<PAGE> PAGE 1
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007 C010300 3
007 C020300 THE ARCH GOVERNMENT & CORPORATE BOND PORT.
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007 C010400 4
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<PAGE> PAGE 2
007 C021000 THE ARCH MISSOURI TAX-EXEMPT BOND PORTFOLIO
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 14
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<PAGE> PAGE 17
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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SIGNATURE RICK CLEMENS
TITLE SUPERVISER
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Exhibit 77B
[LOGO] KPMG PEAT MARWICK LLP
Two Nationwide Plaza Telephone 614 249 2300 Telefax 614 249 2348
Columbus, OH 43215
The Board of Directors
of The ARCH Fund, Inc.:
In planning and performing our audit or the financial statements of The ARCH
Fund, Inc. for the year ended November 30, 1995, we considered its internal
controls, including procedures for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of Form N-SAR, not
to provide assurance on the internal controls.
The management of The ARCH Fund, Inc. is responsible for establishing and
maintaining internal controls. In fulfilling this responsibility, estimates
and judgments by management are required to assess the expected benefits and
related costs of internal control policies and procedures. Two of the
objectives of internal controls are to provide management with reasonable, but
not absolute, assurance that assets are safeguarded against loss from
unauthorized use or disposition and that transactions are executed in
accordance with management's authorization and recorded properly to permit
preparation of financial statements in conformity with generally accepted
accounting principles.
Because of inherent limitations in any internal controls, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of the internal controls to future periods is subject to the risk
that it may become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the inernal controls would not necessarily disclose all
matters in the internal controls that might be material weaknesses under
standards established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the design or
operation of the specific internal control elements does not reduce to a
relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal controls, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
November 30, 1995.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
KPMG Peat Marwick LLP
Columbus, Ohio
January 17, 1996
EXHIBIT 77C
THE ARCH TAX-EXEMPT TRUST
------------------------------
NOTICE OF SPECIAL MEETING OF SHAREHOLDERS
------------------------------
August 15, 1995
To the Shareholders of
The ARCH Tax-Exempt Trust:
A Special Meeting of Shareholders of The ARCH Tax-Exempt Trust (the
"Trust") will be held on September 26, 1995, at 9:30 a.m., Central Time, at the
offices of Mississippi Valley Advisors Inc., One Mercantile Center, Southeast
Conference Room, 21st Floor, St. Louis, Missouri 63101, for the following
purposes:
(1) To approve or disapprove an Agreement and Plan of Reorganization
(the "Reorganization Agreement"), and the transactions contemplated
thereby, including (a) the transfer of all of the assets and liabilities of
the Trust's ARCH Tax-Exempt Money Market Portfolio and ARCH Missouri Tax-
Exempt Bond Portfolio (the "Trust Portfolios") to, respectively, the ARCH
Tax-Exempt Money Market Portfolio and ARCH Missouri Tax-Exempt Bond
Portfolio (the "Fund Portfolios") of The ARCH Fund, Inc. (the "Fund") in
exchange for shares of the Fund Portfolios; (b) the distribution of the
Fund Portfolios' shares so received to shareholders of the Trust
Portfolios; and (c) the termination of the Trust under state law and its
deregistration under the Investment Company Act of 1940.
(2) To transact such other business as may properly come before the
Special Meeting.
The subjects referred to above are discussed in the Proxy Statement
attached to this Notice. Each shareholder is invited to attend the Special
Meeting of Shareholders in person. Shareholders of record at the close of
business on July 31, 1995 are entitled to receive notice of and to vote at the
Special Meeting. IF YOU CANNOT BE PRESENT AT THE SPECIAL MEETING, WE URGE YOU TO
FILL IN, SIGN AND PROMPTLY RETURN THE ENCLOSED PROXY IN THE ENVELOPE PROVIDED,
WHICH IS ADDRESSED FOR YOUR CONVENIENCE AND NEEDS NO POSTAGE IF MAILED IN THE
UNITED STATES. YOU MAY REVOKE YOUR PROXY AT ANY TIME BEFORE THE SPECIAL MEETING
BY WRITTEN NOTICE TO SUCH EFFECT, BY SUBMITTING A SUBSEQUENTLY DATED PROXY OR BY
ATTENDING THE SPECIAL MEETING AND VOTING IN PERSON.
W. BRUCE McCONNEL, III
Secretary
<PAGE> 2
THE ARCH TAX-EXEMPT TRUST
1900 EAST DUBLIN-GRANVILLE ROAD
COLUMBUS, OHIO 43229
1-800-551-3731
PROXY STATEMENT
This Proxy Statement is furnished in connection with the solicitation of
proxies by the Board of Trustees of The ARCH Tax-Exempt Trust (the "Trust") for
use at the Special Meeting of Shareholders (the "Meeting") to be held at the
offices of Mississippi Valley Advisors Inc., One Mercantile Center, Southeast
Conference Room, 21st Floor, St. Louis, Missouri 63101, on September 26, 1995,
at 9:30 a.m., Central Time. At the Meeting, shareholders will be asked to
consider and approve a proposed Agreement and Plan of Reorganization dated as of
August 1, 1995 (the "Reorganization Agreement") between The ARCH Fund, Inc. (the
"Fund") and the Trust, providing for the transfer of the Trust's ARCH Tax-Exempt
Money Market Portfolio and ARCH Missouri Tax-Exempt Bond Portfolio
(collectively, the "Trust Portfolios") to the Fund in order to eliminate the
duplicative costs of maintaining two separate entities.
It is expected that the solicitation of proxies will be primarily by mail.
In connection with the solicitation of certain shareholders, the Trust's service
contractors have retained Automatic Data Processing to assist in the
solicitation of proxies by mail and to tabulate votes returned at a cost of
$2,500. The Trust's officers and service contractors may also solicit proxies by
telephone, telegraph or personal interview. The Trust will bear all proxy
solicitation costs. Any shareholder giving a proxy may revoke it at any time
before it is exercised by submitting to the Trust a written notice of revocation
or a subsequently executed proxy or by attending the Meeting and electing to
vote in person. This Proxy Statement and the enclosed Proxy are expected to be
distributed to shareholders on or about August 18, 1995.
Only shareholders of record at the close of business on July 31, 1995 (the
"Record Date") will be entitled to vote at the Meeting. On the Record Date, the
following number of shares of beneficial interest of the Trust were outstanding
and entitled to be voted at the Meeting: 5,802,817.90 Class A shares and
92,368,533.57 Class A-Special Series 1 shares, evidencing interests in the
Trust's ARCH Tax-Exempt Money Market Portfolio; and 3,732,819.36 Class C shares,
2,112,436.49 Class C-Special Series 1 shares and 18,813.94 Class C-Special
Series 2 shares, evidencing interests in the Trust's ARCH Missouri Tax-Exempt
Bond Portfolio. Class A shares of the ARCH Tax-Exempt Money Market Portfolio and
Class C-Special Series 1 shares of the ARCH Missouri Tax-Exempt Bond Portfolio
are designated as "Investor A shares," Class A- Special Series 1 shares of the
ARCH Tax-Exempt Money Market Portfolio and Class C shares of the ARCH Missouri
Tax-Exempt Bond Portfolio are designated as "Trust shares," and Class C-Special
Series 2 shares of the ARCH Missouri Tax-Exempt Bond Portfolio are designated as
"Investor B shares."
