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Exhibit 99.(e)
DISTRIBUTION AGREEMENT
Distribution Agreement made this 22nd day of September, 2000, by and
between streetTRACKS(SM) Series Trust, a Massachusetts business trust (the
"Trust"), and State Street Capital Markets, LLC (the "Distributor").
WHEREAS, the Trust is a registered open-end management investment
company organized as a series trust offering a number of portfolios of
securities (each a "Fund" and collectively the "Funds"), each investing
primarily in equity securities selected to reflect the performance of a
specified securities index, having filed with the Securities and Exchange
Commission (the "Commission") a registration statement on Form N-1A (No.
0000921749-98-000120) under the Securities Act of 1933, as amended (the "1933
Act"), and the Investment Company Act of 1940, as amended;
WHEREAS, the Trust intends to create and redeem shares of beneficial
interest, par value $.01 per Share (the "Shares") of each Fund on a continuous
basis at their net asset value only in aggregations constituting a Creation
Unit, as such term is defined in the Registration Statement;
WHEREAS, the Shares of each Fund will be listed on the American Stock
Exchange LLC (the "AMEX") and traded under the symbols set forth in Annex I
hereto;
WHEREAS, the Trust desires to retain the Distributor to act as the
distributor with respect to the issuance and distribution of Creation Units of
Shares of each Fund, hold itself available to receive and process orders for
such Creation Units in the manner set forth in the Trust's Prospectus, and to
enter into arrangements with broker-dealers who may solicit purchases of Shares
and with broker-dealers and others to provide for servicing of shareholder
accounts and for distribution assistance, including broker-dealer and
shareholder support;
WHEREAS, the Board of Trustees of the Trust has adopted a plan of
distribution (each a "12b-1 Plan") pursuant to Rule 12b-1 under the 1940 Act
with respect to certain Funds and may make payments to the Distributor pursuant
to such 12b-1 Plans, subject to and in accordance with the terms and conditions
thereof and any related agreements;
WHEREAS, the Distributor is a registered broker-dealer under the
Securities Exchange Act of 1934, as amended (the "1934 Act") and a member of the
National Association of Securities Dealers ("NASD"); and
WHEREAS, the Distributor desires to provide such services to the Trust.
NOW, THEREFORE, in consideration of the mutual promises and
undertakings herein contained, the parties agree as follows:
1. Appointment. The Trust hereby appoints the Distributor as the exclusive
distributor for Creation Unit aggregations of Shares of each Fund listed in
Annex I hereto, as may be amended by the parties from time to time, on the terms
and for the period set forth in this Agreement and subject to the registration
requirements of the 1933 Act and of the laws governing the sale of securities in
the various states, and the Distributor hereby accepts such appointment and
agrees to act in such capacity hereunder.
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2. Definitions. Wherever they are used herein, the following terms have
the following respective meanings:
a. "1940 Act" means the Investment Company Act of 1940 and the rules
and regulations thereunder as amended from time to time;
b. "Prospectus" means the Prospectus and Statement of Additional
Information constituting parts of the Registration Statement of the Trust under
the 1933 Act and the 1940 Act as such Prospectus and Statement of Additional
Information may be amended or supplemented and filed with the Commission from
time to time;
c. "Registration Statement" means the registration statement most
recently filed from time to time by the Trust with the Commission and effective
under the 1933 Act and the 1940 Act, as such registration statement is amended
by any amendments thereto at the time in effect;
d. All capitalized terms used but not defined in this Agreement shall
have the meanings ascribed to such terms in the Registration Statement and the
Prospectus.
3. Duties of the Distributor.
(a) The Trust grants to the Distributor the exclusive right to receive
all orders for purchases of Creation Units of each Fund from Participating
Parties or DTC Participants which have executed a Participant Agreement
("Authorized Participants") and to transmit such orders to the Trust in
accordance with the Registration Statement and Prospectus; provided, however,
that nothing herein shall affect or limit the right and ability of the Trust to
accept Deposit Securities and related Cash Components through or outside the
Clearing Process, and as provided in and in accordance with the Registration
Statement and Prospectus. The Trust acknowledges that the Distributor shall not
be obligated to accept any certain number of orders for Creation Units and
nothing herein shall prevent the Distributor from entering into like
distribution arrangements with other investment companies.
