DISTRIBUTION AGREEMENT
THIS AGREEMENT, made this 14th day of September, 1970, between SECURITY BOND
FUND, INC., a Kansas corporation (hereinafter referred to as the "Company"), and
SECURITY DISTRIBUTORS, INC., a Kansas corporation (hereinafter referred to as
the "Distributor").
WITNESSETH:
WHEREAS, the Company is engaged in business as an open-end, management
investment company registered under the federal Investment Company Act of 1940;
and
WHEREAS, the Distributor is willing to act as principal underwriter for the
Company to offer for sale, sell and deliver after sale shares of the Company's
$1 par value common stock (hereinafter referred to as the "Shares") on the terms
and conditions hereinafter set forth;
NOW, THEREFORE, in consideration of the mutual covenants and agreements herein
set forth, the parties hereto agree as follows:
1. EMPLOYMENT OF DISTRIBUTOR. The Company hereby employs the Distributor to
act as principal underwriter for the Company and hereby agrees that during
the term of this Agreement, and any renewal or extension thereof, or until
any prior termination thereof, the Distributor shall have the exclusive
right to offer for sale and to distribute any and all Shares issued or to
be issued by the Company. The Distributor hereby accepts such employment
and agrees to act as the distributor of the Shares issued or to be issues
by the Company during the period this Agreement is in effect and agrees
during such period to offer for sale such Shares as long as such Shares
remain available for sale, unless the Distributor is unable legally to make
such offer for sale as the result of any law or governmental regulation.
2. OFFERING PRICE AND COMMISSIONS. Prior to the issuance of any Shares by the
Company pursuant to any subscription tendered by or through the Distributor
and confirmed for sale to or through the Distributor, the Distributor shall
pay or cause to be paid to the Custodian of the Company in cash, an amount
equal to the net asset value of such Shares at the time of acceptance of
each such subscription and confirmation by the Company of the sale of such
Shares. The Distributor shall be entitled to charge a commission on each
such sale of Shares in the amount set forth in the Company's Prospectus,
such commission to be an amount equal to the difference between the net
asset value and the offering price of the Shares, as such offering price
may from time to time be determined by the board of directors of the
Company. All Shares shall be sold to the public only at their public
offering price at the time of such sale, and the Company shall receive not
less than the full net asset value thereof.
3. ALLOCATION OF EXPENSES AND CHARGES. During the period this Agreement is in
effect, the Company shall pay all costs and expenses in connection with the
registration of Shares under the Securities Act of 1933, including all
expenses in connection with the preparation and printing of any
registration statements and prospectuses necessary for registration
thereunder but excluding any additional costs and expenses incurred in
furnishing the Distributor with prospectuses.
During the period this Agreement is in effect the Distributor will pay or
reimburse the Company for:
(a) All costs, expenses and fees incurred in connection with the
qualification of the Shares under the applicable Blue Sky laws of the
states in which the Shares are offered;
(b) All costs and expenses of printing and mailing prospectuses (other
than to existing shareholders) and confirmations, and all costs and
expenses of preparing, printing and mailing advertising material sales
literature, circulars, applications, and other materials used or to be
used in connection with the offering for sale and the sale of Shares;
and
(c) All clerical and administrative costs in processing the applications
for and in connection with the sale of Shares.
The Distributor agrees to submit to the Company for its prior approval
all advertising material, sales literature, circulars and any other
material which the Distributor proposes to use in connection with the
offering for sale of Shares.
4. DISTRIBUTOR MAY ACT AS BROKER AND RECEIVE COMMISSIONS. Notwithstanding any
other provisions of this Agreement, it is understood and agreed that the
Distributor may act as a broker, on behalf of the Company, in the purchase
and sale of securities not effected on a securities exchange, provided that
any such transactions and any commission paid in connection therewith shall
comply in every respect with the requirements of the Federal Investment
Company Act of 1940 and in particular with Section 17(c) of said statute
and the Rules and Regulations of the Securities and Exchange Commission
promulgated thereunder.