If a proxy is properly executed and returned and marked with an abstention,
the shares represented thereby will be considered to be present at the Meeting
for purposes of determining the existence of a quorum for the transaction of
business. Shareholders will vote separately by Trust Portfolio with respect to
the approval or disapproval of the Reorganization Agreement (and the
transactions contemplated thereby). Approval of the proposal with respect to a
Trust Portfolio requires the affirmative vote of the holders of a majority of
the outstanding shares of the Trust Portfolio, which means the lesser of (a) 67%
or more of the
1
<PAGE> 3
shares of the Trust Portfolio present at the Meeting and entitled to vote on
such proposal if the holders of more than 50% of the Trust Portfolio's shares
are present in person or by proxy, or (b) the holders of more than 50% of the
Trust Portfolio's outstanding shares. Each share is entitled to one vote;
fractional shares are entitled to proportionate fractional votes. Under
Massachusetts law, abstentions will have the same effect as voting against the
proposal. Broker "non-votes" (i.e., proxies from brokers or nominees indicating
that such persons have not received instructions from the beneficial owner or
other persons entitled to vote shares on a particular matter with respect to
which the brokers or nominees do not have discretionary power) will be treated
the same as abstentions.
In the event that a quorum of shareholders is not represented at the
Meeting or at any adjournment thereof, or, even though a quorum is so
represented, in the event that sufficient votes in favor of the proposal set
forth in the Notice of Meeting of Shareholders are not received, the persons
named as proxies may propose and vote for one or more adjournments of the
Meeting to be held within a reasonable time after the date originally set for
the Meeting, and further solicitation of proxies may be made without the
necessity of further notice. The persons named as proxies will vote in favor of
any such adjournment those proxies which instruct them to vote in favor of the
proposal to be considered at the adjourned Meeting, and will vote against any
such adjournment those proxies which instruct them to vote against or to abstain
from voting on the proposal to be considered at the adjourned Meeting.
The Trust will furnish to shareholders upon request, without charge, copies
of its Annual Report to Shareholders, containing audited financial statements
for the fiscal year ended May 31, 1995. Requests for copies of such Annual
Report should be directed to the Trust in writing at P.O. Box 78069, St. Louis,
Missouri 63178 or by telephone at 1-800-551-3731. The Annual Report is not to be
regarded as proxy soliciting material.
IF YOU DO NOT EXPECT TO BE PRESENT AT THE MEETING AND WISH YOUR SHARES TO
BE VOTED, PLEASE DATE AND SIGN THE ENCLOSED PROXY AND MAIL IT IN THE ENCLOSED
REPLY ENVELOPE, WHICH IS ADDRESSED TO PROXY SERVICES, POST OFFICE BOX 9153,
FARMINGDALE, N.Y. 11735-9812. YOU MAY REVOKE YOUR PROXY AT ANY TIME BEFORE THE
MEETING BY WRITTEN NOTICE TO SUCH EFFECT, BY SUBMITTING A SUBSEQUENTLY DATED
PROXY OR BY ATTENDING THE MEETING AND VOTING IN PERSON.
APPROVAL OR DISAPPROVAL OF
AGREEMENT AND PLAN OF REORGANIZATION
The Board of Trustees of the Trust and the Board of Directors of the Fund
have unanimously approved the Agreement and Plan of Reorganization, which is
being recommended to the shareholders of the Trust Portfolios for approval at
the Meeting. Subject to such approval, the Reorganization Agreement provides for
(a) the acquisition by the Fund of all of the assets and liabilities of the
Trust Portfolios in exchange for shares of the Fund's ARCH Tax-Exempt Money
Market Portfolio and ARCH Missouri Tax-Exempt Bond Portfolio (collectively, the
"Fund Portfolios"); (b) the distribution of such shares of the Fund Portfolios
to the shareholders of the Trust Portfolios in liquidation of the Trust
Portfolios; and (c) the termination of the Trust
2
<PAGE> 4
under state law and its deregistration as an investment company under the
Investment Company Act of 1940 (the "1940 Act").
As a result of the proposed reorganization, each shareholder of a Trust
Portfolio will become a shareholder of the corresponding Fund Portfolio and will
hold, immediately after the time the reorganization becomes effective (the
"Effective Time of the Reorganization"), a number of shares of common stock of
the corresponding Fund Portfolio equal to the number and type of shares of
beneficial interest that the shareholder holds in the Trust Portfolio
immediately before the Effective Time of the Reorganization.
Each Fund Portfolio was created for the purpose of succeeding to the
business of the corresponding Trust Portfolio and will have nominal assets and
liabilities prior to the reorganization. Following the Reorganization, there
will be no material change in the operations of any Fund Portfolio from that of
its corresponding Trust Portfolio, except that the fiscal year of the Fund
Portfolios will end on November 30 of each year rather than on May 31, the
fiscal year-end for the Trust Portfolios. The investment objective, policies and
restrictions of each Fund Portfolio will be identical to those of its
predecessor Trust Portfolio. The net asset value of a share of a Fund Portfolio
will be the same at the Effective Time of the Reorganization as the net asset
value of a share of the same type of its predecessor Trust Portfolio immediately
before the Effective Time of the Reorganization. Each Fund Portfolio will
continue to sell and redeem its shares in the same manner as is set forth in its
predecessor Trust Portfolio's Prospectuses. The Fund's Board of Directors and
officers are identical to the Trust's Board of Trustees and officers.
A copy of the Reorganization Agreement is attached to this Proxy Statement
as Exhibit A, and the description of the Reorganization Agreement which follows
is qualified in its entirety by reference to Exhibit A.
REASONS FOR THE REORGANIZATION
The Fund and the Trust are separately registered, open-end management
investment companies. The Fund is a corporation organized under the laws of the
State of Maryland. The Trust is a business trust organized under the laws of the
Commonwealth of Massachusetts. The purpose of the proposed reorganization is to
terminate the Trust and transfer the Trust Portfolios to the Fund. This change
is intended to promote efficient operations and eliminate duplicative costs.
At concurrent meetings of the Boards of Directors/Trustees of the Fund and
the Trust held on March 21, 1995, representatives of Mississippi Valley Advisors
Inc. ("MVA"), the investment adviser to the Fund and the Trust, made a
preliminary presentation regarding the proposed reorganization. A formal
recommendation as to the proposed reorganization was presented at concurrent
meetings of the Boards of Directors/Trustees held on June 27, 1995. At the June
27, 1995 meeting, the Board of Directors of the Fund also authorized the
creation of the classes and series of shares of the Fund Portfolios into which
the Trust Portfolios will be reorganized and the filing of a post-effective
amendment to the Fund's Registration Statement on Form N-1A to register such
shares of the Fund Portfolios.