(b) The Distributor agrees to act as agent of the Trust with respect to
the continuous distribution of Creation Units of each Fund as set forth in the
Registration Statement and in accordance with the provisions thereof. The
Distributor further agrees as follows: (a) at the request of the Trust, the
Distributor shall enter into Participant Agreements between and among Authorized
Participants, the Distributor and the Transfer Agent in accordance with the
Registration Statement and Prospectus and in the form attached hereto as Exhibit
A; (b) the Distributor shall generate and transmit confirmations of Creation
Unit purchase order acceptances to the purchaser; (c) the Distributor shall
deliver copies of the prospectus, included in the Registration Statement, to
purchasers of such Creation Units and upon request the Statement of Additional
Information; and (d) the Distributor shall maintain telephonic, facsimile and/or
access to direct computer communications links with the Transfer Agent.
(c) (i) The Distributor agrees to use all reasonable efforts,
consistent with its other business, to facilitate the purchase of Creation Units
through Authorized Participants in accordance with the procedures set forth in
the Prospectus and the Participant Agreement.
(ii) The Distributor shall, when it deems necessary and at its
own expense, execute the following agreements in the forms and as approved by
the Board of Trustees of the Trust, providing for activities which the
Distributor deems reasonable and appropriate and which are primarily intended to
result in the sale of such Creation Units: (A) selected or soliciting dealer
agreements ("Soliciting Dealer Agreements") with registered broker-dealers and
other eligible entities providing for the purchase of Creation Units of Shares
of the Funds and related promotional activities, and (B) investor services
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agreements ("Investor Services Agreements") with broker-dealers or other
financial institutions providing for broker-dealer, investor and stockholder
support, account maintenance and educational and promotional services relating
to the Shares and facilitation through broker-dealers and other persons of
communications with beneficial owners of Shares. Pursuant to this Agreement, the
Soliciting Dealer Agreements and the Investor Services Agreements, the
Distributor shall facilitate the coordination of the performance of any
marketing and promotional services, including advertising; the development and
implementation of any marketing plan; and clearing and filing all advertising,
sales, marketing and promotional materials of the Funds with the NASD as
provided below.
(d) The Distributor agrees to administer the Distribution and Service
Plan on behalf of the Trust. The Distributor shall, at its own expense, set up
and maintain a system of recording payments for fees and reimbursement of
expenses disseminated pursuant to this Agreement and any other related
agreements under the Funds' Rule 12b-1 Plans and shall, pursuant to the 1940
Act, report such payment activity under the Distribution and Service Plan to the
Trust at least quarterly.
(e) The Distributor shall provide toll-free lines, by way of the
American Stock Exchange Index Share Product Hotline (0-000-XXX-XXXX) for direct
investor and shareholder use between the hours of 9:30 a.m. and 4:00 p.m.
Eastern time on each day the New York Stock Exchange is open for business, with
appropriate NASD licensed order taking and distribution services staff.
(f) All activities by the Distributor and its agents and employees
which are primarily intended to result in the sale of Creation Units shall
comply with the Registration Statement and Prospectus, the instructions of the
Board of Trustees of the Trust and all applicable laws, rules and regulations
including, without limitation, all rules and regulations made or adopted
pursuant to the 1940 Act by the Commission or any securities association
registered under the 1934 Act, including the NASD and the AMEX.
(g) Except as otherwise noted in the Registration Statement and
Prospectus, the offering price for all Creation Units of Shares will be the
aggregate net asset value of the Shares per Creation Unit of the relevant Fund,
as determined in the manner described in the Registration Statement and
Prospectus.
(h) If and whenever the determination of net asset value is suspended
and until such suspension is terminated, no further orders for Creation Units
will be processed by the Distributor except such unconditional orders as may
have been placed with the Distributor before it had knowledge of the suspension.