5. AGREEMENT SUBJECT TO APPLICABLE LAW AND REGULATIONS. The parties hereto
agree that all provisions of this Agreement will be performed in strict
accordance with the requirements of the Investment Company Act of 1940, the
Securities Act of 1933, the Securities Exchange Act of 1934, and the rules
and regulations of the Securities and exchange Commission under said
statutes, in strict accordance with all applicable state "Blue Sky" laws
and the rules and regulations thereunder, and in strict accordance with the
provisions of the Articles of Incorporation and Bylaws of the Company.
6. DURATION AND TERMINATION OF AGREEMENT. This Agreement shall become
effective at the date and time that the Company's prospectus, reflecting
the underwriting arrangements provided by this Agreement, shall become
effective under the Securities Act of 1933, and shall continue in force
until December 31, 1971, and from year to year thereafter, but only if such
continuance is specifically approved at least annually by the board of
directors of the Company and the majority of the board of directors who are
not parties to this Agreement or affiliated persons of any such party, or
by the vote of a majority of the outstanding voting securities of the
Company. Written notice of any such approval by the board of directors or
by the holders of a majority of the outstanding voting securities of the
Company shall be given promptly to the Distributor.
This Agreement may be terminated by the Company at any time by giving the
Distributor at least sixty (60) days previous written notice of such
intention to terminate. This Agreement may be terminated by the Distributor
at any time by giving the Company at least sixty (60) days previous written
notice of such intention to terminate.
This Agreement shall terminate automatically in the event of its assignment
by the Distributor. As used in the preceding sentence, the word
"assignment" shall have the meaning set forth in Section 2(a)(4) of the
Investment Company Act of 1940.
7. CONSTRUCTION OF AGREEMENT. No provision of this Agreement is intended to or
shall be construed as protecting the Distributor against any liability to
the Company or to the Company's security holders to which the Distributor
would otherwise be subject by reason of willful misfeasance, bad faith or
gross negligence in the performance of its duties or by reason of the
Distributor's reckless disregard of its obligations and duties under this
Agreement.
Terms or words used in this Agreement, which also occur in the Articles of
Incorporation or Bylaws of the Company, shall have the same meaning herein
as given to such terms or words in Articles of Incorporation or Bylaws of
the Company.
8. DISTRIBUTOR AN INDEPENDENT CONTRIBUTOR. The Distributor shall be deemed to
be an independent contractor and, except as expressly provided or
authorized by the Company, shall have no authority to act for or represent
the Company.
9. NOTICE. Any notice required or permitted to be given hereunder to either of
the parties hereto shall be deemed to have been given if mailed by
certified mail in a postage prepaid envelope addressed to the respective
party as follows, unless any such party has notified the other party hereto
that notices thereafter intended for such party shall be mailed to some
other address, in which event notices thereafter shall be addressed to such
party at the address designated in such request:
Security Bond Fund, Inc.
Security Benefit Life Building
000 Xxxxxxxx Xxxxxx
Xxxxxx, Xxxxxx
Security Distributors, Inc.
Security Benefit Life Building
000 Xxxxxxxx Xxxxxx
Xxxxxx, Xxxxxx
10. AMENDMENT OF AGREEMENT. No amendment to this Agreement shall be effective
until approved by (a) a majority of the board of directors of the Company
and a majority of the board of directors of the Company who are not parties
to this Agreement or affiliated persons of any such party, or (b) a vote of
the holders of a majority of the outstanding voting securities of the
Company.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed by their respective corporate officers thereto duly authorized on the
day, month and year first above written.
SECURITY BOND FUND, INC.
By XXXX X. XXXXX
------------------------------
President
ATTEST:
WILL X. XXXXXX, XX.
------------------------------
Secretary
(SEAL)
SECURITY DISTRIBUTORS, INC.
By XXXX X. XXXXXXXX
------------------------------
President
ATTEST:
WILL X. XXXXXX, XX.
