PFS Investments Inc.
Exhibit (e)(18)
April 6, 2007
PFS Investments Inc.
0000 Xxxxxxxxxxxx Xxxx.
Xxxxxx, Xxxxxxx 00000-0000
Ladies and Gentlemen:
Reference is made to the Distribution Agreements (each, as amended to date, an “Agreement” and, collectively, the “Agreements”), by and between each investment management company identified as an “Old Fund” on Exhibit A hereto (each, an “Investment Company” and, collectively, the “Investment Companies”), with respect to one or more of its series, if any, identified as an “Old Portfolio” on Exhibit A hereto (each, a “Portfolio” and, collectively, the “Portfolios”), and PFS Investments Inc.
In connection with a restructuring of the complex of which the Investment Companies and Portfolios are a part, as of the close of business on April 13, 2007 or April 27, 2007, as indicated on Exhibit A hereto (each, a “Closing Date”), many of the Investment Companies and Portfolios will be reorganized as set forth on Exhibit A hereto. Additionally, as indicated on Exhibit A hereto, several the Investment Companies and Portfolios shall cease operations following fund combinations as of the close of business on April 27, 2007 (the “Termination Date”).
On each applicable Closing Date, (i) each management company identified as a “New Fund” shall become the “Investment Company” party to the applicable Agreement and shall assume all of the rights and obligations under such Agreement of the corresponding Old Fund with respect to each applicable Old Portfolio (or, if such Old Fund has no Old Portfolios, with respect to the Old Fund itself), (ii) each such New Portfolio shall be deemed a “Fund” within the meaning of the applicable Agreement and the shares for such New Portfolio shall be deemed “Shares” within the meaning of the Agreement, (iii) each Old Fund shall cease to be a party to the applicable Agreement and shall have no rights or obligations thereunder, and (iv) each corresponding Old Portfolio shall cease be deemed to be a “Fund” under the applicable Agreement and shares for such Old Portfolio shall cease to be “Shares” within the meaning of the Agreement.
As of the Termination Date, (i) each Old Fund indicated on Exhibit A hereto as terminating operations, or as having all of its Old Portfolios terminating operations, shall cease to be deemed the “Investment Company” under the applicable Agreement and shall have no further rights or obligations under the Agreement by virtue of all of its Old Portfolios (or, if such Old Fund has no Old Portfolios, the Old Fund itself) having ceased operations in connection with a fund combination, and (ii) each Old Portfolio indicated on Exhibit A hereto as terminating operations shall cease to be deemed a “Fund” under the applicable Agreement and shares for such Old Portfolio shall cease to be “Shares” within the meaning of the Agreement by virtue of the Old Portfolio having ceased operations in connection with a fund combination.
Except to the extent expressly set forth herein, this letter shall not be deemed to otherwise amend or modify any term of any of the Agreements.
Please sign below to evidence your consent and agreement to the above.
EACH MANAGEMENT INVESTMENT COMPANY IDENTIFIED ON EXHIBIT A HERETO AS AN “OLD FUND” OR A “NEW FUND”
| By: | ||
| Name: Title: |
||
Consented and Agreed to:
PFS INVESTMENTS INC.