In addition, the Trust reserves the right to suspend sales and Distributor's
authority to process orders for Creation Units on behalf of the Trust, upon due
notice to the Distributor, if, in the judgment of the Trust, it is in the best
interests of the Trust to do so. Suspension will continue for such period as may
be determined by the Trust.
(i) The Distributor is not authorized by the Trust to give any
information or to make any representations other than those contained in the
Registration Statement or Prospectus or contained in shareholder reports or
other material that may be prepared by or on behalf of the Trust for the
Distributor's use. The Distributor shall be entitled to rely on and shall not be
responsible in any way for information provided to it by the Trust and its
respective service providers and shall not be liable or responsible for the
errors and omissions of such service providers, provided that the foregoing
shall not be construed to protect the Distributor against any liability to the
Trust or the Trust's shareholders 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 its reckless disregard of its
obligations and duties under this Agreement.
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(j) The Board of Trustees shall approve the form of any Soliciting
Dealer Agreement or Investor Services Agreement to be entered into by the
Distributor.
(k) At the request of the Trust, the Distributor shall enter into
agreements in the form specified by the Trust (each a "Participant Agreement")
with participants in the system for book-entry of The Depository Trust Company
and the NSCC as described in the Prospectus.
(l) The Distributor shall ensure that all direct requests for
Prospectuses and Statements of Additional of Information are fulfilled. In
addition, the Distributor shall arrange to provide the AMEX (and any other stock
exchange on which the Shares may be listed) with copies of Prospectuses to be
provided to purchasers in the secondary market. The Distributor will generally
make it known in the brokerage community that prospectuses and statements of
additional information are available, including by (i) advising the AMEX on
behalf of its member firms of the same, (ii) making such disclosure in all
marketing and advertising materials prepared and/or filed by the Distributor
with the NASD, and (iii) as may otherwise be required by the Commission.
(m) The Distributor agrees to make available, at the Trust's request a
member of its staff to attend Board meetings of the Trust in order to provide
information with regard to the ongoing distribution process and for such other
purposes as may be requested by the Board of Trustees of the Trust.
(n) Review all sales and marketing materials for compliance with
applicable laws and conditions of any applicable Exemptive order, and file such
materials when necessary or appropriate.
(o) The Distributor is authorized to and may employ or associate with
such person or persons as the Distributor may deem desirable to assist it in
performing its duties under this Agreement; provided, however, that the
compensation of such person or persons shall be paid by the Distributor and that
the Distributor shall be as fully responsible to the Trust for the acts and
omissions of any such person or persons at it is for its own acts and omissions.
4. Duties of the Trust.
(a) The Trust agrees to issue Creation Unit aggregations of Shares of
each Fund and to request The Depository Trust Company to record on its books the
ownership of such Shares in accordance with the book-entry system procedures
described in the Prospectus in such amounts as the Distributor has requested
through the Transfer Agent in writing or other means of data transmission, as
promptly as practicable after receipt by the Trust of the requisite Deposit
Securities and Cash Component (together with any fees) and acceptance of such
order, upon the terms described in the Registration Statement. The Trust may
reject any order for Creation Units or stop all receipts of such orders at any
time upon reasonable notice to the Distributor, in accordance with the
provisions of the Prospectus.
(b) The Trust agrees that it will take all action necessary to register
an indefinite number of Shares under the 1933 Act. The Trust will make available
to the Distributor such number of copies of its then currently effective
Prospectus, or any supplement, as the Distributor require to meet its
obligations hereunder or as it may otherwise reasonably request. The Trust will
furnish to the Distributor copies of all information, financial statements and
other papers which the Distributor may reasonably request for use in connection
with the distribution of Creation Units. The Trust shall keep the Distributor
informed of the jurisdictions in which Shares of the Trust are authorized for
sale and shall promptly notify the Distributor of any change in this
information. The Distributor shall not be liable for damages resulting from the
sale of Shares in authorized jurisdictions where the Distributor had no
information from the Trust that such sale or sales were unauthorized at the time
of such sale or sales.