------------------------------
Secretary
AMENDMENT TO DISTRIBUTION AGREEMENT
WHEREAS, Security Bond Fund, Inc. (the "Company") and Security Distributors,
Inc. (the "Distributor") are parties to a Distribution Agreement dated as of
September 14, 1970, (the "Distribution Agreement ) under which the Distributor
agrees to act as principal underwriter in connection with sales of the shares of
the Company's capital stock; and,
WHEREAS, certain provisions of the Federal Investment Company Act of 1940 have
been amended, and those amendments have an effect upon the relationship between
the Company and the Distributor, and the Distribution Agreement; and,
WHEREAS, The Company and the Distributor wish to amend the Distribution
Agreement to conform to the requirements of the Federal Investment Company Act
of 1940, as amended:
NOW, THEREFORE, The Company and Distributor hereby amend the Distribution
Agreement, effective immediately, as follows:
1. Section 6 of the Distribution Agreement is amended to provide as follows:
"6. DURATION AND TERMINATION OF AGREEMENT. This Agreement shall become
effective at the date and time that the Company's prospectus,
reflecting the underwriting arrangements provided by this Agreement,
shall become effective under the Securities Act of 1933, and shall
continue in force until December 31, 1971, and from year to year
thereafter, provided that such continuance for each successive year
after April 30, 1972, is specifically approved in advance at least
annually by the vote of the board of directors (including approval by
the vote of a majority of the directors of the Company who are not
parties to the Agreement or interested persons of any such party) cast
in person at a meeting called for the purpose of voting upon such
approval, or by the vote of a majority (as defined in the Investment
Company Act of 1940) of the outstanding voting securities of the
Company and by such a vote of the board of directors. As used in the
preceding sentence, the words "interested persons" shall have the
meaning set forth in Section 2(a)(19) of the Investment Company Act of
1940. Written notice of any such approval by the board of directors or
by the holders of a majority of the outstanding voting securities of
the Company shall be given promptly to the Distributor.
This Agreement may be terminated by the Company at any time by giving the
Distributor at least sixty (60) days previous written notice of such intention
to terminate. This Agreement may be terminated by the Distributor at any time by
giving the Company at least sixty (60) days previous written notice of such
intention to terminate.
This Agreement shall terminate automatically in the event of its assignment. As
used in the preceding sentence, the word "assignment" shall have the meaning set
forth in Section 2(a)(4) of the Investment Company Act of 1940."
IN WITNESS WHEREOF, the parties hereto have made this Amendment to the
Distribution Agreement this 14th day of January 1972.
SECURITY BOND FUND, INC.
By XXXX X. XXXXX
------------------------------
President
(Corporate Seal)
ATTEST:
WILL X. XXXXXX, XX.
------------------------------
Secretary
SECURITY DISTRIBUTORS, INC.
By XXXX X. XXXXXXXX
------------------------------
President
(Corporate Seal)
ATTEST:
WILL X. XXXXXX, XX.
------------------------------
Secretary
AMENDMENT TO DISTRIBUTION AGREEMENT
WHEREAS, Security Income Fund (the "Company"), formerly Security Bond Fund, and
Security Distributors, Inc. (the "Distributor") are parties to a Distribution
Agreement dated as of September 14, 1970, (the "Distribution Agreement") under
which the Distributor agrees to act as principal underwriter in connection with
the sales of shares of the Company's capital stock; and
WHEREAS, a Distribution Plan (the "Plan") has been adopted by the directors and
shareholders of Security Income Fund pursuant to Rule 12b-1 under the Investment
Company Act of 1940 (the "Act"), the provisions of which have an effect upon the
relationship between the Company and the Distributor, and the Distribution
Agreement; and
WHEREAS, the Company and Distributor wish to amend the Distribution Agreement to
conform to the requirements of Rule 12b-1 under the Act and to incorporate the
necessary provisions into the Agreement.
NOW THEREFORE, the Company and Distributor hereby amend the Distribution
Agreement, effective immediately, as follows:
1. New Section 4A is added to the Agreement, which provides as follows:
4A. DISTRIBUTION PLAN.
