Exhibit 99e
CALIFORNIA INVESTMENT TRUST
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Date: January 1, 2007
RFS Partners
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Re: Underwriting Agreement
Ladies and Gentlemen:
We are a Delaware statutory trust operating as an open-end management
investment company (hereinafter referred to as the "Trust"). As such, the Trust
is registered under the Investment Company Act of 1940, as amended (the "1940
Act"), and its shares are registered under the Securities Act of 1933, as
amended (the "1933 Act"). Each series of shares of beneficial interest (each, a
"Fund" and collectively, the "Funds") authorized for issuance by the Trust are
listed in Appendix "A" hereto, as such Appendix may be amended from time to
time. Each series constitutes a distinct and separate investment portfolio for
shareholders of such shares. The terms of this Agreement shall apply equal force
to each Fund. We desire to offer and sell shares of beneficial interest of the
Funds (the "Shares") to the public in accordance with the applicable federal and
state securities laws.
A registration statement on Form N-1A (as amended from time to time, the
"Registration Statement") has been filed with the Securities and Exchange
Commission ("SEC") with respect to the Shares we currently desire to be offered
and sold, and such Registration Statement with respect to such Shares has been
declared effective under the 1933 Act and 1940 Act by the SEC. The Registration
Statement contains forms of a prospectus and a statement of additional
information which, in the forms such documents have been or will be filed with
the SEC pursuant to Rule 497 under the 1933 Act, are referred to herein as the
"Prospectus" and the "Statement of Additional Information" The Prospectus and
Statement of Additional Information for each Fund are intended to be the primary
documents used in the offer and sale of Shares of such Fund.
You have informed us that your company is registered as a broker-dealer
under the provisions of the Securities Exchange Act of 1934 and that your
company is a member of the National Association of Securities Dealers, Inc. You
have indicated your desire to act as the principal underwriter of and
non-exclusive selling agent and distributor for Shares of the Funds. We have
been authorized to execute and deliver this Agreement to you on behalf of each
Fund by consent of our Board of Trustees, given at a meeting at which a majority
of the Trustees, including a majority of the Trustees who are not otherwise
interested persons of the Trust and who are not interested persons of your
company, were present and voted in favor of the consent approving this
agreement.
1. Appointment of Underwriter. Upon the execution of this Agreement and in
consideration of the agreements on your part herein expressed and upon the terms
and conditions set forth herein, we hereby appoint you as principal underwriter
and nonexclusive sales agent and distributor for the Shares of each Fund and
agree that we will deliver such Shares as you may sell. You agree to use your
best efforts to promote the sale of Shares of the Fund, but are not obligated to
sell any specific number of Shares.
2. Independent Contractor. You will undertake and discharge your
obligations hereunder as an independent contractor and shall have no authority
or power to obligate or bind us by your actions, conduct or contracts, except
that you are authorized to accept orders for the purchase or repurchase of the
Shares as our agent. You may appoint sub-agents or distribute through dealers
(pursuant to the Master Selling Group Agreement attached hereto as Exhibit A),
your own sales representatives or otherwise as you may determine from time to
time, but this Agreement shall not be construed as authorizing any dealer or
other person to accept orders for sale or repurchase of Shares of the Fund on
our behalf or otherwise act as our agent for any purpose.
3. Public Offering Price. The Shares of each Fund shall be offered for
sale to the public at (i) a price equivalent to their respective net asset value
per share (without sales load), or (ii) at a public offering price that includes
the applicable sales load, if any, as set forth in the then-current Prospectus
of such Fund. On each business day on which the New York Stock Exchange is open
for business, we will furnish you with the net asset value of the Shares, which
shall be determined and become effective as of the close of business on the New
York Stock Exchange on that day, as set forth in the then-current Prospectus of
the Fund. The net asset value so determined shall apply to all orders for the
purchase of our Shares received by dealers and you prior to such determination,
and you are authorized as our agent to accept orders and confirm sales at such
net asset value, provided that such dealers notify you of the time when they
received the particular order and that the order is placed with you prior to
your close of business on the day on which the applicable net asset value is
determined. To the extent that the Transfer Agent or Custodian for the Fund (the
"Agent") receives payments on behalf of investors, such Agent shall be required
to record the time of such receipt with respect to each payment, and the
applicable net asset value and public offering price shall be that which is next
determined and effective after the time of receipt by them. In all events, you
shall forthwith notify all of the dealers comprising your selling group and the
Agent of the effective net asset value as received from us. Should we at any
time calculate the net asset value more frequently than once each business day,
you and we will follow procedures with respect to such additional price or
prices comparable to those set forth above in this Section 3.