| By: | ||
| Name: Title: |
||
-2-
Exhibit (e)(18)
Exhibit A
INVESTMENT COMPANIES AND PORTFOLIOS
INVOLVED IN RESTRUCTURINGS
OR FUND COMBINATIONS
| Old Fund |
Old Portfolio |
Restructuring, Fund Combination or Other Cessation of Operations |
New Fund |
New Portfolio |
Closing Date or Termination Date (as applicable) | |||||
| Xxxx Xxxxx Partners Aggressive Growth Fund, Inc. (f/k/a Xxxxx Xxxxxx Aggressive Growth Fund Inc.) | n/a | Restructuring | Xxxx Xxxxx Partners Equity Trust | Xxxx Xxxxx Partners Aggressive Growth Fund | 4/13/07 | |||||
| Xxxx Xxxxx Partners Lifestyle Series, Inc. (f/k/a Xxxxx Xxxxxx Allocation Series Inc.) | Xxxx Xxxxx Partners Lifestyle Allocation 50% (f/k/a Balanced Portfolio) | Restructuring | Xxxx Xxxxx Partners Equity Trust | Xxxx Xxxxx Partners Lifestyle Allocation 50% | 4/13/07 | |||||
| Xxxx Xxxxx Partners Lifestyle Allocation 30% (f/k/a Conservative Portfolio) | Restructuring | Xxxx Xxxxx Partners Equity Trust | Xxxx Xxxxx Partners Lifestyle Allocation 30% | 4/13/07 | ||||||
| Xxxx Xxxxx Partners Lifestyle Allocation 70% (f/k/a Growth Portfolio) | Restructuring | Xxxx Xxxxx Partners Equity Trust | Xxxx Xxxxx Partners Lifestyle Allocation 70% | 4/13/07 | ||||||
| Xxxx Xxxxx Partners Lifestyle Allocation 85% (f/k/a High Growth Portfolio) | Restructuring | Xxxx Xxxxx Partners Equity Trust | Xxxx Xxxxx Partners Lifestyle Allocation 85% | 4/13/07 | ||||||
| Xxxx Xxxxx Partners Lifestyle Allocation 100% | Restructuring | Xxxx Xxxxx Partners Equity Trust | Xxxx Xxxxx Partners Lifestyle Allocation 100% | 4/13/07 | ||||||
| Xxxx Xxxxx Partners Lifestyle Income Fund (f/k/a Income Portfolio) | Restructuring | Xxxx Xxxxx Partners Equity Trust | Xxxx Xxxxx Partners Lifestyle Income Fund | 4/13/07 | ||||||
| Old Fund |
Old Portfolio |
Restructuring, Fund Combination or Other Cessation of Operations |
New Fund |
New Portfolio |
Closing Date or Termination Date (as applicable) | |||||
| Xxxx Xxxxx Partners Variable Lifestyle Allocation 50% (f/k/a Select Balanced Portfolio) | Restructuring | Xxxx Xxxxx Partners Variable Equity Trust | Xxxx Xxxxx Partners Variable Lifestyle Allocation 50% | 4/27/07 | ||||||
| Xxxx Xxxxx Partners Variable Lifestyle Allocation 70% (f/k/a Select Growth Portfolio) | Restructuring | Xxxx Xxxxx Partners Variable Equity Trust | Xxxx Xxxxx Partners Variable Lifestyle Allocation 70% | 4/27/07 | ||||||
| Xxxx Xxxxx Partners Variable Lifestyle Allocation 85% (f/k/a Select High Growth Portfolio) | Restructuring | Xxxx Xxxxx Partners Variable Equity Trust | Xxxx Xxxxx Partners Variable Lifestyle Allocation 85% | 4/27/07 | ||||||
| Xxxx Xxxxx Partners Appreciation Fund, Inc. (f/k/a Xxxxx Xxxxxx Appreciation Fund Inc.) | n/a | Restructuring | Xxxx Xxxxx Partners Equity Trust | Xxxx Xxxxx Partners Appreciation Fund | 4/13/07 | |||||
| Xxxx Xxxxx Partners California Municipals Fund, Inc. (f/k/a Xxxxx Xxxxxx California Municipals Fund Inc.) | n/a | Restructuring | Xxxx Xxxxx Partners Income Trust | Xxxx Xxxxx Partners California Municipals Fund | 4/13/07 | |||||