In reviewing the proposed reorganization, the Boards of Directors/Trustees
considered the potential impact of the reorganization on the Fund's and the
Trust's respective shareholders, including (a) the elimination of professional
and other costs that are duplicative because they are presently incurred for
services that are performed for both the Fund and the Trust separately; (b) the
potential for increased operational and administrative efficiencies for the Fund
and Trust, as well as for MVA as investment adviser to the Fund and
3
<PAGE> 5
the Trust and for BISYS Fund Services Ohio, Inc. ("BISYS") as the administrator
of the Fund and the Trust; and (c) the reduction of certain fixed costs, such as
insurance premiums, on a per share basis because those costs will be spread over
a larger asset base. The proposed reorganization, while prompted by perceived
cost savings and operational and administrative efficiencies, is made feasible
by the Tax Reform Act of 1986 which made it clear that for tax purposes each
portfolio in a mutual fund would be treated as a separate corporation, thus
eliminating possible adverse tax consequences that were present before. In this
case, the Trust Portfolios may be combined into the Fund without the loss of the
flow-through of tax-exempt interest to shareholders of the Trust Portfolios.
The Trustees also noted favorably that the proposed reorganization was to
be structured as a non-taxable event and would not give rise to the recognition
of income, gain or loss for federal income tax purposes to the Trust Portfolios,
the Fund Portfolios or their respective shareholders.
Based upon their evaluation of the information presented to them, and in
light of their fiduciary duties under federal and state law, the Board of
Trustees of the Trust and the Board of Directors of the Fund, including all of
the members of each Board who are not "interested persons" of the Trust or the
Fund, have determined that the proposed reorganization is in the best interests
of their respective shareholders, and have further determined that the interests
of their respective shareholders will not be diluted as a result of the
reorganization.
DESCRIPTION OF THE REORGANIZATION AGREEMENT
The Reorganization Agreement provides that at the Effective Time of the
Reorganization all of the assets and liabilities of the Trust Portfolios will be
transferred to the Fund Portfolios. In exchange for the transfer of the assets
and liabilities of the Trust Portfolios, the Fund will simultaneously issue at
the Effective Time of the Reorganization full and fractional shares of common
stock in the Fund Portfolios of the following classes and series:
<TABLE>
<CAPTION>
FUND PORTFOLIO/SHARE CLASS AND CORRESPONDING TRUST PORTFOLIO/SHARE
SERIES TO BE ISSUED IN REORGANIZATION CLASS AND SERIES
- -------------------------------------------- --------------------------------------------
<S> <C>
Tax-Exempt Money Market Portfolio-- Tax-Exempt Money Market Portfolio--
Class J Common Stock (Investor A shares) Class A Shares (Investor A shares)
Tax-Exempt Money Market Portfolio-- Tax-Exempt Money Market Portfolio--
Class J Common Stock--Special Series 1 Class A--Special Series 1 shares
(Trust Shares) (Trust Shares)
Missouri Tax-Exempt Bond Portfolio-- Missouri Tax-Exempt Bond Portfolio--
Class K Common Stock (Investor A shares) Class C--Special Series 1 shares
(Investor A shares)
Missouri Tax-Exempt Bond Portfolio-- Missouri Tax-Exempt Bond Portfolio--
Class K Common Stock--Special Series 1 Class C shares (Trust shares)
(Trust Shares)
Missouri Tax-Exempt Bond Portfolio-- Missouri Tax-Exempt Bond Portfolio--
Class K Common Stock--Special Series 2 Class C--Special Series 2 shares
(Investor B shares) (Investor B shares)
</TABLE>
4
<PAGE> 6
Following the transfer of assets and liabilities in exchange for Fund
Portfolio shares, the Trust will distribute the shares of the Fund Portfolios so
received to the shareholders of the Trust Portfolios in liquidation of the Trust
Portfolios. Each shareholder of a particular Trust Portfolio will thus receive
full and fractional shares of the class and series of common stock of the
corresponding Fund Portfolio equal in number and net asset value to the number
of shares of the corresponding class and series of shares of the Trust Portfolio
owned by the shareholder immediately before the Effective Time of the
Reorganization, plus the right to receive any unpaid dividends or distributions
which were declared before the Effective Time of the Reorganization on such
Trust Portfolio shares.
The Fund will establish an account for each shareholder of record
reflecting the appropriate number of Fund Portfolio shares. If any Trust
Portfolio shares held by a former Trust Portfolio shareholder are represented by
a share certificate, the certificate must be surrendered to the Fund's transfer
agent for cancellation before the Fund Portfolio shares issued to the
shareholder in the reorganization will be redeemed.
The reorganization is subject to a number of conditions, including approval
of the Reorganization Agreement and the related transactions described in this
Proxy Statement by shareholders of the Trust Portfolios; the receipt of certain
legal opinions described in Section 7 of the Reorganization Agreement (which
include an opinion of Drinker Biddle & Reath, counsel to the Fund and the Trust,
that Fund Portfolio shares issued to Trust Portfolio shareholders in accordance
with the terms of the Reorganization Agreement will be validly issued, fully
paid and non-assessable); the effectiveness of the post-effective amendment to
the Fund's Registration Statement on Form N-1A registering the shares of the
Fund Portfolios; and the receipt of certain assurances from the parties
concerning the acquisition of permits and other authorizations necessary under
state securities law. Assuming satisfaction of the conditions in the
Reorganization Agreement, the Effective Time of the Reorganization will be on
October 2, 1995 or such other date as is agreed to by the parties. If the
difference between the per share net asset values of the Trust's ARCH Tax-Exempt
Money Market Fund and the corresponding Fund Portfolio equals or exceeds $.001
at the close of business on the day preceding the time at which the
reorganization is to be effective, as computed by using the market values of
such Portfolios' assets, any of the Board of Directors of the Fund, the
authorized officers of the Fund, the Board of Trustees of the Trust or the
authorized officers of the Trust has the right to postpone the Effective Time of
the Reorganization with respect to such Portfolios until such time as the per
share difference is less than $.001.
The Reorganization Agreement and the reorganization described herein may be
abandoned at any time prior to the Effective Time of the Reorganization upon the
concurring votes of the Board of Trustees or authorized officers of the Trust
and the Board of Directors or authorized officers of the Fund. The
Reorganization Agreement provides further that at any time prior to or (to the
fullest extent permitted by law) after approval of the agreement by the
shareholders of each Trust Portfolio (a) the parties thereto may, by written
agreement authorized by their respective Boards of Trustees and Directors and
with or without the approval of shareholders, amend any of the provisions of the
Reorganization Agreement and (b) may waive any default or the failure to satisfy
any of the conditions to its obligations (such waiver to be in writing and
authorized by the Board of Trustees or Directors or the authorized officers of
the waiving party with or without the approval of such party's shareholders).