(c) The Trust represents to the Distributor that the Registration
Statement and Prospectus filed by the Trust with the Commission with respect to
the Trust have been prepared in conformity with the requirements of the 1933
Act, the 1940 Act and the rules and regulations of the Commission thereunder.
The Trust will notify the Distributor promptly of any amendment to the
Registration Statement or supplement to the Prospectus and any stop order
suspending the effectiveness of the
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Registration Statement.
5. Fees and Expenses.
(a) The Trust will, with respect to each Fund, pay to the Distributor
all fees and expenses pursuant to the terms of the Distribution and Service Plan
in effect for each respective Fund.
(b) The Distributor will bear the following costs and expenses relating
to the distribution of Creation Units of the Funds: (a) the costs of processing
and maintaining records of creations of Creation Units; (b) the costs of
maintaining the records required of a broker-dealer registered under the 1934
Act; (c) the expenses of maintaining its registration or qualification as a
dealer or broker under federal or state laws; (d) the expenses incurred by the
Distributor in connection with normal (non-expedited) NASD filing fees; and (e)
all other expenses incurred in connection with the distribution services
contemplated herein, except as specifically provided in this Agreement.
(c) The Distributor shall pay, from the fees received by it from the
Funds pursuant to the Rule 12b-1 Plans, all fees and make reimbursement of
expenses, pursuant to and in accordance with any and all Soliciting Dealer
and/or Investor Services Agreements, as approved by the Board of Trustees of the
Trust, as set forth in Section 3 of this Agreement. Further, the Distributor
will pay, from the fees received by it from the Funds pursuant to the Rule 12b-1
Plans, all fees with respect to expedited NASD filing fees.
6. Indemnification.
(a) The Trust agrees to indemnify and hold harmless the Distributor and
any soliciting dealer that enters into a Soliciting Dealer Agreement with the
Distributor, which provides for such indemnification, in the form approved by
the Board of Trustees (each an "Indemnified Dealer") and each of the directors,
officers, agents and employees and any person who controls the Distributor or
the Indemnified Dealer within the meaning of Section 15 of the 1933 Act (any of
the Distributor, any Indemnified Dealer, their officers, agents, employees and
directors or such control persons, for purposes of this paragraph, an
"Indemnitee") against any loss, liability, claim, damages or expense (including
the reasonable cost of investigating or defending any alleged loss, liability,
claim, damages or expense and reasonable counsel fees incurred in connection
therewith) arising out of or based upon an allegation or the claim that the
Registration Statement, Prospectus, shareholder reports or other information
filed or made public by the Trust (as from time to time amended) included an
untrue statement of a material fact or omitted to state a material fact required
to be stated therein or necessary in order to make the statements therein (and
in the case of the Prospectus, in light of the circumstances under which they
were made) not misleading under the 1933 Act, or any other statute or the common
law. However, the Trust does not agree to indemnify the Distributor or hold it
harmless to the extent that the statement or omission was made in reliance upon,
and in conformity with information furnished to the Trust by or on behalf of the
Distributor. The Trust will also not indemnify any Indemnitee with respect to
any untrue statement or omission made in the Registration Statement or
Prospectus that is subsequently corrected in such document (or an amendment
thereof or supplement thereto) if a copy of the Prospectus (or such amendment or
supplement) was not sent or given to the person asserting any such loss,
liability, claim, damage or expense at or before the written confirmation to
such person in any case where such delivery is required by the 1933 Act and the
Trust had notified the Distributor of the amendment or supplement prior to the
sending of the confirmation. In no case (i) is the indemnity of the Trust in
favor of any Indemnitee to be deemed to protect the Indemnitee against any
liability to the Trust or its shareholders to which the Indemnitee would
otherwise be subject by reason of willful misfeasance, bad faith or gross
negligence in the performance of its duties or by reason of its reckless
disregard of its obligations and duties under this Agreement, or (ii) is the
Trust to be liable under its indemnity agreement contained in
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this paragraph with respect to any claim made against any Indemnitee unless the
Indemnitee shall have notified the Trust in writing of the claim within a
reasonable time after the summons or other first written notification giving
information of the nature of the claim shall have been served upon Indemnitee
(or after Indemnitee shall have received notice of service on any designated
agent). However, failure to notify the Trust of any claim shall not relieve the
Trust from any liability which it may have to any Indemnitee against whom such
action is brought otherwise than on account of its indemnity agreement contained
in this paragraph. The Trust shall be entitled to participate at its own expense
in the defense, or, if it so elects, to assume the defense of any suit brought
to enforce any claims, but if the Trust elects to assume the defense, the
defense shall be conducted by counsel chosen by it and satisfactory to
Indemnitee, defendant or defendants in the suit. In the event the Trust elects
to assume the defense of any suit and retain counsel, Indemnitee, defendant or
defendants in the suit, shall bear the fees and expenses of any additional
counsel retained by them. If the Trust does not elect to assume the defense of
any suit, it will reimburse the Indemnitee, defendant or defendants in the suit,
for the reasonable fees and expenses of any counsel retained by them. The Trust
agrees to notify the Distributor and any Indemnified Dealer promptly of the
commencement of any litigation or proceedings against it or any of its officers
or trustees in connection with the issuance or sale of any of the Creation Units
or the Shares.
