DISTRIBUTION RELATED SERVICES AGREEMENT
January 30, 1995
Xxxxxxxx Xxxxxxxx Asset Management Inc.
0000 Xxxxxx xx xxx Xxxxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Dear Sirs:
Xxxxxx, Peabody Investment Trust (the "Trust") confirms its
agreement with Xxxxxxxx Xxxxxxxx Asset Management Inc. ("Xxxxxxxx Xxxxxxxx")
implementing the terms of the amended and restated shareholder servicing and
distribution plan dated as of December 16, 1992 (the "Plan") adopted by the
Trust with respect to the Class B shares (the "Class B shares") of Xxxxxx,
Xxxxxxx Global Equity Fund (the "Fund"), a series of the Trust, pursuant to Rule
12b-1 (the "Rule") under the Investment Company Act of 1940, as amended (the
"1940 Act"), as follows:
Section 1. Compensation and Services to be Rendered.
(a) The Trust will pay Xxxxxxxx Xxxxxxxx an annual fee in
connection with distribution related services provided with respect to the Class
B shares of the Fund. The annual fee paid to Xxxxxxxx Xxxxxxxx under this
Agreement will be calculated daily and paid monthly by the Trust at the annual
rate of .75% of the value of the average daily net assets of the Fund.
(b) The annual fee will be used by Xxxxxxxx Xxxxxxxx to
provide initial and ongoing sales compensation to its registered representatives
in respect of sales of Class B shares of the Fund; costs of printing and
distributing the Fund's Prospectus, Statement of Additional Information and
sales literature to prospective investors that are attributable to sales of the
Class B shares of the Fund; costs associated with any advertising relating to
Class B shares of the Fund; an allocation of overhead and other Xxxxxxxx
Xxxxxxxx branch office expenses related to the distribution of Class B shares of
the Fund; and payments to, and expenses of, persons who provide support services
in connection with the distribution of the Class B shares of the Fund.
Section 2. Approval by Trustees.
This Agreement will not take effect until approved by a
majority vote of both (a) the full Board of Trustees of the Trust
and (b) those Trustees who are not interested persons of the Trust and who have
no direct or indirect financial interest in the operation of the Plan or in this
Agreement (the "Independent Trustees"), cast in person at a meeting called for
the purpose of voting on this Agreement.
Section 3. Continuance of the Plan.
This Agreement will continue in effect from year to year so
long as its continuance is specifically approved annually by vote of the Trust's
Board of Trustees in the manner described in Section 2 above.
Section 4. Termination.
(a) This Agreement may be terminated at any time, without the
payment of any penalty, by vote of a majority of the Independent Trustees or by
vote of a majority of the outstanding voting securities represented by the Class
B shares of the Fund on not more than 30 days' written notice to Xxxxxxxx
Xxxxxxxx.
(b) This Agreement will terminate automatically in the
event of its assignment.
Section 5. Selection of Certain Trustees.
While this Agreement is in effect, the selection and
nomination of the Trust's Trustees who are not interested persons of the Trust
will be committed to the discretion of the Trustees then in office who are not
interested persons of the Trust.
Section 6. Written Reports.
Xxxxxxxx Xxxxxxxx agrees that, in each year during which this
Agreement remains in effect, Xxxxxxxx Xxxxxxxx will prepare and furnish to the
Trust's Board of Trustees, and the Board will review, at least quarterly,
written reports, complying with the requirements of the Rule, that set out the
amounts expended under this Agreement and the purposes for which those
expenditures were made.
Section 7. Meaning of Certain Terms.
As used in this Agreement, the terms "interested person" and
"majority of the outstanding voting securities" will be deemed to have the same
meaning that those terms have under the 1940 Act and the rules and regulations
under the 1940 Act, subject to any exemption that may be granted to the Trust
under the 1940 Act by the Securities and Exchange Commission.
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Section 8. Filing of Declaration of Trust.
The Trust represents that a copy of its Declaration of Trust
dated as of March 28, 1991, as amended from time to time (the "Declaration of
Trust"), is on file with the Secretary of the Commonwealth of Massachusetts and
with the Boston City Clerk.
Section 9. Limitation of Liability.
The obligations of the Trust under this Agreement will not be
binding upon any of the Trustees, shareholders, nominees, officers, employees or
agents, whether past, present or future, of the Trust, individually, but are
binding only upon the assets and property of the Trust, as provided in the
Declaration of Trust. 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 the authorization by the Trustees nor the
execution and delivery by the officer will be deemed to have been made by any of
them individually or to impose any liability on any of them personally, but will
bind only the trust property of the Trust as provided in the Declaration of
Trust. No series of the Trust, including the Fund, will be liable for any claims
against any other series.
Section 10. Dates.
This Agreement has been executed by the Trust with respect to
the Fund as of January 30, 1995 and will become effective as of that date.
* * * * *
If the terms and conditions described above are in accordance
with your understanding, kindly indicate your acceptance of this Agreement by
signing and returning to us the enclosed copy of this Agreement.
Very truly yours,
XXXXXX, XXXXXXX INVESTMENT TRUST
By: XXXXXX X. XXXXX
-----------------------------------
Accepted:
XXXXXXXX XXXXXXXX ASSET MANAGEMENT INC.
By: XXXXXX X. X'XXXXXXX
-------------------------------------
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DISTRIBUTION RELATED SERVICES AGREEMENT
January 30, 1995
Xxxxxxxx Xxxxxxxx Asset Management Inc.