5
<PAGE> 7
FEDERAL INCOME TAX CONSEQUENCES
Consummation of the reorganization is subject to the condition that the
Trust and the Fund each receive an opinion from Drinker Biddle & Reath to the
effect that for federal income tax purposes: (i) the transfer of all of the
assets and liabilities of each Trust Portfolio to the corresponding Fund
Portfolio in exchange for shares of such Fund Portfolio and the distribution to
shareholders of the Trust Portfolio of the shares of such Fund Portfolio so
received, as described in the Reorganization Agreement, will constitute a
reorganization within the meaning of Section 368(a)(1)(F) of the Internal
Revenue Code of 1986, as amended; (ii) no gain or loss will be recognized by
either Trust Portfolio as a result of such transactions; (iii) no gain or loss
will be recognized by either Fund Portfolio as a result of such transactions;
(iv) no gain or loss will be recognized by the shareholders of the Trust
Portfolios on the distribution to them by the Trust of shares of the
corresponding Fund Portfolios in exchange for their shares of the Trust
Portfolios; (v) the basis of the Fund Portfolio shares received by a shareholder
of a Trust Portfolio will be the same as the basis of the shareholder's Trust
Portfolio shares immediately before the reorganization; (vi) the basis to each
Fund Portfolio of the assets of the corresponding Trust Portfolio received
pursuant to such transactions will be the same as the basis of the assets in the
hands of the particular Trust Portfolio immediately before such transactions;
(vii) a shareholder's holding period for Fund Portfolio shares will be
determined by including the period for which the shareholder held the Trust
Portfolio shares exchanged therefor, provided that the shareholder held such
Trust Portfolio shares as a capital asset; (viii) each Fund Portfolio's holding
period with respect to the assets received in the reorganization will include
the period for which such assets were held by the corresponding Trust Portfolio;
(ix) each Fund Portfolio will succeed to the tax attributes of the corresponding
Trust Portfolio; and (x) each Fund Portfolio will succeed to the Employer
Identification Number of the corresponding Trust Portfolio for Federal income
tax purposes.
The Fund and the Trust have not sought a tax ruling from the Internal
Revenue Service ("IRS"). The opinion of counsel is not binding on the IRS and
does not preclude the IRS from adopting a contrary position. Shareholders should
consult their own advisers concerning the potential tax consequences to them,
including state and local income tax consequences.
EXPENSES
Expenses relating to the proposed reorganization are expected to
approximate $63,000. Reorganization expenses of the Trust Portfolios will be
borne by those Portfolios. If the reorganization is consummated, the expenses
will be assumed by the Fund Portfolios, which will also bear their own
reorganization expenses, if any. Management anticipates that, taking into
account such expenses, the reorganization will produce a net cost savings to the
Fund.
DESCRIPTION OF THE FUND AND THE FUND PORTFOLIOS
The Fund Portfolios have been created for the purpose of succeeding to the
business of the corresponding Trust Portfolios. Prior to the Effective Time of
the Reorganization, the Fund Portfolios will have no assets (other than a
nominal investment by BISYS, the administrator of the Fund and the Trust, as the
sole initial shareholder of the Fund Portfolios) and no liabilities. The
investment objectives, policies and restrictions of the Fund Portfolios are
identical to those of the corresponding Trust Portfolios.
6
<PAGE> 8
Following the reorganization MVA, the investment adviser to the Trust
Portfolios, will continue to provide investment advisory services to the Fund
Portfolios pursuant to an investment advisory agreement with the Fund that is
substantially the same in form and substance (including the same rate of
compensation) as the investment advisory agreement presently in effect with
respect to the Trust Portfolios. Similarly, following the reorganization,
Mercantile Bank of St. Louis National Association ("Mercantile"), an affiliate
of MVA, will continue to provide custody services to the Fund Portfolios, BISYS
will continue to provide administration and transfer agency services to the Fund
Portfolios and The Winsbury Company, an affiliate of BISYS, will continue to
serve as distributor of the shares of the Fund Portfolios pursuant to agreements
that are substantially the same in form and substance (including the same rates
of compensation) as those presently in effect for the Trust Portfolios. In
addition, following the reorganization, Trust Shares of the Fund Portfolios will
be subject to an Administrative Services Plan which is identical in all material
respects (including the same fees) to the Administrative Services Plan in effect
for Trust Shares of the Trust Portfolios, Investor A Shares of the Fund
Portfolios will be subject to a Distribution and Services Plan which is
identical in all material respects (including the same fees) to the Distribution
and Services Plan for Investor A Shares of the Trust Portfolios, and Investor B
Shares of the Fund's ARCH Missouri Tax-Exempt Bond Portfolio will be subject to
a Distribution and Services Plan which is identical in all material respects
(including the same fees) to the Distribution and Services Plan for Investor B
Shares of the Trust's Missouri Tax-Exempt Bond Portfolio.
The manner in which shares of the Fund Portfolios are distributed, and the
procedures for purchasing and redeeming shares, will be the same as those for
the Trust Portfolios. Specifically, Trust Shares of each Fund Portfolio (like
Trust shares of each Trust Portfolio) as well as Investor A Shares of the Fund's
ARCH Tax-Exempt Money Market Portfolio (like Investor A Shares of the Trust's
ARCH Tax-Exempt Money Market Portfolio) will be sold without a sales load,
Investor A Shares of the Fund's ARCH Missouri Tax-Exempt Bond Portfolio (like
Investor A Shares of the Trust's ARCH Missouri Tax-Exempt Bond Portfolio) will
be sold with a maximum 4.5% front-end sales charge, and Investor B Shares of the
Fund's ARCH Missouri Tax-Exempt Bond Portfolio (like Investor B Shares of the
Trust's ARCH Missouri Tax-Exempt Bond Portfolio) will be sold with a maximum
5.0% contingent deferred sales charge. Eight years after purchase, Investor B
Shares of the Fund's ARCH Missouri Tax-Exempt Bond Portfolio (like Investor B
Shares of the Trust's ARCH Missouri Tax-Exempt Bond Portfolio) will
automatically convert to Investor A Shares of such Portfolio. In addition,
dividends on shares of the Fund Portfolios will be declared and paid in the same
manner as presently in effect for the Trust Portfolios. The Fund's Tax-Exempt
Money Market Portfolio will continue to follow a policy of seeking to maintain a
$1.00 stable net asset value per share for purposes of purchases and redemptions
through the use of the amortized cost method of portfolio valuation pursuant to
Rule 2a-7 under the 1940 Act, which is the policy that the Trust's Tax-Exempt
Money Market Portfolio has followed since its organization.
Both the Fund and the Trust are registered as open-end management
investment companies under the 1940 Act. Currently, the Fund maintains nine
separate investment portfolios, and the Trust maintains two investment
portfolios.
The Fund is organized as a Maryland corporation and, as such, is subject to
the provisions of its Charter and Bylaws and to the Maryland General Corporation
Law. The Trust is organized as a Massachusetts business trust, and is subject to
the provisions of its Declaration of Trust and Code of Regulations. Although the
rights of shareholders of a Maryland corporation vary in certain respects from
the rights of shareholders of
7
<PAGE> 9
a Massachusetts business trust, the attributes of a share of common stock in the
Fund are comparable to those of a share of beneficial interest in the Trust.