(b) The Distributor agrees to indemnify and hold harmless the Trust and
each of its Trustees and officers and any person who controls the Trust within
the meaning of Section 15 of the 1933 Act (for purposes of this paragraph, the
Trust and each of its Trustees and officers and its controlling persons are
collectively referred to as the "Trust Affiliates") against any loss, liability,
claim, damages or expense (including the reasonable cost of investigating or
defending any alleged loss, liability, claim, damages or expense and reasonable
counsel fees incurred in connection therewith) which the Trust Affiliate may
incur under the 1933 Act or any other statute or common law, but only to the
extent that such loss, liability, claim, damages or expense shall arise out of
or be based upon (i) the allegation of any wrongful act of the Distributor or
any of its employees or (ii) allegation that the Registration Statement,
Prospectus, shareholder reports or other information filed or made public by the
Trust (as from time to time amended) included an untrue statement of a material
fact or omitted to state a material fact required to be stated or necessary in
order to make the statements not misleading, insofar as the statement or
omission was made in reliance upon, and in conformity with written information
furnished to the Trust by or on behalf of the Distributor. In no case (i) is the
indemnity of the Distributor in favor of any Trust Affiliate to be deemed to
protect any Trust Affiliate against any liability to the Trust or its security
holders to which such Trust Affiliate would otherwise be subject by reason of
willful misfeasance, bad faith or gross negligence in the performance of its
duties or by reason of its reckless disregard of its obligations and duties
under this Agreement, or (ii) is the Distributor to be liable under its
indemnity agreement contained in this paragraph with respect to any claim made
against any Trust Affiliate unless the Trust Affiliate shall have notified the
Distributor in writing of the claim within a reasonable time after the summons
or the first written notification giving information of the nature of the claim
shall have been served upon the Trust Affiliate (or after the Trust Affiliate
shall have received notice of service on any designated agent). However, failure
to notify the Distributor of any claim shall not relieve the Distributor from
any liability which it may have to the Trust Affiliate against whom the action
is brought otherwise than on account of its indemnity agreement contained in
this paragraph. The Distributor shall be entitled to participate at its own
expense in the defense or, if it so elects, to assume the defense of any suit
brought to enforce the claim, but if the Distributor elects to assume the
defense, the defense shall be conducted by counsel chosen by it and satisfactory
to the Trust, its officers and Board and to any controlling person or persons,
defendant or defendants in the suit. In the event that Distributor elects to
assume the defense of any suit and retain counsel, the Trust or controlling
person or persons, defendant or defendants in the suit, shall bear the fees and
expenses of any additional counsel retained by them. If the Distributor does not
elect to assume the defense of any suit, it will reimburse the Trust, its
officers and Board or controlling person or persons, defendant or defendants in
the suit, for the reasonable fees and expenses of any counsel retained by them.
The Distributor agrees to notify the Trust promptly of the
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commencement of any litigation or proceedings against it in connection with the
issuance and sale of any of the shares.