4. Sales Commission. The Trust currently intends to offer Shares at net
asset value and without any sales load. In the event that the Prospectus for a
Fund provides for a sales load, however, you shall be entitled to charge a sales
commission on the sale of the Shares of each Fund in the amount set forth in the
then-current effective Prospectus for such Fund. Such commission (subject to any
quantity or other discounts or eliminations of commission as set forth in the
Fund's then current Prospectus) shall be an amount mutually agreed upon between
us and equal to the difference between the net asset value and the public
offering price of the Shares. You may allow such sub-agents or dealers such
commissions or discounts, including payments exceeding the total sales
commission, as you shall deem advisable, so long as any such commissions or
discounts are set forth in the then-current Prospectus of the Fund to the extent
required by all applicable securities laws.
5. Payment for Shares. At or prior to the time of delivery of any of the
Shares, you will pay or cause to be paid to the Fund's Custodian, for the
applicable Fund's account, an amount in cash equal to the net asset value of
such Shares. In the event that you pay for Shares sold by you prior to your
receipt of payment from purchasers, you are authorized to reimburse yourself for
the net asset value of such Shares when received by you.
6. Transfer Agent Registration of Shares. No Shares of the Fund shall be
registered on the books of the Fund until (i) receipt by us of your written
request therefor; (ii) receipt by the Fund's Transfer Agent of a certificate
signed by an officer of the Trust stating the amount to be received therefor;
and (iii) receipt by the Fund's Custodian of payment of that amount. We will
provide for the recording of all Shares purchased in uncertificated form in
"book accounts." Share certificates will be issued only upon specific request.
7. Blue Sky and Federal Registration of Shares. We shall be responsible
for registering and/or qualifying the Shares of the Funds for sale in such
states and in such amounts as we shall mutually agree upon and for maintaining
such registrations and/or qualifications. We shall also be responsible for
registering the Shares of the Funds with the Securities and Exchange Commission.
We shall notify you of the states in which the Shares are registered and/or
qualified for sale, and we shall promptly notify you of any suspension or
limitation on such registration and/or qualification. You agree to sell Shares
only in such states where we have notified you that the Shares are registered
and/or qualified for sale, and then only in such amounts as we have notified you
may be sold in such states; provided, however, that at your own risk, you may
sell Shares in any jurisdiction pursuant to a valid exemption for or exception
to the applicable registration or qualification requirements.
8. Purchases for Your Own Account. You shall not purchase Shares for your
own account for purposes of resale to the public, but you may purchase Shares
for your own investment account upon your prior written assurance to us that the
purchase is for investment purposes only and that the Shares will not be resold
except by us through redemption.
9. Allocation of Expenses.
(a) We will pay the expenses:
(i) Of the preparation of our audited and certified financial
statements to be included in any amendments to your
Registration Statement under the 1933 Act, including the
Prospectus and Statement of Additional Information of the Fund
included therein ("Amendments");
(ii) Of the preparation, including legal fees and the setting of
type, and the printing of all Amendments or supplements to the
Registration Statement filed with the Securities and Exchange
Commission, including the copies of the Fund's Prospectuses
naming you as principal underwriter, and the Statement of
Additional Information included in the Amendments or
supplements thereto; provided, however, that we will not pay
for any expenses of any Amendments or supplements necessitated
by your (including your "affiliates") activities, or related
to your activities, where such Amendments or supplements
result in expenses which we would not otherwise have incurred;
(iii) Of the preparation, printing, and distribution of any reports
or communications to existing shareholders of the Funds,
including Prospectuses and Statements of Additional
Information;
(iv) Of filing and other fees to federal, state or other securities
regulatory authorities necessary to register and maintain
registration of the Shares; and
(v) Of the Transfer Agent(s) for the Funds, including all costs
and expenses in connection with the issuance, transfer and
registration of the Shares, including but not limited to any
taxes and other governmental charges in connection therewith.