Shares of the Fund Portfolios have a per share par value of $.001 as do shares
of the Trust Portfolios. Shares of both the Fund Portfolios and the Trust
Portfolios are entitled to one vote for each full share held and fractional
votes for fractional shares held; will vote in the aggregate and not by class or
series except as otherwise required by law or by their respective governing
instruments or when class voting is permitted by the Board of Directors or
Trustees; and are entitled to participate equally (except for fees that are
borne by Trust Shares of the Fund and Trust pursuant to the respective
Administrative Services Plans for such shares, fees that are borne by Investor A
shares of the Fund and Trust pursuant to the respective Distribution and
Services Plans for such shares, and fees that are borne by Investor B Shares of
the Fund and Trust pursuant to the respective Distribution and Services Plans
for such shares) in the dividends and distributions that are declared with
respect to a particular investment portfolio and in the net distributable assets
of such portfolio on liquidation. In addition, shares of the Fund Portfolios and
the Trust Portfolios have no pre-emptive rights and only such conversion and
exchange rights (in addition to the automatic conversion feature of Investor B
Shares eight years after purchase into Investor A Shares), as the Board of
Directors or Trustees may grant at its discretion. When issued for payment as
described in their respective Prospectuses, Fund Portfolio and Trust Portfolio
shares are fully paid and non-assessable by such entities except, with respect
to Trust Portfolio shares, that under Massachusetts law shareholders may under
certain circumstances be personally liable as partners for the Trust's
obligations and liabilities.
The foregoing is only a summary of certain material attributes of the Fund
Portfolios, the Trust Portfolios and their shares. Shareholders may obtain
copies of the Fund's Charter and Bylaws, the Maryland General Corporation Law
and the Trust's Declaration of Trust and Code of Regulations from the Fund upon
written request at its principal office.
REQUIRED VOTE
The Reorganization Agreement is being submitted for approval at the Meeting
by the affirmative vote of the holders of a majority of the outstanding shares
(as defined above) of each Trust Portfolio in accordance with the provisions of
the Trust's Declaration of Trust and the requirements of the 1940 Act. The
Reorganization Agreement provides that in the event the Reorganization Agreement
is approved with respect to one but not both of the Trust Portfolios, the
Trust's Board of Trustees may, in the exercise of its reasonable business
judgment, either abandon the Reorganization Agreement with respect to both of
the Trust Portfolios or direct that the reorganization be consummated to the
extent the Board deems advisable. Subject to such approval, the reorganization
is currently scheduled to become effective on October 2, 1995, but may be
postponed by mutual agreement of the Boards of Trustees and Directors of the
Trust and the Fund.
THE BOARD OF TRUSTEES RECOMMENDS THAT SHAREHOLDERS
VOTE "FOR" THE AGREEMENT AND PLAN OF REORGANIZATION
ADDITIONAL INFORMATION
THE INVESTMENT ADVISER, ADMINISTRATOR AND DISTRIBUTOR
Mississippi Valley Advisors Inc., with principal offices located at One
Mercantile Center, St. Louis, Missouri 63101, serves as investment adviser to
the Trust and the Fund. BISYS Fund Services Ohio, Inc.,
8
<PAGE> 10
with principal offices located at 1900 East Dublin-Granville Road, Columbus,
Ohio 43229, serves as administrator to the Trust and the Fund. The Winsbury
Company Limited Partnership d/b/a The Winsbury Company, an affiliate of the
administrator, with principal offices located at 1900 East Dublin-Granville
Road, Columbus, Ohio 43229, serves as the distributor of the Trust and the Fund.
BANKING LAWS
Banking laws and regulations, including the Glass-Steagall Act as presently
interpreted by the Board of Governors of the Federal Reserve System, prohibit a
bank holding company registered under the Federal Bank Holding Company Act of
1956 or any affiliate thereof from sponsoring, organizing or controlling the
shares of a registered, open-end investment company continuously engaged in the
issuance of its shares, and prohibit banks generally from issuing, underwriting,
selling, or distributing securities but do not prohibit such a bank holding
company or affiliate from acting as investment adviser, transfer agent, or
custodian to such an investment company or from purchasing shares of such a
company as agent for and upon the order of customers. MVA and Mercantile, as
well as certain service organizations entitled to receive fees under the Trust's
and the Fund's Administrative Services and Distribution and Services Plans, are
subject to such laws and regulations.
The Trust and the Fund believe that MVA and Mercantile may perform the
services contemplated by their respective agreements with the Fund and the Trust
without violation of applicable banking laws or regulations. It should be noted,
however, that there have been no judicial cases deciding whether a bank and its
affiliates may perform services comparable to those performed (or to be
performed) under these agreements, and future changes in either federal or state
statutes and regulations relating to the permissible activities of banks and
trust companies, as well as further judicial or administrative decisions or
interpretations of present and future statutes and regulations, could prevent
MVA, Mercantile or such service organizations from continuing to perform such
services. If MVA, Mercantile or any service organization was prohibited from
providing such services, it is anticipated that the Boards of Trustees and
Directors would make other arrangements and that shareholders would not suffer
any adverse consequences. Any new advisory agreement would normally be subject
to shareholder approval.
BENEFICIAL OWNERS
As of July 31, 1995, Mercantile and its affiliates held of record
62,054,371.95 shares (or 63.20%) of the Trust's ARCH Tax-Exempt Money Market
Portfolio and 3,732,818.42 shares or (63.59%) of the Trust's ARCH Missouri
Tax-Exempt Bond Portfolio. The following table sets forth certain information
concerning other persons that may have been beneficial owners of 5% or more of
the outstanding shares of a Trust
9
<PAGE> 11
Portfolio as of July 31, 1995 because they possessed sole or shared investment
or voting power with respect to such shares:
<TABLE>
<CAPTION>
PERCENT OF
AMOUNT OF TOTAL SHARES
PORTFOLIO NAMES AND ADDRESSES SHARES HELD OUTSTANDING
- ------------------------ -------------------------------------- ------------- ------------
<S> <C> <C> <C>
Missouri Tax-Exempt Bond BHC Securities Inc.
Trade House Account
Attn: Mutual Fund Dept. 1
Commerce Square
2005 Market Street
Philadelphia, PA 19103 557,989.806 9.51%
Locust & Company
Mercantile Bank St. Louis, N.A.
Trust Securities Unit 17-1
P.O. Box 387
St. Louis, MO 63166-0387 629,356.405 10.72%
Olive & Company
Mercantile Bank St. Louis, N.A.
Trust Securities Unit 17-1
P.O. Box 387
St. Louis, MO 63166-0387 3,103,462.017 52.87%
Tax-Exempt Money Market Hawaiian Trust Company LTD
783 Funds Accounting
P.O. Box 3170
Honolulu, HI 96802-3170 7,460,280.71 7.60%
Mercantile Bank N.A. Trust
Trust Securities Unit 17-1
Attn: Dede Clark
P.O. Box 387
Main Post Office
St. Louis, MO 63166-0000 62,054,371.95 63.20%
Hawaiian Trust Company LTD
783 Funds Accounting
P.O. Box 3170
Honolulu, HI 96802-3170 10,569,246.65 10.76%
BHC Securities Inc.
Attn: Cash Balance Sweep Dept.
1 Commerce Square, 11th Floor
2005 Market Street
Philadelphia, PA 19103-0000 5,158,596.10 5.25%
</TABLE>
10
<PAGE> 12
Since as of the above date Mercantile owned of record more than 25% of the
Trust's outstanding shares, Mercantile may be deemed to be a controlling person
of the Trust under the 1940 Act. Mercantile has advised the Trust that it
intends to vote the shares over which it possesses investment power in the same
proportion as the votes cast by other shareholders.
As of July 31, 1995, the trustees and officers of the Trust as a group
owned beneficially less than 1% of the outstanding shares of the Trust
Portfolios.