(a) Pursuant to a Distribution Plan adopted by the Fund, the Fund agrees to
make monthly payments to the Distributor in an amount computed at an
annual rate of .25 of 1% of the Fund's average daily net assets, to
finance activities undertaken by the Distributor for the purpose of
distributing the Fund's shares to investors. The Distributor is
obligated to and hereby agrees to use the entire amount of said fee to
finance the following distribution-related activities:
(i) Preparation, printing and distribution of the Prospectus and
Statement of Additional Information and any supplement thereto
used in connection with the offering of shares to the public;
(ii) Printing of additional copies for use by the Distributor as
sales literature, of reports and other communications which were
prepared by the Fund for distribution to existing shareholders;
(iii) Preparation, printing and distribution of any other sales
literature used in connection with the offering of shares to the
public;
(iv) Expenses incurred in advertising, promoting and selling shares
of the Fund to the public; and
(v) Any fees paid by the Distributor to securities dealers as
distribution or service fees who have executed a Dealer's
Distribution Agreement with the Distributor.
(b) All payments to the Distributor pursuant to this paragraph are subject
to the following conditions being met by the Distributor:
(i) For the fiscal year of the Fund during which this Plan becomes
effective and for each subsequent fiscal year of the Fund during
which this Plan remains in effect, the Distributor shall submit
to the Fund a budget setting forth in reasonable detail the
distribution-related activities to which the Distributor
proposes to apply payments made by the Fund hereunder;
(ii) Before any payment is made to the Distributor in respect of any
fiscal year, the budget relating thereto shall be approved by
vote of the Fund's Directors, including the affirmative vote of
a majority of the Independent Directors.
(iii) The Distributor shall furnish the Fund with quarterly reports of
its expenditures pursuant to each budget so approved, together
with receipts or other appropriate written evidence of the
amounts expended, and such other information relating to such
budget or expenditures or to the other distribution-related
activities undertaken or proposed to be undertaken by the
Distributor during such fiscal year under its Distribution
Agreement with the Fund as the Fund may reasonably request;
(c) The Dealer's Distribution Agreement (the "Agreement") contemplated by
paragraph 2(v) above shall permit payments to securities dealers by the
Distributor only in accordance with the provisions of this paragraph
and shall have the approval of the majority of the Board of Directors
of the Fund including a majority of the directors who are not
interested persons of the Fund as required by the Rule. The Distributor
may pay to the other party to any Agreement a quarterly fee for
distribution and marketing services provided by such other party. Such
quarterly fee shall be payable in arrears in an amount equal to such
percentage (not in excess of .000685% per day) of the aggregate net
asset value of the shares held by such other party's customers or
clients at the close of business each day as determined from time to
time by the Distributor. The distribution and marketing services
contemplated hereby shall include, but are not limited to, answering
inquiries regarding the Fund, account designations and addresses,
maintaining the investment of such other party's customers or clients
in the Fund and similar services. In determining the extent of such
other party's assistance in maintaining such investment by its
customers or clients, the Distributor may take into account the
possibility that the shares held by such customer or client would be
redeemed in the absence of such quarterly fee.
(d) The provisions of the Distribution Plan approved by the Shareholders of
the Fund on July 12, 1985, and by the Board of Directors of the Fund on
May 3, 1985, are fully incorporated herein by reference. In the event
the Distribution Plan is terminated by the Board of Directors or
Shareholders of the Fund as provided therein, this paragraph shall no
longer be effective.
IN WITNESS WHEREOF, the parties hereto have made this Amendment to the
Distribution Agreement this 15th day of August 1985.
SECURITY INCOME FUND
By XXXXXXX X. XXXXX
------------------------------
President
ATTEST:
XXXXXXX X. XXXXXX
------------------------------
Secretary
SECURITY DISTRIBUTORS, INC.