(b) You will pay or be responsible for the expenses:
(i) Described in the proviso at the end of subparagraph (a) (ii)
above;
(ii) Of printing additional copies for use by you as sales
literature or in marketing, of Prospectuses, Statements of
Additional Information, reports or other communications that
we have prepared for distribution to our existing
shareholders; and
(iii) Incurred by you in advertising, promoting and selling the
Shares to the public, including the costs of materials.
10. Furnishing of Information. We will furnish to you such information
with respect to the Fund and its Shares, in such form and signed by such of our
officers as you may reasonably request, and we warrant that the statements
therein contained when so signed will be true and correct. We will also furnish
you with such information and will take such action as you may reasonably
request in order to qualify the Shares for sale to the public under the
securities laws of jurisdictions in which you may wish to offer them. We will
furnish you at least annually with audited financial statements of our books and
accounts certified by independent public accountants, and, from time to time,
with such additional information regarding our financial condition as you may
reasonably request.
We undertake to furnish to you, or cause to be furnished to you, as
many copies of each Fund's current Prospectus, Statement of Additional
Information, and Annual and Semi-Annual Reports to Shareholders as you shall
reasonably request, subject to your obligation set forth in 9. (b) (ii) above,
with respect to the expense of sales literature and marketing material. We
hereby warrant that each such Prospectus, Statement of Additional Information,
and Annual and Semi-Annual Report to Shareholders will be current, accurate and
complete in all material respects at the time we provide it to you or cause it
to be provided to you, and that any supplements or Amendments thereto will be
promptly furnished to you. You agree that, in distributing a Fund's Shares, you
will use only the most current versions of the Prospectus and Statement of
Additional Information, and the most current Annual and Semi-Annual Reports to
Shareholders, each as supplied, supplemented, or revised by us.
11. Marketing Materials. Other than each Fund's current Prospectus,
Statement of Additional Information, and Annual and Semi-Annual Report to
Shareholders naming you as principal underwriter, you will not issue any
advertising, sales, or marketing material or statements, or disseminate to the
public any information whatsoever about the Funds, without our prior approval.
You acknowledge that all advertising, sales, and marketing materials or other
statements about the Funds that are disseminated to the public must conform to
the requirements of all applicable securities laws and regulations, and must be
filed, where necessary, with the appropriate regulatory authorities. You agree
to furnish us on a timely basis with copies of all such material prior to use,
and no such material as you may propose for our review.
12. Conduct of Business. You shall comply with the applicable securities
laws and regulations of the jurisdiction where the Shares are offered for sale,
and conduct your affairs with us and with dealers, brokers or investors in
accordance with the Rules of Fair Practice of the National Association of
Securities Dealers, Inc.
13. Other Activities. Your services pursuant to this Agreement shall not
be deemed to be exclusive, and you may render similar services and act as an
underwriter, distributor or dealer for other investment companies in the
offering and sale of their shares.
14. Term of Agreement. This Agreement shall become effective as of the
effective date of the Trust's Registration Statement on Form N-1A and shall
remain in effect for a period of two years from such effective date. This
Agreement shall continue thereafter for periods not exceeding one year if
approved at least annually (i) by a vote of a majority of the outstanding voting
securities of the Fund or by a vote of the Trustees of the Trust, and (ii) by a
vote of a majority of the Trustees of the Trust who are not interested persons
or parties to this Agreement (other than as Trustees of the Trust), cast in
person at a meeting called for the purpose of voting on such approval.
This Agreement: (i) may at any time be terminated without the payment of
any penalty by vote of the Trustees of the Trust on sixty (60) days' prior
written notice to you; (ii) shall immediately terminate in the event of its
assignment; and (iii) may be terminated by you on sixty (60) days' prior written
notice to us.
15. Suspension of Sales. We reserve the right at all times to suspend or
limit the public offering of the Shares upon written notice to you, and to
reject any order for the purchase of the Shares in whole or in part.