SHAREHOLDER PROPOSALS FOR FUTURE MEETINGS
The Trust is organized as Massachusetts business trust and the Fund is
organized as a Maryland corporation and as such normally do not hold annual or
other meetings of shareholders for the purpose of electing trustees or directors
unless and until such time as less than a majority of the trustees or directors
holding office have been elected by shareholders. Under certain circumstances,
however, shareholders have the right to call a meeting of shareholders to
consider the removal of one or more trustees or directors and such meetings will
be called when requested by the holders of record of 10% or more of the Trust's
outstanding shares of beneficial interest or 10% or more of the Fund's
outstanding shares of common stock. To the extent required by law, the Trust and
the Fund will assist in shareholder communications in such matters. In addition,
the Trust and the Fund will hold special meetings of shareholders when required
under the 1940 Act or in accordance with Securities and Exchange Commission
policy. The Trust's and the Fund's principal offices are located at 1900 East
Dublin-Granville Road, Columbus, Ohio 43229 (1-800-551-3731).
OTHER MATTERS
No business other than the matters described above is expected to come
before the Meeting, but should any other matter requiring a vote of shareholders
arise, the persons named in the enclosed proxy will vote thereon according to
their best judgment in the interests of the Trust.
Dated: August 15, 1995
SHAREHOLDERS WHO DO NOT EXPECT TO BE PRESENT AT THE MEETING AND WHO WISH TO HAVE
THEIR SHARES VOTED ARE REQUESTED TO DATE AND SIGN THE ENCLOSED PROXY AND RETURN
IT IN THE ENCLOSED ENVELOPE. ANY SHAREHOLDER MAY REVOKE HIS OR HER PROXY AT ANY
TIME BEFORE THE MEETING BY WRITTEN NOTICE TO SUCH EFFECT, BY SUBMITTING A
SUBSEQUENTLY DATED PROXY OR BY ATTENDING THE MEETING AND VOTING IN PERSON. NO
POSTAGE IS REQUIRED IF MAILED IN THE UNITED STATES.
11
<PAGE> 13
EXHIBIT A
AGREEMENT AND PLAN OF
REORGANIZATION
BY AND BETWEEN
THE ARCH FUND, INC.
AND
THE ARCH TAX-EXEMPT TRUST
DATED: AS OF AUGUST 1, 1995
A-1
<PAGE> 14
TABLE OF CONTENTS
<TABLE>
<CAPTION>
PAGE
-----
<S> <C>
Transfer of Assets of Trust Portfolios....................................... A-3
Liquidating Distributions and Termination of the Trust....................... A-5
Valuation Time............................................................... A-5
Shareholder Action on Behalf of the Trust Portfolios......................... A-6
N-1A Post-Effective Amendment and Proxy Solicitation Materials............... A-6
Effective Time of the Reorganization......................................... A-6
Conditions to the Reorganization............................................. A-6
Miscellaneous................................................................ A-8
</TABLE>
A-2
<PAGE> 15
This AGREEMENT AND PLAN OF REORGANIZATION (the "Agreement") is made as of
this 1st day of August, 1995 by and between The ARCH Tax-Exempt Trust (the
"Trust"), a Massachusetts business trust consisting of multiple investment
portfolios including the Tax-Exempt Money Market Portfolio and Missouri
Tax-Exempt Bond Portfolio, and The ARCH Fund, Inc. (the "Fund"), a Maryland
corporation consisting of multiple investment portfolios including the
Tax-Exempt Money Market Portfolio and Missouri Tax Exempt Bond Portfolio. The
investment portfolios named above of the Trust are sometimes referred to herein
individually as a "Trust Portfolio" and collectively as the "Trust Portfolios."
The investment portfolios named above of the Fund are sometimes referred to
herein individually as "Fund Portfolio" and collectively as the "Fund
Portfolios."
WHEREAS, each of the Trust and Fund is an open-end management investment
company registered with the Securities and Exchange Commission (the "SEC") under
the Investment Company Act of 1940, as amended (the "1940 Act");
WHEREAS, the parties desire that all of the assets and liabilities of each
Trust Portfolio be transferred to, and be acquired and assumed by, the Fund on
behalf of the respective Fund Portfolio corresponding thereto, as stated herein,
in exchange for shares of the corresponding Fund Portfolio which shall
thereafter be distributed by the Trust to the shareholders of the Trust
Portfolios in connection with their liquidation and termination as described in
this Agreement (the "Reorganization");
WHEREAS, the parties intend that the Fund Portfolios will have nominal
assets and liabilities before the Reorganization and will continue the
investment operations of the Trust Portfolios thereafter;
WHEREAS, the parties intend that in connection with the Reorganization, the
Trust will be terminated and deregistered as described in this Agreement;
NOW, THEREFORE, in consideration of the mutual covenants and agreements
hereinafter set forth and subject to the terms and conditions thereof, the
parties hereto, intending to be legally bound, agree as follows:
1. TRANSFER OF ASSETS OF TRUST PORTFOLIOS. At the Effective Time of the
Reorganization as defined in Section 6, all property of every description, and
all interests, rights, privileges and powers of each of the Trust Portfolios,
subject to all liabilities of the Trust Portfolios, whether accrued, absolute,
contingent or otherwise (such assets subject to such liabilities are herein
referred to as the "Trust Assets"), shall be transferred and conveyed by the
Trust on behalf of each Trust Portfolio to the Fund on behalf of the
corresponding Fund Portfolio (as set forth below) and shall be accepted and
assumed by the Fund on behalf of said Fund Portfolio as more particularly set
forth in the following paragraph, such that at and after the Effective Time of
the Reorganization: (a) all assets of the Trust Portfolios shall become and be
the assets of the corresponding Fund Portfolios; and (b) all debts, liabilities,
obligations and duties of the Trust Portfolios shall become the debts,
liabilities, obligations and duties of the Fund on behalf of the corresponding
Fund Portfolios as aforesaid and may thenceforth be enforced against the Fund
Portfolios to the extent as if the same had been incurred by them. Without
limiting the generality of the foregoing, the Trust Assets shall include all
property and assets of any nature whatsoever, including, without limitation, all
cash, cash equivalents, securities, claims and receivables (including dividend
and interest receivables) owned by each Trust Portfolio, and any deferred or
prepaid expenses shown as an asset on each Trust Portfolio's books, at the
Effective Time of the Reorganization, and all good will, all interests in the
names of the Trust and each Trust Portfolio, all other intangible property and
all books and records belonging to the Trust Portfolios. Recourse for the
liabilities of a
A-3
<PAGE> 16
particular Trust Portfolio shall, at and after the Effective Time of the
Reorganization, be limited to the corresponding Fund Portfolio.
In particular, the Trust Assets of the Tax-Exempt Money Market Portfolio of
the Trust shall be transferred to the Fund on behalf of the Tax-Exempt Money
Market Portfolio of the Fund and the Trust Assets of the Missouri Tax-Exempt
Bond Portfolio of the Trust shall be transferred to the Fund on behalf of the
Missouri Tax-Exempt Bond Portfolio of the Fund. Each of the Fund Portfolios
shall be a new investment portfolio with nominal assets and liabilities prior to
the Effective Time of the Reorganization.