By XXXXXXX X. XXXXX
------------------------------
President
ATTEST:
XXXXXXX X. XXXXXX
------------------------------
Secretary
AMENDMENT TO DISTRIBUTION AGREEMENT
WHEREAS, Security Income Fund (the "Fund"), formerly Security Bond Fund, and
Security Distributors, Inc. (the "Distributor") are parties to a Distribution
Agreement dated September 14, 1970, as amended January 14, 1972, and August 15,
1985, (the "Distribution Agreement") under which the Distributor agrees to act
as principal underwriter in connection with the sales of shares of the Fund's
capital stock;
WHEREAS, a Distribution Plan (the "Plan") has been adopted by the directors and
shareholders of the Fund pursuant to Rule 12b-1 under the Investment Company Act
of 1940 (the "Act"), certain provisions of which have been incorporated into the
Distribution Agreement;
WHEREAS, the Board of Directors of the Fund (including all directors who are not
interested persons of the Fund as defined in the Act) have approved an amendment
to the Plan to provide for expenditures under the Plan to promote sales of
shares of the Fund by securities dealers; and
WHEREAS, the Fund and Distributor wish to amend the Distribution Agreement to
incorporate the Plan amendments into the Agreement.
NOW, THEREFORE, the Fund and Distributor hereby amend the Distribution
Agreement, effective November 26, 1990, as follows:
Section 4A., Distribution Plan, is amended by adding the following Section
4A.(a)(vi):
(vi) Expenses incurred in promoting sales of shares of the Fund by
securities dealers, including the costs of preparation of materials
for presentations, travel expenses, costs of entertainment, and other
expenses incurred in connection with promoting sales of Fund shares
by dealers.
IN WITNESS WHEREOF, the parties hereto have made this Amendment to the
Distribution Agreement this 26th day of November 1990.
SECURITY INCOME FUND
By XXXXXXX X. XXXXXXXX
------------------------------
President
ATTEST:
XXX X. XXX
------------------------------
Secretary
SECURITY DISTRIBUTORS, INC.
By XXXXXX X. XXXXXX
------------------------------
President
ATTEST:
XXX X. XXX
------------------------------
Secretary
AMENDMENT TO DISTRIBUTION AGREEMENT
WHEREAS, Security Income Fund (the "Company") and Security Distributors, Inc.
(the "Distributor") are parties to a Distribution Agreement dated September 14,
1970, as amended (the "Distribution Agreement"), under which the Distributor
agreed to act as principal underwriter in connection with sales of the shares of
the Company's capital stock; and
WHEREAS, the Company expects to receive an exemptive order from the Securities
and Exchange Commission allowing the Company to issue and offer for sale two or
more classes of the Company's capital stock; and
WHEREAS, the Company and the Distributor wish to amend the Distribution
Agreement to clarify that the Distribution Agreement applies only to the sale of
Class A shares of the capital stock of the Corporate Bond Series and U.S.
Government Series of the Company and the Class A shares of all other Series
subsequently established by the Company:
NOW THEREFORE, the Company and Distributor hereby amend the Distribution
Agreement, effective immediately, as follows:
1. The term "Shares" as referred to in the Distribution Agreement shall refer
to the Class A Shares of the Company's $1.00 par value stock.
IN WITNESS WHEREOF, the parties hereto have made this Amendment to the
Distribution Agreement this 1st day of October 1993.
SECURITY INCOME FUND
By: XXXXXXX X. XXXXXXXX
------------------------------
President
ATTEST:
XXX X. XXX
------------------------------
Secretary
(SEAL)
SECURITY DISTRIBUTORS, INC.
By: XXXXXX X. XXXXXX
------------------------------
President
ATTEST:
XXX X. XXX
------------------------------
Secretary
(SEAL)
AMENDMENT TO DISTRIBUTION AGREEMENT
WHEREAS, Security Income Fund (the "Fund") and Security Distributors, Inc. (the
"Distributor") are parties to a Distribution Agreement dated September 14, 1970,
as amended (the "Distribution Agreement"), under which the Distributor has
agreed to act as principal underwriter in connection with sales of the shares of
the Fund's Class A common stock;
WHEREAS, on October 21, 1994, the Board of Directors of the Fund authorized the
Fund to offer its common stock in a new series designated as the Limited
Maturity Bond Series, in addition to its presently offered series of common
stock of Corporate Bond Series and U.S. Government Series;
WHEREAS, on October 21, 1994, the Board of Directors of the Fund further
authorized the Fund to offer shares of the Limited Maturity Bond Series in two
classes, designated Class A shares and Class B shares; and
WHEREAS, on October 21, 1994, the Board of Directors of the Fund approved an
amendment to the Distribution Agreement between the Fund and the Distributor to
include the sale of Class A shares of the Limited Maturity Bond Series;
NOW, THEREFORE BE IT RESOLVED, that the Fund and Distributor hereby amend the
Distribution Agreement to include the sale of Class A shares of the Limited
Maturity Bond Series of the Fund.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment to the
Distribution Agreement this 30th day of December 1994.