| Xxxx Xxxxx Partners Equity Funds (f/k/a Xxxxx Xxxxxx Equity Funds) | Xxxx Xxxxx Partners Social Awareness Fund (f/k/a Xxxxx Xxxxxx Social Awareness Fund) | Restructuring | Xxxx Xxxxx Partners Equity Trust | Xxxx Xxxxx Partners Social Awareness Fund | 4/13/07 | |||||
| Xxxx Xxxxx Partners Fundamental Value Fund, Inc. (f/k/a Xxxxx Xxxxxx Fundamental Value Fund Inc.) | n/a | Restructuring | Xxxx Xxxxx Partners Equity Trust | Xxxx Xxxxx Partners Fundamental Value Fund | 4/13/07 | |||||
| Xxxx Xxxxx Partners Income Funds (f/k/a Xxxxx Xxxxxx Income Funds) | Xxxx Xxxxx Partners Diversified Strategic Income Fund (f/k/a Xxxxx Xxxxxx Diversified Strategic Income Fund) | Restructuring | Xxxx Xxxxx Partners Income Trust | Xxxx Xxxxx Partners Diversified Strategic Income Fund | 4/13/07 | |||||
-2-
| Old Fund |
Old Portfolio |
Restructuring, or Other |
New Fund |
New Portfolio |
Closing Date or Termination Date (as applicable) | |||||
| Xxxx Xxxxx Partners Capital and Income Fund (f/k/a SB Capital and Income Fund) | Restructuring | Xxxx Xxxxx Partners Equity Trust | Xxxx Xxxxx Partners Capital and Income Fund | 4/13/07 | ||||||
| Xxxx Xxxxx Partners Investment Funds, Inc. (f/k/a Xxxxx Xxxxxx Investment Funds Inc.) | Xxxx Xxxxx Partners Investment Grade Bond Fund (f/k/a Xxxxx Xxxxxx Investment Grade Bond Fund) | Restructuring | Xxxx Xxxxx Partners Income Trust | Xxxx Xxxxx Partners Investment Grade Bond Fund | 4/13/07 | |||||
| Xxxx Xxxxx Partners Multiple Discipline Funds All Cap Growth and Value (f/k/a Xxxxx Xxxxxx Multiple Discipline Funds—All Cap Growth and Value Fund) | Restructuring | Xxxx Xxxxx Partners Equity Trust | Xxxx Xxxxx Partners All Cap Fund | 4/13/07 | ||||||
| Xxxx Xxxxx Partners Government Securities Fund (f/k/a Xxxxx Xxxxxx Government Securities Fund) | Restructuring | Xxxx Xxxxx Partners Income Trust | Xxxx Xxxxx Partners Government Securities Fund | 4/13/07 | ||||||
| Xxxx Xxxxx Partners Small Cap Value Fund (f/k/a Xxxxx Xxxxxx Small Cap Value Fund) | Restructuring | Xxxx Xxxxx Partners Equity Trust | Xxxx Xxxxx Partners Small Cap Value Fund | 4/13/07 | ||||||
| Xxxx Xxxxx Partners Investment Series (f/k/a Xxxxx Xxxxxx Investment Series) | Xxxx Xxxxx Partners Dividend Strategy Fund (f/k/a Xxxxx Xxxxxx Dividend Strategy Fund) | Restructuring | Xxxx Xxxxx Partners Equity Trust | Xxxx Xxxxx Partners Dividend Strategy Fund | 4/13/07 | |||||
-3-
| Old Fund |
Old Portfolio |
Restructuring, or Other |
New Fund |
New Portfolio |
Closing Date or Termination Date (as applicable) | |||||
| Xxxx Xxxxx Partners Variable Premier Selections All Cap Growth Portfolio (f/k/a Xxxxx Xxxxxx Premier Selections All Cap Growth Portfolio) | Combination (acquired by Xxxx Xxxxx Partners Variable Aggressive Growth Portfolio) |
n/a | n/a | 4/27/07 | ||||||
| Xxxx Xxxxx Partners Variable Government Portfolio (f/k/a SB Government Portfolio) | Restructuring | Xxxx Xxxxx Partners Variable Income Trust | Xxxx Xxxxx Partners Variable Government Portfolio | 4/27/07 | ||||||
