XXXXXXXX SERIES TRUST
DISTRIBUTION PLAN AND AGREEMENT
ADVISOR SHARES
This Distribution Plan and Agreement (the "Plan") constitutes the
Distribution Plan of [Name of Fund] (the "Fund"), a series of shares of
beneficial interest of Xxxxxxxx Series Trust (the "Trust"), adopted in respect
of the Fund's Advisor Shares pursuant to the provisions of Rule 12b-1 under the
Investment Company Act of 1940, as amended (the "Act"), and the Distributor's
Contract between the Trust and Xxxxxxxx Fund Advisors Inc. ("Xxxxxxxx Fund
Advisors"), the principal underwriter of the Trust's shares. During the
effective term of this Plan, the Fund may make payments to Xxxxxxxx Fund
Advisors upon the terms and conditions hereinafter set forth:
SECTION 1. The Fund may make payments to Xxxxxxxx Fund Advisors, in the
form of fees or reimbursements, to compensate Xxxxxxxx Fund Advisors for
services provided and expenses incurred by it for purposes of promoting the sale
of Advisor Shares of the Fund, reducing redemptions of Advisor Shares, or
maintaining or improving services provided to Advisor Shares shareholders by
Xxxxxxxx Fund Advisors and financial institutions, including without limitation
investment dealers. The amount of such payments and the purposes for which they
are made shall be determined by the Qualified Trustees (as defined below).
Payments under this Plan in any fiscal year shall not exceed the annual rate of
0.25% of the average net asset value of the Fund attributable to its Advisor
Shares, as determined at the close of each business day during the fiscal year.
A majority of the Qualified Trustees (as defined below) may, at any time and
from time to time, reduce the amount of such payments, or may suspend the
operation of the Plan for such period or periods of time as they may determine.
SECTION 2. This Plan shall not take effect until it has been approved
by votes of the majority (or whatever greater percentage may, from time to time,
be required by Section 12(b) of the Act or the rules and regulations thereunder)
of both (i) the Trustees of the Trust, and (ii) the Qualified Trustees of the
Trust, cast in person at a meeting called for the purpose of voting on this
Plan.
SECTION 3. This Plan shall continue in effect for a period of more than
one year after it takes effect only so long as such continuance is specifically
approved at least annually in the manner provided for approval of this Plan in
Section 2.
SECTION 4. Xxxxxxxx Fund Advisors, or any other person authorized to
direct the disposition of monies paid or payable by the Trust pursuant to this
Plan or any related agreement, shall provide to the Trustees of the Trust, and
the Trustees shall review, at least quarterly, a written report of the amounts
so expended and the purposes for which such expenditures were made.
SECTION 5. This Plan may be terminated at any time by vote of a
majority of the Qualified Trustees, or by vote of a majority of the Fund's
outstanding voting securities.
SECTION 6. All agreements with any person relating to implementation of
this Plan shall be in writing, and any agreement related to this Plan shall
provide:
(a) that such agreement may be terminated at any time, without payment
of any penalty, by vote of a majority of the Qualified Trustees or by vote of a
majority of the Fund's outstanding voting securities, on not more than 60 days'
written notice to any other party to the agreement; and
(b) that such agreement shall terminate automatically in the event of
its assignment.
SECTION 7. This Plan may not be amended to increase materially the
amount of distribution expenses permitted pursuant to Section 1 hereof without
the approval of a majority of the outstanding voting securities of the Fund, and
all material amendments to this Plan shall be approved in the manner provided
for approval of this Plan in Section 2.
SECTION 8. As used in this Plan, (a) the term "Qualified Trustees"
shall mean those Trustees of the Trust who are not interested persons of the
Trust, and have no direct or indirect financial interest in the operation of
this Plan or any agreements related to it, and (b) the terms "assignment",
"interested person", and "vote of a majority of the outstanding voting
securities" shall have the respective meanings specified in the Act and the
rules and regulations thereunder, subject to such exemptions as may be granted
by the Securities and Exchange Commission; provided, however, that any
references to the Fund's voting securities shall be deemed to include only
references to the Fund's Advisor Shares, except to the extent otherwise required
by law.
SECTION 9. A copy of the Agreement and Declaration of Trust of the
Trust is on file with the Secretary of State of The Commonwealth of
Massachusetts, and notice is hereby given that this instrument is executed on
behalf of the Trustees of the Trust as Trustees and not individually, and that
the obligations of or arising out of this instrument are not binding upon any of
the Trustees, officers, or shareholders individually but are binding only upon
the assets and property of the Fund.