16. Miscellaneous. This Agreement shall be subject to the laws of the
State of California and shall be interpreted and construed to further and
promote the operation of the Trust as an open-end investment company. As used
herein the terms "net asset value," "offering price," "investment company,"
"open-end investment company," "assignment," "principal underwriter,"
"interested person," "parents," and "majority of the outstanding voting
securities," shall have the meanings set forth in the 1933 Act and the 1940 Act
and the rules and regulations thereunder.
17. Liability. Nothing herein shall be deemed to protect you against any
liability to us or to our securities holders to which you would otherwise be
subject by reason of your willful misfeasance, bad faith or gross negligence in
the performance of your duties hereunder, or by reason of your reckless
disregard of your obligations and duties hereunder.
18. Indemnification. We agree to indemnify and hold you harmless from and
against any and all losses; claims, damages or liabilities to which you may
become subject under the 1933 Act, the 1940 Act, or any state securities
statute, and to reimburse you for any legal or other expenses reasonably
incurred by you in connection with any claim or litigation, whether or not
resulting in any liability, insofar as such losses, claims, damages,
liabilities, or litigation arise out of or are based upon any untrue statement
or omission or alleged untrue statement or omission of a material fact contained
in the Registration Statement of the Trust, including any Amendment or
supplement thereto (the "Registration Statement"); provided, however, that this
indemnity shall not apply to any such losses, claims, damages, liabilities, or
litigation arising out of or based upon any untrue statement or omission or
alleged untrue statement or omission of a material fact contained in the
Registration Statement, which statement or omission was made in reliance upon
information furnished by you to us for inclusion in the Registration Statement.
You agree to indemnify and hold us harmless from and against any and
all losses, claims, damages or liabilities to which we may become subject under
the 1933 Act, the 1940 Act, or any state securities statute, and reimburse us
for any legal or other expenses reasonably incurred by us in connection with (i)
any claim or litigation, whether or not resulting in any liability, insofar as
such losses, claims, damages, liabilities, or litigation arise out of or are
based upon any sale of Shares in states where you have been advised that the
Shares are not registered and/or qualified (or sales in excess of amounts that
have been registered and/or qualified); (ii) sales of Shares that have been made
at your own risk as specified in Paragraph 7 hereof; and (iii) any untrue
statement or omission or alleged untrue statement or omission of a material fact
contained in the Registration Statement which statement or omission was made in
reliance upon information furnished by you to us for inclusion in the
Registration Statement.
19. Limitation on Liability. You acknowledge that you have received notice
of and accept the limitations on liability set forth in the Trust's Agreement
and Declaration of Trust, as amended from time to time. In accordance there
with, you agree that each Fund's obligations hereunder shall be limited
exclusively to the Fund and the assets of such Fund, and no party shall seek
satisfaction of any such obligation from any shareholders or from any other Fund
within the Trust, nor from the Trust generally, nor from any Trustee, officer,
employee or agent of the Trust.
If the foregoing meets with your approval, please acknowledge your
acceptance by signing each of the enclosed counterparts hereof and returning two
such counterparts to us, whereupon this shall constitute a binding agreement as
of the date first above written.
Very truly yours,
CALIFORNIA INVESTMENT TRUST on behalf of each Fund set
forth in Appendix A (as may be amended)
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
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President
Accepted:
RFS PARTNERS
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By: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, Inc.,
Its General Partner
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
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Sole Shareholder of ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, Inc.
