit plan assets or any other
assets held in a fiduciary capacity in the Funds or the receipt of
compensation or other fees from the Funds. ESI shall have no responsibility
or liability with respect to: (a) the determination of the applicability of
any federal or state law to the investment of employee benefit plan assets
or other assets held in a fiduciary capacity in the Funds or the receipt of
compensation or other fees from the Funds; or (b) the Institution's
compliance with, or violation of, any such laws.
5. The Institution agrees not to solicit or cause to be solicited directly, or
indirectly at any time in the future, any proxies from the shareholders of
any or all of the Funds in opposition to proxies solicited by management of
the Fund or Funds, unless a court of competent jurisdiction shall have
determined that the conduct of a majority of the Board of Directors or
Trustees of the Fund or Funds constitutes willful misfeasance, bad faith,
gross negligence or reckless disregard of their duties, and unless such
solicitation is required to fulfill any fiduciary duty of the Institution
by law. This paragraph 5 will survive the term of this Agreement.
6. With respect to each Fund, this Agreement shall continue in effect for one
year from the date of the execution of this Agreement, and thereafter for
successive periods of one year if the form of this Agreement is approved at
least annually by the Directors or Trustees of the Fund, including a
majority of the members of the Board of Directors or Trustees of the Fund
who are not interested persons of the Fund and have no direct or indirect
financial interest in the operation of the Fund's Plan or in any related
documents to the Plan ("Disinterested Directors or Trustees") cast in
person at a meeting called for that purpose.
7. Notwithstanding paragraph 6, this Agreement may be terminated with respect
to each Fund as follows:
(a) at any time, without the payment of any penalty, by the vote of a
majority of the Disinterested Directors or Trustees of the Fund or by
a vote of a majority of the outstanding voting securities of the Fund
as defined in the Investment Company Act of 1940 on not more than
sixty (60) days' written notice to the parties to this Agreement;
(b) automatically in the event of the Agreement's assignment as defined in
the Investment Company Act of 1940 or upon the termination of the
"Administrative Support and Distributor's Contract" or "Distributor's
Contract" between the Fund and ESI; and
(c) by either party to the Agreement without cause by giving the other
party at least sixty (60) days' written notice of its intention to
terminate.
8. The termination of this Agreement with respect to any one Fund will not
cause the Agreement's termination with respect to any other Fund.
9. The Institution agrees to obtain any taxpayer identification number
certification from its customers required under Section 3406 of the
Internal Revenue Code, and any applicable Treasury regulations, and to
provide ESI or its designee with timely written notice of any failure to
obtain such taxpayer identification number certification in order to enable
the implementation of any required backup withholding.
10. This Agreement supersedes any prior service agreements between the parties
for the Funds with respect to the subject matter hereof.
11. This Agreement may be amended by ESI from time to time by the following
procedure. ESI will mail a copy of the amendment to the Institution's
address, as shown below. If the Institution does not object to the
amendment within thirty (30) days after its receipt, the amendment will
become part of the Agreement. The Institution's objection must be in
writing and be received by ESI within such thirty days.
12. The execution and delivery of this Agreement have been authorized by the
Trustees of the Trust and signed by an authorized officer of the Trust,
acting as such, and neither such authorization by such Trustees nor such
execution and delivery by such officer shall be deemed to have been made by
any of them individually or to impose any liability on any of them
personally, and the obligations of this Agreement are not binding upon any
of the Trustees or shareholders of the Trust, but bind only the appropriate
property of the Fund, or Class, as provided in the Declaration of Trust.
12. This Agreement shall be construed in accordance with the laws of the
Commonwealth of Pennsylvania.
[Institution]
Address
City
State Zip Code
Dated: By:
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Authorized Signature
Title
Print Name of Authorized Signature
EDGEWOOD SERVICES, INC.
Federated Investors Tower
Pittsburgh, Pennsylvania 15222-3779
By: /s/ Xxxxxxx X. Xxxxx, Xx.
Name: Xxxxxxx X. Xxxxx, Xx.
Title: Vice President
EXHIBIT A
to the 12b-1 Agreement
ESI Will pay Institution fee for the following portfolios (the "Funds"):
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Fund Name Share Class
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MTB Balanced Fund Class A and Class B Shares
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MTB Equity Income Fund Class A and Class B Shares
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MTB Equity Index Fund Class A and Class B Shares
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MTB Income Fund Class A and Class B Shares
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MTB Intermediate-Term Bond Fund Class A and Class B Shares
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MTB International Equity Fund Class A and Class B Shares
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MTB Large Cap Growth Fund Class A and Class B Shares
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MTB Large Cap Stock Fund Class A and Class B Shares
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MTB Large Cap Value Fund Class A and Class B Shares
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MTB Managed Allocation Fund - Aggressive Growth Class A and Class B Shares
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MTB Managed Allocation Fund - Conservative Growth Class A and Class B Shares
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MTB Managed Allocation Fund - Moderate Growth Class A and Class B Shares
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MTB Maryland Municipal Bond Fund Class A and Class B Shares
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MTB Mid Cap Growth Fund Class A and Class B Shares
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MTB Mid Cap Stock Fund Class A and Class B Shares
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MTB Money Market Fund Class B, Class S, and Institutional
II Shares
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MTB Multi Cap Growth Fund Class A and Class B Shares
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MTB New York Municipal Bond Fund Class A and Class B Shares
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MTB New York Tax-Free Money Market Fund Class A Shares
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MTB Pennsylvania Municipal Bond Fund Class A and Class B Shares
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MTB Pennsylvania Tax-Free Money Market Fund Class A and Institutional II Shares
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MTB Prime Money Market Fund Institutional Shares
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MTB Short Duration Government Bond Fund Class A and Class B Shares
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MTB Short-Term Corporate Bond Fund Class A and Class B Shares
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MTB Small Cap Growth Fund Class A and Class B and Class C
Shares
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MTB Small Cap Stock Fund Class A and Class B Shares
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MTB Tax-Free Money Market Fund Class A and Institutional II Shares
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MTB U.S. Government Bond Fund Class A and Class B Shares
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MTB U.S. Government Money Market Fund Class A Shares
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MTB U.S. Treasury Money Market Fund Class A, Class S and Institutional
II Shares
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1. During the term of this Agreement, ESI will pay Institution a quarterly fee
in respect of each Fund. This fee will be computed at the annual rate of
.25% of the average net asset value of Class A Shares, Class S Shares,
Institutional Shares and Institutional II Shares held during the quarter in
accounts for which the Institution provides services under this Agreement
and .75% of the average net asset value of Class B Shares and Class C
Shares held during the quarter in accounts for which the Institution
provides services under this Agreement, so long as the average net asset
value of Shares in each Fund during the quarter equals or exceeds such
minimum amount as FSC shall from time to time determine and communicate in
writing to the Institution.
2. For the quarterly period in which the Agreement becomes effective or
terminates, there shall be an appropriate proration of any fee payable on
the basis of the number of days that the Agreement is in effect during the
quarter.
Dated: August 22, 2003