In exchange for the transfer of the Trust Assets, the Fund shall
simultaneously issue at the Effective Time of the Reorganization to the Trust on
behalf of the respective Trust Portfolios full and fractional shares of common
stock in the corresponding Fund Portfolio (to the third decimal place), of the
classes and series indicated in the table below. The number of full and
fractional shares of each corresponding class and series of common stock so
issued by the Fund shall be equal in number to the number of full and fractional
shares of each class and series of shares of beneficial interest that are
outstanding immediately prior to the Effective Time of the Reorganization of the
particular Trust Portfolio identified opposite the name of such class and series
in the table below; provided that at the Effective Time of the Reorganization
the price per share of the Trust's Tax-Exempt Money Market Portfolio (the "Trust
Money Market Portfolio") and the corresponding Fund Portfolio for purposes of
sales and redemptions shall be $1.00 based on the amortized cost valuation
procedures that have been adopted by the Boards of Trustees and Directors of the
Trust and the Fund, respectively; provided further that if the difference
between the per share net asset values of the Trust Money Market Portfolio and
the corresponding Fund Portfolio equals or exceeds $.001 at the Valuation Time
(as defined in Section 3 below), as computed by using the market values of the
assets of the Trust Money Market Portfolio and its corresponding Fund Portfolio
in accordance with the policies and procedures established by the Fund (or as
otherwise mutually determined by the Board of Trustees of the Trust and the
Board of Directors of the Fund), any of the Board of Trustees of the Trust, the
Board of Directors of the Fund or authorized officers of the Fund or the Trust
shall have the right to postpone the Valuation Time and the Effective Time of
the Reorganization with respect to the Trust Money Market Portfolio until such
time as the per share difference is less than $.001.
A-4
<PAGE> 17
The shares of each class and series that will be issued by the Fund in the
Reorganization are as follows:
<TABLE>
<CAPTION>
CORRESPONDING FUND PORTFOLIO/SHARE CLASS AND
TRUST PORTFOLIO/SHARE CLASS AND SERIES SERIES
- -------------------------------------------- --------------------------------------------
<S> <C>
Tax-Exempt Money Market Portfolio-- Tax-Exempt Money Market Portfolio--
Investor A Shares (Class A Shares) Investor A Shares (Class J Common Stock)
Tax-Exempt Money Market Portfolio-- Tax-Exempt Money Market Portfolio--
Trust Shares (Class A--Special Series 1 Trust Shares (Class J Common Stock--
Shares) Special Series 1)
Missouri Tax-Exempt Bond Portfolio--Investor Missouri Tax-Exempt Bond Portfolio--
A Shares (Class C--Special Series 1 Investor A Shares (Class K Common Stock)
Shares)
Missouri Tax-Exempt Bond Portfolio--Investor Missouri Tax-Exempt Bond Portfolio--
B Shares (Class C--Special Series 2 Investor B Shares (Class K Common Stock--
Shares) Special Series 2)
Missouri Tax-Exempt Bond Portfolio-- Missouri Tax-Exempt Bond Portfolio--
Trust Shares (Class C Shares) Trust Shares (Class K Common--
Special Series 1 Stock)
</TABLE>
2. LIQUIDATING DISTRIBUTIONS AND TERMINATION OF THE TRUST. At the Effective
Time of the Reorganization, each of the Trust Portfolios shall make a
liquidating distribution, pro rata to its shareholders of record, as follows.
Shareholders of record of each Trust Portfolio shall be credited with full and
fractional shares of the class and series of common stock that are issued by the
Fund on behalf of the corresponding Fund Portfolio in connection with the
Reorganization with respect to the shares that are held of record by the
shareholder. The number of shares of each class and series of common stock that
are credited to a shareholder of a Trust Portfolio shall, as indicated in
Section 1, be equal in number to the number of shares with respect to which such
shares have been issued by the Fund. In addition, each shareholder of record of
a Trust Portfolio shall have the right to receive any unpaid dividends or other
distributions which were declared before the Effective Time of the
Reorganization with respect to the shares of such Trust Portfolio that are held
by the shareholder at the Effective Time of the Reorganization. In accordance
with instructions which it receives from the Trust, the Fund shall record on its
books the ownership of the respective Fund Portfolio shares by the shareholders
of record of the Trust Portfolios (the "Trust Record Holders"). No redemption or
repurchase of any Fund Portfolio shares credited to Trust Record Holders with
respect to the Trust Portfolio shares represented by unsurrendered share
certificates shall be permitted until such certificates have been surrendered to
the Fund's transfer agent for cancellation. All of the issued and outstanding
shares of the Trust Portfolios shall be cancelled on the books of the Trust at
the Effective Time of the Reorganization, and the Trust Portfolios' transfer
books shall be closed permanently. As soon as practicable after the Effective
Time of the Reorganization, the Trust shall take, in accordance with its
Declaration of Trust and Massachusetts law, all steps as shall be necessary and
proper to effect its complete termination, and shall file an application
pursuant to Section 8(f) of the 1940 Act for an order declaring that it has
ceased to be an investment company. After the Effective Time of the
Reorganization, the Trust shall not conduct any business except in connection
with its liquidation, termination, and deregistration.
3. VALUATION TIME. Subject to the second proviso of the third paragraph in
Section 1, the Valuation Time shall be 4:00 P.M., Eastern Time, on September 29,
1995 for each of the Trust Portfolios and the Fund Portfolios, or such earlier
or later date and time as may be mutually agreed by the Boards of Trustees and
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<PAGE> 18
Directors or authorized officers of each of the parties and set forth in writing
signed by the parties' duly authorized officers with respect to any one or more
investment portfolios of a party.
4. SHAREHOLDER ACTION ON BEHALF OF THE TRUST PORTFOLIOS. As soon as
practicable after SEC clearance of the proxy solicitation materials referred to
in Section 5, but in any event prior to the Effective Time of the Reorganization
and as a condition thereto, the Board of Trustees of the Trust shall call, and
the Trust shall hold, a meeting of the shareholders of the Trust Portfolios for
the purpose of considering and voting upon:
(a) Approval of this Agreement and the transactions contemplated
hereby, including:
(i) The transfer of the Trust Assets belonging to each Trust
Portfolio to the Fund on behalf of the corresponding Fund Portfolio in
exchange for shares of common stock of such Fund Portfolio.
(ii) The liquidation of each Trust Portfolio through the
distribution to its shareholders of such shares of common stock of the
Fund Portfolio as described in this Agreement.
(iii) The subsequent termination of the Trust under state law and
its deregistration as an investment company under the 1940 Act.
(b) such other matters as may be determined by the Boards of Trustees
and Directors of the parties.
5. N-1A POST-EFFECTIVE AMENDMENT AND PROXY SOLICITATION MATERIALS. The
Fund shall file a post-effective amendment to its Registration Statement on Form
N-1A (File Nos. 2-79285 and 811-3567) with the SEC as promptly as practicable
registering the Fund Portfolios and their shares under the Securities Act of
1933, as amended (the "1933 Act") and 1940 Act, and such supplements and
amendments thereto as may be required (the "Fund Post-Effective Amendment").
The Trust shall file proxy solicitation materials of the Trust Portfolios
with the SEC pursuant to Section 14(a) of the Securities Exchange Act of 1934,
as amended, and Section 20(a) of the 1940 Act with respect to the transactions
contemplated by this Agreement, and such supplements and amendments thereon as
may be required.
