Exhibit (m)(i) under Form N-1A
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.
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:
Authorized Signature
Title
Print Name of Authorized Signature
EDGEWOOD SERVICES, INC.
Federated Investors Tower
Pittsburgh, Pennsylvania 15222-3779
By:
Name: Xxxxxxx X. Xxxxx, Xx.
Title: Vice President
VISION GROUP OF FUNDS
EXHIBIT A to 12b-1 Agreement with
Edgewood Services, Inc. ("ESI")
ESI will pay Institution fees for the following portfolios (the "Funds"):
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MTB Balanced Fund Class A Shares
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MTB Balanced Fund Class B Shares
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MTB Equity Income Fund Class A Shares
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MTB Equity Income Fund Class B Shares
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MTB Equity Index Fund Class A Shares
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MTB Equity Index Fund Class B Shares
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MTB Income Fund Class A Shares
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MTB Income Fund Class B Shares
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MTB Institutional Prime Money Market Fund Institutional Shares
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MTB Intermediate-Term Bond Fund Class A Shares
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MTB International Equity Fund Class A Shares
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MTB International Equity Fund Class B Shares
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MTB Large Cap Growth Fund Class A Shares
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MTB Large Cap Growth Fund Class B Shares
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MTB Large Cap Growth Fund II
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MTB Large Cap Stock Fund Class A Shares
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MTB Large Cap Stock Fund Class B Shares
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MTB Large Cap Value Fund Class A Shares
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MTB Large Cap Value Fund Class B Shares
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MTB Large Cap Value Fund II
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MTB Managed Allocation Fund - Aggressive Class A Shares
Growth
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MTB Managed Allocation Fund - Aggressive Class B Shares
Growth
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MTB Managed Allocation Fund - Class A Shares
Conservative Growth
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MTB Managed Allocation Fund - Class B Shares
Conservative Growth
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MTB Managed Allocation Fund - Moderate Class A Shares
Growth
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MTB Managed Allocation Fund - Moderate Class B Shares
Growth
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MTB Maryland Municipal Bond Fund Class A Shares
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MTB Maryland Municipal Bond Fund Class B Shares
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MTB Mid Cap Growth Fund Class A Shares
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MTB Mid Cap Growth Fund Class B Shares
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MTB Mid Cap Stock Fund Class A Shares
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MTB Mid Cap Stock Fund Class B Shares
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MTB Money Market Fund Class A Shares
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MTB Money Market Fund Class B Shares
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MTB Money Market Fund Class S Shares
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MTB Money Market Fund Institutional II Shares
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MTB Multi Cap Growth Fund Class A Shares
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MTB Multi Cap Growth Fund Class B Shares
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MTB New York Municipal Bond Fund Class B Shares
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MTB New York Municipal Bond Fund Class A 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 Shares
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MTB Pennsylvania Tax-Free Money Market Class A Shares
Fund
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MTB Pennsylvania Tax-Free Money Market Institutional II Shares
Fund
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MTB Short Duration Government Bond Fund Class A Shares
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MTB Short-Term Corporate Bond Fund Class A Shares
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MTB Small Cap Growth Fund Class A Shares
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MTB Small Cap Growth Fund Class B Shares
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MTB Small Cap Stock Fund Class A Shares
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MTB Small Cap Stock Fund Class B Shares
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MTB Tax-Free Money Market Fund Class A Shares
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MTB Tax-Free Money Market Fund Class B Shares
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MTB U.S. Government Bond Fund Class A Shares
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MTB U.S. Government Bond Fund Class B Shares
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MTB U.S. Government Money Market Fund Class A Shares
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MTB U.S. Government Money Market Fund Institutional II Shares
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MTB U.S. Treasury Money Market Fund Class A Shares
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MTB U.S. Treasury Money Market Fund Class S Shares
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MTB U.S. Treasury Money Market Fund Institutional II Shares
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Fees
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, Institutional II Shares and Undesignated 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 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 ESI 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.
Revised August 15, 2003