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APPENDIX "A"
TO THE
CALIFORNIA INVESTMENT TRUST
UNDERWRITING AGREEMENT
DATED: JANUARY 1, 2007
This agreement applies to:
1. California Insured Tax-Free Income Fund
2. California Insured Intermediate Fund
3. California Tax-Free Money Market Fund
4. S&P 500 Index Fund
5. S&P MidCap Index Fund
6. S&P SmallCap Index Fund
7. Nasdaq-100 Index Fund
8. Equity Income Fund
9. European Growth & Income Fund
10. US Government Securities Fund
11. Short-term US Government Securities Fund
12. United States Treasury Trust
EXHIBIT A
RFS Partners
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MASTER
SELLING GROUP AGREEMENT
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Name of Firm
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Address of Principal Office
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City State Zip Code
Gentlemen:
In connection with offerings of investment company ("Fund") securities
("Shares") in which RFS Partners acts as underwriter and distributor, or as the
representative or one of the representatives of a group of underwriters and
distributors (the "Distributors"), you may be offered the opportunity, as a
selected dealer, to participate in the sale of the subject securities. This
Agreement shall apply to any such offering of securities in which you are
invited to participate, and elect to participate, as a selected dealer, and with
respect to which we shall advise you that this Agreement shall apply. We
understand that you are a member of the National Association of Securities
Dealers, Inc., and, on the basis of such understanding, invite you to become a
member of the Selling Group to distribute the Shares of the Fund(s) on the
following terms:
1. You and ourselves agree to abide by the Rules of Fair Practice, the
Constitution and By-Laws of the National Association of Securities Dealers,
Inc., and to all other rules and regulations that are now or may become
applicable to transactions hereunder.
2. You will be advised that you are being offered the opportunity to
participate in any offering of Shares by a telegram, telex, graphic scanning
message or other form of written communication. Such communication, or written
communications (collectively "Written Communications") subsequently sent to you
will set forth, or refer to a prospectus setting forth, the issuer, certain
terms of the Shares, the selling concession, the re-allowance (if any) to
dealers and the time when selected dealers may commence selling the Shares to
the public. Your election to participate and agreement to the terms of this
Agreement shall be evidenced by (i) the placement of an order for Shares in any
such offering or (ii) receipt by us of a written communication indicating your
intention to sell Shares in an offering. Orders for Shares of a Fund received
from you and accepted by us will be at the public offering price applicable to
each order in accordance with such Fund's then current effective Prospectus. The
procedure relating to the handling of orders shall be subject to instructions
which we shall forward from time to time to all members of the Selling Group.
All orders are subject to acceptance by us and we reserve the right in our sole
discretion to reject any order in whole or in part.
3. As compensation for selling Shares of a Fund, you shall be entitled to
receive from the public offering price the amount of concession, if any, as set
forth in the then current effective Prospectus of such Fund, plus, where
applicable, the payments set forth on Exhibit A hereto. The current effective
Prospectus of each Fund shall at all times reflect the applicable amount of
concessions, if any, available to you. There shall be no concession on the
purchase of a Fund's Shares through the reinvestment of any distributions made
by such Fund, which shall be at net asset value.
4. All purchases of Shares of a Fund made under any cumulative purchase
privilege as set forth in a Fund's then current effective Prospectus shall be
considered an individual transaction for the purpose of determining the
concession from the public offering price to which you are entitled as set forth
in paragraph 3 hereof.
5. As a member of the Selling Group, you agree to purchase Shares of the
Fund(s) only through us or from your customers. Purchases through us shall be
made only for your own investment purposes or for the purpose of covering
purchase orders already received from your customers, and we agree that we will
not place orders for the purchase of Shares from a Fund except to cover purchase
orders already received by us. Purchases from your customers shall be at a price
not less than the net asset value quoted by each such Fund at the time of such
purchase. Nothing herein contained shall prevent you from selling any Shares of
a Fund for the account of the record holder to us or to such Fund at the net
asset value quoted by us and charging your customer a fair commission for
handling the transaction.
6. You agree that you will not withhold placing customers' orders so as to
profit yourself as a result of such withholding. We will accept conditional
orders only on the basis of a specified definite price.
7. You agree to sell Shares of the Fund(s) only (a) to your customers at
the public offering prices then in effect or (b) to us as agent for the Fund(s)
or to each such Fund itself at the redemption price, as described in each Fund's
then current effective Prospectus (unless after reasonable investigation by you,
you are able to obtain a better price for the Shares).
8. Settlement shall be made promptly, but in no case later than ten (10)
business days after our acceptance of the order or, if so specified by you, we
will make delivery by draft on you, the amount of which draft you agree to pay
on presentation to you. If payment is not so received or made, the right is
reserved forthwith to cancel the sale or, at our option, to resell the Shares to
the applicable Fund, at the then prevailing bid price in which latter case you
agree to be responsible for any loss resulting to such Fund or to us from your
failure to make payment as aforesaid.