6. EFFECTIVE TIME OF THE REORGANIZATION. Delivery of the Trust Assets and
the shares of the Fund Portfolios to be issued pursuant to Section 1 and the
liquidation and termination of the Trust Portfolios pursuant to Section 2 shall
occur at 8:59 a.m. (local time) at the offices of Drinker Biddle & Reath, 1345
Chestnut Street, Philadelphia, Pennsylvania 19107 on October 2, 1995, or at such
other place, time and date agreed to by the Trust's Board of Trustees or
authorized officers and the Fund's Board of Directors or authorized officers.
The date and time at which such actions are taken are referred to herein as the
"Effective Time of the Reorganization." To the extent that any Trust Assets are,
for any reason, not transferred at the Effective Time of the Reorganization, the
Trust shall cause such Trust Assets to be transferred in accordance with this
Agreement at the earliest practicable date thereafter.
7. CONDITIONS TO THE REORGANIZATION. The obligations of each party
hereunder shall be subject to the following conditions precedent:
(a) This Agreement and the transactions contemplated by this Agreement
shall have been approved by the shareholders of each Trust Portfolio in the
manner required by the Trust's Declaration of Trust and applicable law.
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<PAGE> 19
(b) The Fund Post-Effective Amendment shall have become effective
under the 1933 Act and no stop order suspending such effectiveness shall
have been issued, and no proceeding for that purpose shall have been
initiated or, to the knowledge of the Fund, contemplated by the SEC.
(c) No action, suit or other proceeding shall be threatened or pending
before any court or governmental agency in which it is sought to restrain
or prohibit, or obtain damages or other relief in connection with, this
Agreement or the transactions contemplated hereby.
(d) Each party shall have received an opinion of Drinker Biddle &
Reath, dated the Effective Time of the Reorganization, in form and
substance reasonably satisfactory to each such party, to the effect that
the Reorganization will not give rise to the recognition of income, gain or
loss for federal income tax purposes to any Trust Portfolio or its
shareholders or to any Fund Portfolio.
(e) The Trust shall have received an opinion of Drinker Biddle &
Reath, dated the Effective Time of the Reorganization, in form and
substance reasonably satisfactory to the Trust, to the effect that (i) the
Fund is a corporation duly organized and validly existing under the laws of
the state of Maryland; (ii) the shares of the Fund Portfolios to be
delivered to the Trust on behalf of the Trust Portfolios as provided for by
this Agreement are duly authorized and upon delivery pursuant to the terms
of this Agreement will be validly issued, fully paid and nonassessable by
the Fund; and (iii) this Agreement has been duly authorized, executed and
delivered by the Fund and represents a valid and binding contract of the
Fund, enforceable in accordance with its terms, subject to the effect of
bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance
and similar laws relating to or affecting creditors' rights generally and
court decisions with respect thereto and to the exercise of judicial
discretion in accordance with general principles of equity, whether in a
proceeding at law or in equity; provided, however, that no opinion need be
expressed with respect to provisions of this Agreement intended to limit
liability for particular matters to a particular Fund Portfolio and its
assets, including but not limited to, Section 1 of this Agreement. In
rendering such opinion, Drinker Biddle & Reath may rely on the opinion of
other counsel to the extent set forth in such opinion.
(f) The Fund shall have received an opinion of Drinker Biddle & Reath,
dated the Effective Time of the Reorganization, in form and substance
reasonably satisfactory to the Fund, to the effect that (i) the Trust is a
Massachusetts business trust duly organized and validly existing under the
laws of the Commonwealth of Massachusetts; and (ii) this Agreement has been
duly authorized, executed and delivered by the Trust and represents a valid
and binding contract of the Trust, enforceable in accordance with its
terms, subject to the effect of bankruptcy, insolvency, reorganization,
moratorium, fraudulent conveyance and similar laws relating to or affecting
creditors' rights generally and court decisions with respect thereto and to
the exercise of judicial discretion in accordance with general principles
of equity, whether in a proceeding at law or in equity. In rendering such
opinion, Drinker Biddle & Reath may rely on the opinion of other counsel to
the extent set forth in such opinion.
(g) The parties hereto shall have received assurances reasonably
satisfactory to them that all permits and other authorizations necessary
under state securities laws to consummate the transactions contemplated
herein have been obtained.
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<PAGE> 20
8. MISCELLANEOUS.
(a) Each party hereto shall take such further actions as may be
necessary or desirable and proper to consummate the transactions
contemplated hereby.
(b) 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.
(c) This Agreement and the transactions contemplated hereby shall be
governed by, and construed and enforced in accordance with, the internal
laws of the State of Maryland except that as to matters of corporate
governance pertaining to the Trust, this Agreement and the transactions
contemplated hereby shall be governed and construed in accordance with the
internal laws of the Commonwealth of Massachusetts.
(d) This Agreement and the Reorganization may be abandoned at any time
prior to the Effective Time of the Reorganization by actions of the Board
of Trustees or the authorized officers of the Trust and the Board of
Directors or the authorized officers of the Fund.
(e) At any time prior to, or to the fullest extent permitted by law
after, approval of this Agreement by the shareholders of each Trust
Portfolio (i) the parties hereto may, by written agreement authorized by
their respective Boards of Trustees and Directors and with or without the
approval of their shareholders, amend any of the provisions of this
Agreement, and (ii) any party may waive any default by any other party or
the failure to satisfy any of the conditions to its obligations (such
waiver to be in writing and authorized by the Board of Trustees or
Directors or the authorized officers of the waiving party with or without
the approval of such party's shareholders). Without limiting the foregoing,
in the event shareholder approval of the Reorganization is not obtained
with respect to each Trust Portfolio but is obtained with respect to one of
them, the Boards of Trustees and Directors may, in the exercise of their
reasonable business judgment, either terminate this Agreement or direct
that the Reorganization be consummated to the degree the Boards deem
advisable.
(f) Each party shall be responsible for the payment of all expenses
incurred by such party in connection with this Agreement and the
transactions contemplated hereby.
(g) Each of the parties acknowledges that the Declaration of Trust of
The ARCH Tax-Exempt Trust dated March 31, 1986, is on file with the
Secretary of the Commonwealth of Massachusetts and that this Agreement is
executed on its behalf by its undersigned officers as officers and not
individually. Each party acknowledges and agrees that the obligations of
The ARCH Tax-Exempt Trust under this Agreement are not binding on its
officers, trustees or shareholders individually but are binding only upon
its assets and properties.
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<PAGE> 21
IN WITNESS WHEREOF, the parties hereto have caused this instrument to be
executed by their duly authorized officers designated below as of the date first
written above.
<TABLE>
<S> <C>
ATTEST: THE ARCH TAX-EXEMPT TRUST
/s/ W. Bruce McConnel, III By: /s/ Jerry V. Woodham
- -------------------------------------------- ----------------------------------------
Secretary President
ATTEST: THE ARCH FUND, INC.
/s/ W. Bruce McConnel, III By: /s/ Jerry V. Woodham
- -------------------------------------------- ----------------------------------------
Secretary President
</TABLE>
A-9