| Xxxx Xxxxx Partners Variable Dividend Strategy Portfolio (f/k/a Xxxxx Xxxxxx Dividend Strategy Portfolio) | Restructuring | Xxxx Xxxxx Partners Variable Equity Trust | Xxxx Xxxxx Partners Variable Dividend Strategy Portfolio | 4/27/07 | ||||||
| Xxxx Xxxxx Partners Investment Trust (f/k/a Xxxxx Xxxxxx Investment Trust) | Xxxx Xxxxx Partners Large Cap Growth Fund (f/k/a Xxxxx Xxxxxx Large Capitalization Growth Fund) | Restructuring | Xxxx Xxxxx Partners Equity Trust | Xxxx Xxxxx Partners Large Cap Growth Fund | 4/13/07 | |||||
| Xxxx Xxxxx Partners Mid Cap Core Fund (f/k/a Xxxxx Xxxxxx Mid Cap Core Fund) | Restructuring | Xxxx Xxxxx Partners Equity Trust | Xxxx Xxxxx Partners Mid Cap Core Fund | 4/13/07 | ||||||
| Xxxx Xxxxx Partners Managed Municipals Fund, Inc. (f/k/a Xxxxx Xxxxxx Managed Municipals Fund Inc.) | n/a | Restructuring | Xxxx Xxxxx Partners Income Trust | Xxxx Xxxxx Partners Managed Municipals Fund | 4/13/07 | |||||
| Xxxxx Xxxxxx Money Funds, Inc. | Cash Portfolio | Restructuring | Xxxx Xxxxx Partners Money Market Trust | Western Asset Money Market Fund | 4/13/07 | |||||
| Government Portfolio | Restructuring | Xxxx Xxxxx Partners Money Market Trust | Western Asset Government Money Market Fund | 4/13/07 | ||||||
-4-
| Old Fund |
Old Portfolio |
Restructuring, or Other |
New Fund |
New Portfolio |
Closing Date or Termination Date (as applicable) | |||||
| Xxxx Xxxxx Partners Variable Portfolios IV (f/k/a Xxxxx Xxxxxx Multiple Discipline Trust) | Xxxx Xxxxx Partners Variable Multiple Discipline Portfolio—All Cap Growth and Value (f/k/a Multiple Discipline Portfolio) | Restructuring | Xxxx Xxxxx Partners Variable Equity Trust | Xxxx Xxxxx Partners Variable Multiple Discipline Portfolio—All Cap Growth and Value | 4/27/07 | |||||
| Xxxx Xxxxx Partners Variable Multiple Discipline Portfolio—Large Cap Growth and Value (f/k/a Multiple Discipline Portfolio) | Restructuring | Xxxx Xxxxx Partners Variable Equity Trust | Xxxx Xxxxx Partners Variable Multiple Discipline Portfolio—Large Cap Growth and Value | 4/27/07 | ||||||
| Xxxx Xxxxx Partners Variable Multiple Discipline Portfolio—Global All Cap Growth and Value (f/k/a Multiple Discipline Portfolio) | Restructuring | Xxxx Xxxxx Partners Variable Equity Trust | Xxxx Xxxxx Partners Variable Multiple Discipline Portfolio—Global All Cap Growth and Value | 4/27/07 | ||||||
| Xxxx Xxxxx Partners Variable Multiple Discipline Portfolio—Balanced All Cap Growth and Value (f/k/a Multiple Discipline Portfolio) | Restructuring | Xxxx Xxxxx Partners Variable Equity Trust | Xxxx Xxxxx Partners Variable Capital and Income Portfolio | 4/27/07 | ||||||
| Xxxxx Xxxxxx Municipal Money Market Fund, Inc. | n/a | Restructuring | Xxxx Xxxxx Partners Money Market Trust | Western Asset Municipal Money Market Fund | 4/13/07 | |||||
| Xxxx Xxxxx Partners Municipal Funds (f/k/a Xxxxx Xxxxxx Muni Funds) | Xxxx Xxxxx Partners New York Municipals Fund (f/k/a New York Portfolio) | Restructuring | Xxxx Xxxxx Partners Income Trust | Xxxx Xxxxx Partners New York Municipals Fund | 4/13/07 | |||||