SECURITY INCOME FUND
By: XXXX X. XXXXXXX
------------------------------
President
ATTEST:
XXX X. XXX
------------------------------
Secretary
SECURITY DISTRIBUTORS, INC.
By: XXXXXXX X XXXX
------------------------------
President
ATTEST:
XXX X. XXX
------------------------------
Secretary
AMENDMENT TO DISTRIBUTION AGREEMENT
WHEREAS, Security Income Fund (the "Fund") and Security Distributors, Inc. (the
"Distributor") are parties to a Distribution Agreement dated September 14, 1970,
as amended (the "Distribution Agreement"), under which the Distributor has
agreed to act as principal underwriter in connection with sales of the shares of
the Fund's Class A common stock;
WHEREAS, on February 3, 1995, the Board of Directors of the Fund authorized the
Fund to offer its common stock in a new series designated as the Global
Aggressive Bond Series, in addition to its presently offered series of common
stock of Corporate Bond Series, Limited Maturity Bond Series and U.S. Government
Series;
WHEREAS, on February 3, 1995, the Board of Directors of the Fund further
authorized the Fund to offer shares of the Global Aggressive Bond Series in two
classes, designated Class A shares and Class B shares; and
WHEREAS, on February 3, 1995, the Board of Directors of the Fund approved an
amendment to the Distribution Agreement between the Fund and the Distributor to
include the sale of Class A shares of the Global Aggressive Bond Series;
NOW, THEREFORE BE IT RESOLVED, that the Fund and Distributor hereby amend the
Distribution Agreement to include the sale of Class A shares of the Global
Aggressive Bond Series of the Fund.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment to the
Distribution Agreement this 18th day of April, 1995.
ATTEST: SECURITY INCOME FUND
XXX X. XXX By: XXXX X. XXXXXXX
----------------------------------- -----------------------------------
Xxx X. Xxx, Secretary Xxxx X. Xxxxxxx, President
ATTEST: SECURITY DISTRIBUTORS, INC.
XXX X. XXX By: XXXXXXX X XXXX
----------------------------------- -----------------------------------
Xxx X. Xxx, Secretary Xxxxxxx X Xxxx, President
AMENDMENT TO DISTRIBUTION AGREEMENT
WHEREAS, Security Income Fund (the "Fund") and Security Distributors, Inc. (the
"Distributor") are parties to a Distribution Agreement dated September 14, 1970,
as amended (the "Distribution Agreement"), under which the Distributor has
agreed to act as principal underwriter in connection with sales of the shares of
the Fund's Class A common stock;
WHEREAS, on May 3, 1996, the Board of Directors of the Fund authorized the Fund
to offer its common stock in a new series designated as the High Yield Series,
in addition to its presently offered series of common stock of Corporate Bond
Series, Limited Maturity Bond Series, U.S. Government Series and Global
Aggressive Bond Series;
WHEREAS, on May 3, 1996, the Board of Directors of the Fund further authorized
the Fund to offer shares of the High Yield Series in two classes, designated
Class A shares and Class B shares; and
WHEREAS, on May 3, 1996, the Board of Directors of the Fund approved an
amendment to the Distribution Agreement between the Fund and the Distributor to
include the sale of Class A shares of the High Yield Series;
NOW, THEREFORE BE IT RESOLVED, that the Fund and Distributor hereby amend the
Distribution Agreement to include the sale of Class A shares of the High Yield
Series of the Fund.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment to the
Distribution Agreement this 13th day of May, 1996.
ATTEST: SECURITY INCOME FUND
XXX X. XXX By: XXXX X. XXXXXXX
----------------------------------- -----------------------------------
Xxx X. Xxx, Secretary Xxxx X. Xxxxxxx, President
ATTEST: SECURITY DISTRIBUTORS, INC.
