EXHIBIT - 15b.2
THE MICHIGAN HERITAGE FUND
AMENDMENT NO. 1
TO
DISTRIBUTION PLAN
This Amendment No. 1 to the Distribution Plan dated February 19, 1997 by
and between Declaration Fund with respect to Michigan Heritage Fund, Xxxxxxxxx
Asset Management, Inc. and Declaration Distributors, Inc. is executed this 29th
day of December, 1997.
Whereas, the shares issued and to be issued with respect to Michigan
Heritage Fund (the "Fund) will be issued in classes designated as Class A shares
and No-Load Class shares, and
Whereas, both Classes shall be subject to the Distribution Plan, and
Whereas, the Distribution Plan of the Fund provides for Fund assets to be
used to promote the sale of the shares of the Fund, and
Whereas, it is the intention of the Trustees of Declaration Fund that the
payments made pursuant to the Plan for distribution purposes shall be chargeable
to that portion of the Fund's portfolio relating to the Class for which such
distribution expenses were incurred,
NOW, THEREFORE, this Amendment No. 1 to the Distribution Plan witnesseth:
1. The first paragraph of the Plan is amended by the addition of the
following after the word "Plan" which appears in the third line of the text:
"... which relates both the Class A shares and the No-Load Class shares ..."
2. The second paragraph of the Plan is amended by the addition of the
following at the end of the text after the words "(the 'Distributor')": "as the
same have been amended."
3. The third paragraph of the Plan is amended by the addition of the
following at the end of the second sentence of the text after the word
"shareholders" "... including the shareholders of the Class A shares and the
shareholders of the No-Load Class."
4. Paragraph 1. of the Plan is amended by the addition of the following at
the end of the present text:
Expenses which relate to the distribution of the shares of a Class or the
services provided to that Class shall be allocated and paid by that Class;
other expenses shall be allocated among different Classes in different
amounts to the extent that they are incurred by one Class in a different
amount or reflect differences in the amount or kinds of services that
different Classes receive, and expenses that are not assigned or assignable
to a specific Class shall be allocated based on net assets.
5. The Plan is amended by the addition of the following paragraph
designated 10.
The provisions of the Plan are severable for each Class of shares; the
Class A shares and the No-Load Class of shares. The Trustees must make a
finding for each Class that the Plan represents a reasonable likelihood of
benefit to the Fund and its shareholders. Further, shareholder approval by
the outstanding voting securities of each Class is required when Rule 12b-1
requires approval by a majority of the outstanding voting securities.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment No. 1 to the
Distribution Plan, as hereinabove set forth.
Declaration Fund, with respect to
Michigan Heritage Fund
/s/ Xxxxxxx X. Xxxxx
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Xxxxxxx X. Xxxxx, President
Declaration Distributors, Inc.
/s/ Xxxxxxx X. Xxxxx
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Xxxxxxx X. Xxxxx, President
Xxxxxxxxx Asset Management, Inc.
/S/ X. Xxxxx Xxxxxxxxx
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Mr. X. Xxxxx Xxxxxxxxx, President