(c) No indemnified party shall settle any claim against it for which it
intends to seek indemnification from the indemnifying party, under the terms of
section 6(a) or 6(b) above, without the prior written notice to and consent from
the indemnifying party, which consent shall not be unreasonably withheld. No
indemnified or indemnifying party shall settle any claim unless the settlement
contains a full release of liability with respect to the other party in respect
of such action. This section 6 shall survive the termination of this Agreement.
7. Representations.
(a) The Distributor represents and warrants that (i) it is duly
organized as a Delaware Limited Liability Corporation and is and at all times
will remain duly authorized and licensed to carry out its services as
contemplated herein; (ii) the execution, delivery and performance of this
Agreement are within its power and have been duly authorized by all necessary
action; and (iii) its entering into this Agreement or providing the services
contemplated hereby does not conflict with or constitute a default or require a
consent under or breach of any provision of any agreement or document to which
the Distributor is a party or by which it is bound and (iv) it is registered as
a broker-dealer under the 1934 Act and is a member of the NASD.
(b) The Trust represents and warrants that (i) it is duly organized as
a Massachusetts business trust and is and at all times will remain duly
authorized to carry out its obligations as contemplated herein; (ii) it is
registered as an investment company under the 1940 Act; (iii) the execution,
delivery and performance of this Agreement are within its power and have been
duly authorized by all necessary action; and (iv) its entering into this
Agreement does not conflict with or constitute a default or require a consent
under or breach of any provision of any agreement or document to which the Trust
is a party or by which it is bound.
8. Duration, Termination and Amendment.
(a) This Agreement shall be effective on September 20, 2000, and unless
terminated as provided herein, shall continue for two years from its effective
date, and thereafter from year to year, provided such continuance is approved
annually by the vote of a majority of the Board of Trustees, and by the vote of
those Trustees who are not "interested persons" of the Trust (the "Independent
Trustees") and, if a plan under Rule 12b-1 under the 1940 Act is in effect, by
the vote of those Trustees who are not "interested persons" of the Trust and who
are not parties to such plan or this Agreement and have no financial interest in
the operation of such plan or in any agreements related to such plan, cast in
person at a meeting called for the purpose of voting on the approval. This
Agreement may be terminated at any time, without the payment of any penalty, as
to each Fund (i) by vote of a majority of the Independent Trustees or (ii) by
vote of a majority (as defined in the 0000 Xxx) of the outstanding voting
securities of the Fund, on at least sixty (60) days prior written notice to the
Distributor. In addition, this Agreement may be terminated at any time by the
Distributor upon at least sixty (60) days prior written notice to the Trust.
This Agreement shall automatically terminate in the event of its assignment. As
used in this paragraph, the terms "assignment" and "interested persons" shall
have the respective meanings specified in the 1940 Act.
(b) During such period as the Distributor receives compensation
pursuant to the 12b-1 Plans,
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and this Agreement constitutes a 12b-1 Plan related agreement, (i) any material
amendment to this Agreement requires the approval provided for in paragraph (a)
with respect to annual renewals of this Agreement, and (ii) any amendment that
materially increases the amount to be spent for distribution services requires
the additional approval of the majority of the Trust's outstanding voting
securities (as defined in the 0000 Xxx) of each affected Fund; and (iii) the
selection and nomination of those Trustees who are not "interested persons" (as
defined in the 0000 Xxx) of the Trust shall be committed to the discretion of
the Trustees of the Trust who are not such "interested persons" of the Trust;
(c) No provision of this Agreement may be changed, waived, discharged or
terminated except by an instrument in writing signed by the party against which
an enforcement of the change, waiver, discharge or termination is sought. State
Street Capital Markets, LLC, Attn.: Xxxx Xxxxxx, fax: (000) 000-0000; and
Xxxxxxx Xxxxxx, fax (000) 000-0000 if to the Trust: State Street Bank and Trust
Company, Attn.: Fund Administration Legal Department, 0 Xxxxxx xx Xxxxxxxxx,
Xxxxxx, XX 00000 fax: (000) 000-0000.