| Xxxx Xxxxx Partners Sector Series, Inc. (f/k/a Xxxxx Xxxxxx Sector Series Inc.) | Xxxx Xxxxx Partners Financial Services Fund (f/k/a Xxxxx Xxxxxx Financial Services Fund) | Restructuring | Xxxx Xxxxx Partners Equity Trust | Xxxx Xxxxx Partners Financial Services Fund | 4/13/07 | |||||
-5-
| Old Fund |
Old Portfolio |
Restructuring, Fund Combination or Other Cessation of Operations |
New Fund |
New Portfolio |
Closing Date or Termination Date (as applicable) | |||||
| Xxxx Xxxxx Partners World Funds, Inc. (f/k/a Xxxxx Xxxxxx World Funds) | Xxxx Xxxxx Partners International All Cap Opportunity Fund (f/k/a International All Cap Growth Portfolio) | Restructuring | Xxxx Xxxxx Partners Equity Trust | Xxxx Xxxxx Partners International All Cap Opportunity Fund | 4/13/07 | |||||
| Xxxx Xxxxx Partners Variable Portfolios II (f/k/a Greenwich Street Series Fund) | Xxxx Xxxxx Partners Variable Appreciation Portfolio (f/k/a Appreciation Portfolio) | Restructuring | Xxxx Xxxxx Partners Variable Equity Trust | Xxxx Xxxxx Partners Variable Appreciation Portfolio | 4/27/07 | |||||
| Xxxx Xxxxx Partners Variable Capital and Income Portfolio (f/k/a Capital and Income Portfolio) | Combination (acquired by Xxxx Xxxxx Partners Variable Multiple Discipline Portfolio—Balanced All Cap Growth and Value) |
n/a | n/a | 4/27/07 | ||||||
| Xxxx Xxxxx Partners Variable Aggressive Growth Portfolio (f/k/a Salomon Brothers Variable Aggressive Growth Fund) | Combination (acquired by Xxxx Xxxxx Partners Variable Aggressive Growth Portfolio) |
n/a | n/a | 4/27/07 | ||||||
-6-
| Old Fund |
Old Portfolio |
Restructuring, or Other |
New Fund |
New Portfolio |
Closing Date or Termination Date (as applicable) | |||||
| Xxxx Xxxxx Partners Variable Equity Index Portfolio (f/k/a Equity Index Portfolio) | Restructuring | Xxxx Xxxxx Partners Variable Equity Trust | Xxxx Xxxxx Partners Variable Equity Index Portfolio | 4/27/07 | ||||||
| Xxxx Xxxxx Partners Variable Growth and Income Portfolio (f/k/a Salomon Brothers Variable Growth & Income Fund) | Combination (acquired by Xxxx Xxxxx Partners Variable Appreciation Portfolio) |
n/a | n/a | 4/27/07 | ||||||
| Xxxx Xxxxx Partners Variable Fundamental Value Portfolio (f/k/a Fundamental Value Portfolio) | Restructuring | Xxxx Xxxxx Partners Variable Equity Trust | Xxxx Xxxxx Partners Variable Fundamental Value Portfolio | 4/27/07 | ||||||
| Xxxx Xxxxx Partners Variable Portfolios III, Inc. (f/k/a Travelers Series Fund Inc.) | Xxxx Xxxxx Partners Variable High Income Portfolio (f/k/a Xxxxx Xxxxxx High Income Portfolio) | Restructuring | Xxxx Xxxxx Partners Variable Income Trust | Xxxx Xxxxx Partners Variable High Income Portfolio | 4/27/07 | |||||
| Xxxx Xxxxx Partners Variable International All Cap Growth Portfolio (f/k/a Xxxxx Xxxxxx International All Cap Growth Portfolio) | Restructuring | Xxxx Xxxxx Partners Variable Equity Trust | Xxxx Xxxxx Partners Variable International All Cap Opportunity Portfolio | 4/27/07 | ||||||
