April 6, 2007
PFS Investments Inc.
0000 Xxxxxxxxxxxx Xxxx.
Xxxxxx, Xxxxxxx 00000-0000
Re: Distribution Agreement
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:
Exhibit A
INVESTMENT COMPANIES AND PORTFOLIOS
INVOLVED IN RESTRUCTURINGS
OR FUND COMBINATIONS
Old Fund
Old Portfolio
Restructur
ing, Fund
Combinatio
n 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
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
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
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
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
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
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
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
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
