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Plan and Agreement of Distribution
This Plan and Agreement is between Strategist World Fund, Inc. (the
"Company") on behalf of its underlying series funds: Strategist
Emerging Markets Fund and Strategist World Technologies Fund (each
referred to as the "Fund" and collectively referred to as the
"Funds"); and American Express Service Corporation ("AESC"), the
principal underwriter of the Funds, for distribution services to
the Funds.
The Plan and Agreement has been approved by members of the Board of
Directors (the "Board") of the Company who are not interested
persons of the Company and have no direct or indirect financial
interest in the operation of the plan or any related agreement, and
all of the members of the Board, in person, at a meeting called for
the purpose of voting on the Plan and Agreement.
The Plan and Agreement provides that:
1. The Company will reimburse AESC for all sales and
promotional expenses attributable to the sale of the Funds' common
stock, including sales commissions, business and employee expenses
charged to distribution of shares, and corporate overhead
appropriately allocated to the sale of shares.
2. The amount of the reimbursement shall be equal on an
annual basis to 0.25% of the average daily net assets of each Fund.
The amount so determined shall be paid to AESC in cash within five
(5) business days after the last day of each month. AESC agrees
that if, at the end of any month, the expenses of a Fund, including
fees under this agreement and any other agreement between a Fund
and AESC, or American Express Financial Corporation, but excluding
taxes, brokerage commissions and charges in connection with the
purchase and sale of assets exceed the most restrictive applicable
state expense limitation for a respective Fund's current fiscal
year, that Fund shall not pay fees and expenses under this
agreement to the extent necessary to keep the Fund's expenses from
exceeding the limitation, it being understood that AESC will assume
all unpaid expenses and xxxx that Fund for them in subsequent
months, but in no event can the accumulation of unpaid expenses or
billing be carried past the end of the Fund's fiscal year.
3. Until October 31, 1997, AESC has agreed to waive fees and to
absorb fund expenses under this agreement. If, at the end of any
month, the fees and expenses of a Fund under this agreement and any
other agreement between the Fund and AESC exceed 2.20% for Emerging
Markets Fund or 1.50% for World Income Fund, that Fund shall not
pay fees and expenses under this agreement to the extent necessary
to keep the Emerging Markets and World Technologies Funds' expense
ratio from exceeding the limitation.
4. AESC agrees to provide at least quarterly an analysis
of distribution expenses and to meet with representatives of the
Company as reasonably requested to provide additional information.
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5. The Plan and Agreement shall continue in effect for a
period of more than one year provided it is reapproved at least
annually in the same manner in which it was initially approved.
6. The Plan and Agreement may not be amended to increase
materially the amount that may be paid by the Company without the
approval of at least a majority of the Funds' outstanding common
stock. Any other amendment must be approved in the manner in which
the Plan and Agreement was initially approved.
7. This agreement may be terminated (by each Fund or by
both Funds) at any time without payment of any penalty by a vote of
a majority of the members of the Board who are not interested
persons of the Company and have no financial interest in the
operation of the Plan and Agreement, or by vote of a majority of
the outstanding shares of the respective Fund, or by AESC. The
Plan and Agreement will terminate automatically in the event of its
assignment as that term is defined in the Investment Company Act of
1940.
Approved this 13th day of November, 1996.
STRATEGIST WORLD FUND, INC.
Strategist Emerging Markets Fund
Strategist World Technologies Fund
/s/ Xxxxx X. Xxxxxxxx
Xxxxx X. Xxxxxxxx
President
AMERICAN EXPRESS SERVICE CORPORATION
/s/ Xxxxxxx X. Xxxxx
Xxxxxxx X. Xxxxx
Vice President