10. Limitation of Liability. The Distributor is expressly put on notice of
the limitation of shareholder liability as set forth in the Declaration of Trust
of the Trust and agrees that the obligations assumed by the Trust under this
contract shall be limited in all cases to the Trust and its assets. The
Distributor shall not seek satisfaction of any such obligation from the
shareholders or any shareholder of the Trust, nor shall the Distributor seek
satisfaction of any such obligation from the Trustees or any individual Trustee
of the Trust. The Distributor understands that the rights and obligations of
each series of shares of the Trust under the Declaration of Trust are separate
and distinct from those of any and all other series.
11. Choice of Law. This Agreement shall be governed by, and construed in
accordance with, the laws of The Commonwealth of Massachusetts, without giving
effect to the choice of laws provisions thereof.
12. Counterparties. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.
13. Severability. If any provisions of this Agreement shall be held or made
invalid, in whole or in part, then the other provisions of this Agreement shall
remain in force. Invalid provisions shall, in accordance with this Agreement's
intent and purpose, be amended, to the extent legally possible, by valid
provisions in order to effectuate the intended results of the invalid
provisions.
14. Insurance. The Distributor will maintain at its expense an errors and
omissions insurance policy which covers services by the Distributor hereunder.
15. Segregation of Fees and Expenses. Amounts paid by each Fund to the
Distributor under its 12b-1 Plan either for distribution related services or
shareholder services shall not be used to pay for the distribution of Shares of,
or shareholder servicing in respect of, any other Fund. However, fees under the
12b-1 Plan attributable to the Trust as a whole shall be allocated to each Fund
according to the method adopted by the Trust's Board of Trustees. Fees
attributable to the Trust as a whole shall include any amounts payable under the
12b-1 Plans to the Distributor for its services rendered hereunder. The
Distributor's allocation of such 12b-1 Plan fees shall be subject to review by
the Trust's Board of Trustees.
16. Limitation of Liability. The Amended and Restated Declaration of Trust
dated September 6, 2000, establishing the Trust, which is hereby referred to and
a copy of which is on file with the Secretary of The Commonwealth of
Massachusetts, provides that the name The Street Tracks(R) Trust means the
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Trustees from time to time serving (as Trustees but not personally) under such
Declaration of Trust. It is expressly acknowledged and agreed that the
obligations of the Trust hereunder shall not be binding upon any of the
shareholders, Trustees, officers, employees or agents of the Trust, personally,
but shall bind only the trust property of the Trust, as provided in its
Declaration of Trust. The execution and delivery of this Agreement have been
authorized by the Trustees of the Trust and signed by an 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, but
shall bind only the trust property of the Trust as provided in its Declaration
of Trust.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by their officers designated below as of the date first set forth
above.
streetTRACKS(SM) SERIES TRUST
By: /s/ Xxxxxxx X. Xxxxxxx
-----------------------------
Name: Xxxxxxx X. Xxxxxxx
-----------------------------
Title: President
-----------------------------
STATE STREET CAPITAL MARKETS, LLC
By: /s/ Xxxxxx Xxxxxx
-----------------------------
Name: Xxxxxx Xxxxxx
-----------------------------
Title: Treasurer
-----------------------------
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Annex I
FUND Symbol
---- ------
streetTRACKS(SM) Dow Xxxxx U.S. Large Cap Growth Index Fund ELG
streetTRACKS(SM) Dow Xxxxx U.S. Large Cap Value Index Fund ELV
streetTRACKS(SM) Dow Xxxxx U.S. Small Cap Growth Index Fund DSG
streetTRACKS(SM) Dow Xxxxx U.S. Small Cap Value Index Fund DSV
streetTRACKS(SM) Dow Xxxxx Global Titans Index Fund DGT
streetTRACKS(SM) Wilshire REIT Index Fund RWR
streetTRACKS(SM) Xxxxxx Xxxxxxx High Tech 35 Index Fund MTK
streetTRACKS(SM) Xxxxxx Xxxxxxx Internet Index Fund MII
FORTUNE 500(R) Index Fund FFF
FORTUNE e-50(TM) Index Fund FEF