| Xxxx Xxxxx Partners Variable Large Cap Growth Portfolio (f/k/a Xxxxx Xxxxxx Large Capitalization Growth Portfolio) | Restructuring | Xxxx Xxxxx Partners Variable Equity Trust | Xxxx Xxxxx Partners Variable Large Cap Growth Portfolio | 4/27/07 | ||||||
-7-
| Old Fund |
Old Portfolio |
Restructuring, Fund Combination or Other Cessation of Operations |
New Fund |
New Portfolio |
Closing Date or Termination Date (as applicable) | |||||
| Xxxx Xxxxx Partners Variable Large Cap Value Portfolio (f/k/a Xxxxx Xxxxxx Large Cap Value Portfolio) | Combination (acquired by Xxxx Xxxxx Partners Variable Investors Portfolio) |
n/a | n/a | 4/27/07 | ||||||
| Xxxx Xxxxx Partners Variable Mid Cap Core Portfolio (f/k/a Xxxxx Xxxxxx Mid Cap Core Portfolio) | Restructuring | Xxxx Xxxxx Partners Variable Equity Trust | Xxxx Xxxxx Partners Variable Mid Cap Core Portfolio | 4/27/07 | ||||||
| Xxxx Xxxxx Partners Variable Money Market Portfolio (f/k/a Xxxxx Xxxxxx Money Market Portfolio) | Restructuring | Xxxx Xxxxx Partners Variable Income Trust | Xxxx Xxxxx Partners Variable Money Market Portfolio | 4/27/07 | ||||||
| Xxxx Xxxxx Partners Variable Social Awareness Stock Portfolio (f/k/a Social Awareness Stock Portfolio) | Restructuring | Xxxx Xxxxx Partners Variable Equity Trust | Xxxx Xxxxx Partners Variable Social Awareness Portfolio | 4/27/07 | ||||||
| Xxxx Xxxxx Partners Variable Adjustable Rate Income Portfolio (f/k/a SB Adjustable Rate Income Portfolio) | Restructuring | Xxxx Xxxxx Partners Variable Income Trust | Xxxx Xxxxx Partners Variable Adjustable Rate Income Portfolio | 4/27/07 | ||||||
| Xxxx Xxxxx Partners Series Funds, Inc. (f/k/a Salomon Brothers Series Funds Inc.) | Xxxx Xxxxx Partners Small Cap Growth Fund I (f/k/a Salomon Brothers Small Cap Growth Fund) | Restructuring | Xxxx Xxxxx Partners Equity Trust | Xxxx Xxxxx Partners Small Cap Growth Fund | 4/13/07 | |||||
-8-
| Old Fund |
Old Portfolio |
Restructuring, Fund Combination or Other Cessation of Operations |
New Fund |
New Portfolio |
Closing Date or Termination Date (as applicable) | |||||
| Xxxx Xxxxx Partners Variable Portfolios I, Inc. (f/k/a Salomon Brothers Variable Series Funds Inc.) | Xxxx Xxxxx Partners Variable Small Cap Growth Portfolio (f/k/a Salomon Brothers Variable Small Cap Growth Fund) | Restructuring | Xxxx Xxxxx Partners Variable Equity Trust | Xxxx Xxxxx Partners Variable Small Cap Growth Portfolio | 4/27/07 | |||||
| Xxxx Xxxxx Partners Trust II (f/k/a Xxxxx Xxxxxx Trust II) | Xxxx Xxxxx Partners Global Equity Fund (f/k/a Xxxxx Xxxxxx International Large Cap Fund) | Restructuring | Xxxx Xxxxx Partners Equity Trust | Xxxx Xxxxx Partners Global Equity Fund | 4/13/07 | |||||
| Xxxx Xxxxx Partners Variable Portfolios V (f/k/a Variable Annuity Portfolios) | Xxxx Xxxxx Partners Variable Small Cap Growth Opportunities Portfolio (f/k/a Xxxxx Xxxxxx Small Cap Growth Opportunities Portfolio) | Combination (acquired by Xxxx Xxxxx Partners Variable Small Cap Growth Portfolio) |
n/a | n/a | 4/27/07 | |||||
-9-