XXX X. XXX By: XXXXXXX X XXXX
----------------------------------- -----------------------------------
Xxx X. Xxx, Secretary Xxxxxxx X Xxxx, President
AMENDMENT TO DISTRIBUTION AGREEMENT
WHEREAS, Security Income Fund (the "Fund") and Security Distributors, Inc. (the
"Distributor") are parties to a Distribution Agreement dated September 14, 1970,
as amended (the "Distribution Agreement"), under which the Distributor has
agreed to act as principal underwriter in connection with sales of the shares of
the Fund's Class A common stock;
WHEREAS, on February 7, 1997, the Board of Directors of the Fund authorized the
Fund to offer its common stock in two new series designated as the Emerging
Markets Total Return Series and Global Asset Allocation Series, in addition to
its presently offered series of common stock of Corporate Bond Series, Limited
Maturity Bond Series, U.S. Government Series, Global Aggressive Bond Series and
High Yield Series;
WHEREAS, on February 7, 1997, the Board of Directors of the Fund further
authorized the Fund to offer shares for each of the Emerging Markets Total
Return Series and Global Asset Allocation Series in two classes, designated
Class A shares and Class B shares; and
WHEREAS, on February 7, 1997, the Board of Directors of the Fund approved an
amendment to the Distribution Agreement between the Fund and the Distributor to
include the sale of Class A shares for each of the Emerging Markets Total Return
Series and Global Asset Allocation Series;
NOW, THEREFORE BE IT RESOLVED, that the Fund and Distributor hereby amend the
Distribution Agreement to include the sale of Class A shares for each of the
Emerging Markets Total Return Series and Global Asset Allocation Series of the
Fund.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment to the
Distribution Agreement this 12th day of March, 1997.
ATTEST: SECURITY INCOME FUND
By: XXX X. XXX By: XXXX X. XXXXXXX
-------------------------------- --------------------------------
Xxx X. Xxx, Secretary Xxxx X. Xxxxxxx, President
ATTEST: SECURITY DISTRIBUTORS, INC.
By: XXX X. XXX By: XXXXXXX X XXXX
-------------------------------- --------------------------------
Xxx X. Xxx, Secretary Xxxxxxx X Xxxx, President
AMENDMENT TO DISTRIBUTION AGREEMENT
WHEREAS, Security Income Fund (the "Fund") and Security Distributors, Inc. (the
"Distributor") are parties to a Distribution Agreement dated September 14, 1970,
as amended (the "Distribution Agreement"), under which the Distributor has
agreed to act as principal underwriter in connection with sales of the shares of
the Fund's Class A common stock;
WHEREAS, on February 10, 1999, the Board of Directors of the Fund authorized the
Fund to offer its common stock in a new series designated as the Capital
Preservation Series, in addition to its presently offered series of common stock
of Corporate Bond Series, Limited Maturity Bond Series, U.S. Government Series,
Global High Yield Series, High Yield Series, Emerging Markets Total Return
Series and Global Asset Allocation Series;
WHEREAS, on February 10, 1999, the Board of Directors of the Fund further
authorized the Fund to offer shares of the Capital Preservation Series in three
classes, designated Class A shares, Class B shares and Class C shares; and
WHEREAS, on February 10, 1999, the Board of Directors of the Fund approved an
amendment to the Distribution Agreement between the Fund and the Distributor to
include the sale of Class A shares of the Capital Preservation Series.
NOW, THEREFORE BE IT RESOLVED, that the Fund and Distributor hereby amend the
Distribution Agreement to include the sale of Class A shares for the Capital
Preservation Series of the Fund.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment to the
Distribution Agreement this ______ day of ____________, 1999.
ATTEST: SECURITY INCOME FUND
By: By:
-------------------------------- --------------------------------
Xxx X. Xxx, Secretary Xxxxx X. Xxxxxxx, Vice President
ATTEST: SECURITY DISTRIBUTORS, INC.
By: By:
-------------------------------- --------------------------------
Xxx X. Xxx, Secretary Xxxxxxx X Xxxx, President