9. If any Shares sold to you under the terms of this Agreement are
repurchased by a Fund or by us as agent, or for the account of that Fund or are
tendered to that Fund for purchase at liquidating value under the terms of the
Agreement and Declaration of Trust or other documents governing such Fund within
seven (7) business days after the date of our confirmation to you of your
original purchase order therefor, you agree to pay forthwith to us the full
amount of any concession allowed to you on the original sale and we agree to pay
such amount to the Fund when received by us. We shall notify you of such
repurchase within ten (10) days of the effective date of such repurchase.
10. All sales will be subject to receipt of Shares by us from the Funds.
We reserve the right in our discretion without notice to you to suspend sales or
withdraw the offering of Shares entirely, or to modify or cancel this Agreement,
which shall be construed in accordance with the laws of the State of California.
All sales shall be subject to the terms and provision set forth in each Fund's
then current effective Prospectus.
11. No person is authorized to make any representations concerning a Fund
or Shares of a Fund except those contained in each Fund's then current effective
Prospectus of Statement of Additional Information and any such information as
may be released by a Fund as information supplemental to such Prospectus or
Statement of Additional Information. In purchasing Shares through us you shall
rely solely on the representations contained in each Fund's then current
effective Prospectus or Statement of Additional Information and supplemental
information above-mentioned.
12. Additional copies of each such Prospectus or Statement of Additional
Information and any printed information issued as supplemental to each such
Prospectus or Statement of Additional Information will be supplied by us to
members of the Selling Group in reasonable quantities upon request.
13. In no transaction shall you have any authority whatever to act as
agent of a Fund, or series thereof, or of us or of any other member of the
Selling Group, and nothing in this Agreement shall constitute either of us the
agent of the other or shall constitute you or the Fund the agent of the other.
In all transactions in these Shares between you and us, we are acting as agent
for the Fund and not as principal.
14. All communications to us shall be sent to us at ▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇,
▇▇▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇. Any notice to you shall be duly
given if mailed or telegraphed to you at your address as registered from time to
time with the National Association of Securities Dealers, Inc.
15. This Agreement may be terminated upon written notice by either party
at any time, and shall automatically terminate upon its attempted assignment by
you, whether by operation of law or otherwise, or by us otherwise than by
operation of law.
16. By accepting this Agreement, you represent that you are registered as
a broker states or other jurisdictions where you transact business, and are a
member in good standing of the National Association of Securities Dealers, Inc.,
and you agree that you will maintain such registrations, qualifications, and
membership in good standing and in full force and effect throughout the term of
this Agreement. You further agree to comply with all applicable Federal laws,
the laws of the states or other jurisdictions concerned, and the rules and
regulations promulgated thereunder and with the Constitution, By-Laws and Rules
of Fair Practice of the National Association of Securities Dealers, Inc., and
that you will not offer or sell Shares of a Fund in any state or jurisdiction
where they may not lawfully be offered and/or sold.
If you are offering and selling Shares of a Fund in jurisdictions
outside the several states, territories, and possessions of the United States
and are not otherwise required to be registered, qualified, or a member of the
National Association of Securities Dealers, Inc., as set forth above, you
nevertheless agree to observe the applicable laws of the jurisdiction in which
such offer and/or sale is made, to comply with the full disclosure requirements
of the Securities Act of 1933 and the regulations promulgated thereunder, to
conduct your business in accordance with the spirit of the Rules of Fair
Practice of the National Association of Securities Dealers, Inc., and to obey
all applicable military and naval regulations.
17. This Agreement and all amendments to this Agreement shall take effect
with respect to and on the date of any orders placed by you after the date set
forth below or, as applicable, after the date of the notice of amendment sent to
you by the undersigned.
RFS PARTNERS
By:
▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, Inc.
Its General Partner
By:
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▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
President
The undersigned accepts your invitation to become a member of the
Selling Group and agrees to abide by the foregoing terms and conditions.
Firm Name:
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Address:
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Date: By
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(Authorized Signature)
The above Agreement should be executed in duplicate and one copy returned
to RFS Partners.