0000 Xxxxxx xx xxx Xxxxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Dear Sirs:
Xxxxxx, Peabody Investment Trust (the "Trust") confirms its
agreement with Xxxxxxxx Xxxxxxxx Asset Management Inc. ("Xxxxxxxx Xxxxxxxx")
implementing the terms of the amended and restated shareholder servicing and
distribution plan dated as of December 16, 1992 (the "Plan") adopted by the
Trust with respect to the Class A shares (the "Class A shares") and Class B
shares (the "Class B shares") of Xxxxxx, Xxxxxxx Asset Allocation Fund (the
"Fund"), a series of the Trust, pursuant to Rule 12b-1 (the "Rule") under the
Investment Company Act of 1940, as amended (the "1940 Act"), as follows:
Section 1. Compensation and Services to be Rendered.
(a) The Trust will pay Xxxxxxxx Xxxxxxxx an annual fee in
connection with distribution related services provided with respect to the Class
B shares of the Fund. The annual fee paid to Xxxxxxxx Xxxxxxxx under this
Agreement will be calculated daily and paid monthly by the Trust at the annual
rate of .75% of the value of the average daily net assets of the Fund.
(b) The annual fee, with respect to the Class B shares will be
used by Xxxxxxxx Xxxxxxxx to provide initial and ongoing sales compensation to
its registered representatives in respect of sales of Class B shares of the
Fund; costs of printing and distributing the Fund's Prospectus, Statement of
Additional Information and sales literature to prospective investors that are
attributable to sales of the Class B shares of the Fund; costs associated with
any advertising relating to Class B shares of the Fund; an allocation of
overhead and other Xxxxxxxx Xxxxxxxx branch office expenses related to the
distribution of Class B shares of the Fund; and payments to, and expenses of,
persons who provide support services in connection with the distribution of the
shares of the Class B.
Section 2. Approval by Trustees.
This Agreement will not take effect until approved by a
majority vote of both (a) the full Board of Trustees of the Trust and (b) those
Trustees who are not interested persons of the Trust and who have no direct or
indirect financial interest in the operation of the Plan or in this Agreement
(the "Independent Trustees"), cast in person at a meeting called for the purpose
of voting on this Agreement.
Section 3. Continuance of the Plan.
This Agreement will continue in effect from year to year so
long as its continuance is specifically approved annually by vote of the Trust's
Board of Trustees in the manner described in Section 2 above.
Section 4. Termination.
(a) This Agreement may be terminated at any time, with respect
to the Class B without the payment of any penalty, by vote of a majority of the
Independent Trustees or by vote of a majority of the outstanding voting
securities represented by the Class B shares of the Fund on not more than 60
days' written notice to Xxxxxxxx Xxxxxxxx.
(b) This Agreement will terminate automatically in the
event of its assignment.
Section 5. Selection of Certain Trustees.
While this Agreement is in effect, the selection and
nomination of the Trust's Trustees who are not interested persons of the Trust
will be committed to the discretion of the Trustees then in office who are not
interested persons of the Trust.
Section 6. Written Reports.
Xxxxxxxx Xxxxxxxx agrees that, in each year during which this
Agreement remains in effect, Xxxxxxxx Xxxxxxxx will prepare and furnish to the
Trust's Board of Trustees, and the Board will review, at least quarterly,
written reports, complying with the requirements of the Rule, that set out the
amounts expended under this Agreement and the purposes for which those
expenditures were made.
Section 7. Meaning of Certain Terms.
As used in this Agreement, the terms "interested person" and
"majority of the outstanding voting securities" will be deemed to have the same
meaning that those terms have under the 1940 Act and the rules and regulations
under the 1940 Act,
-2-
subject to any exemption that may be granted to the Trust under the 1940 Act by
the Securities and Exchange Commission.
Section 8. Filing of Declaration of Trust.
The Trust represents that a copy of its Declaration of Trust
dated as of March 28, 1991, as amended from time to time (the "Declaration of
Trust"), is on file with the Secretary of the Commonwealth of Massachusetts and
with the Boston City Clerk.
Section 9. Limitation of Liability.
The obligations of the Trust under this Agreement will not be
binding upon any of the Trustees, shareholders, nominees, officers, employees or
agents, whether past, present or future, of the Trust, individually, but are
binding only upon the assets and property of the Trust, as provided in the
Declaration of Trust. 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 the authorization by the Trustees nor the
execution and delivery by the officer will be deemed to have been made by any of
them individually or to impose any liability on any of them personally, but will
bind only the trust property of the Trust as provided in the Declaration of
Trust. No series of the Trust, including the Fund, will be liable for any claims
against any other series.
Section 10. Dates.
This Agreement has been executed by the Trust with respect to
the Fund as of January 30, 1995 and will become effective as of that date.
* * * * *
If the terms and conditions described above are in accordance
with your understanding, kindly indicate your acceptance of this Agreement by
signing and returning to us the enclosed copy of this Agreement.
Very truly yours,
XXXXXX, XXXXXXX INVESTMENT TRUST
By: XXXXXX X. XXXXX
--------------------------------
-3-
Accepted:
XXXXXXXX XXXXXXXX ASSET MANAGEMENT INC.
By: XXXXXX X. X'XXXXXXX
-------------------------------------
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