Document:

Exhibit 10(a)

Exhibit (10)(a)  

TD WATERHOUSE FAMILY
OF FUNDS, INC. 

DISTRIBUTION PLAN 

        The
Distribution Plan (the “Distribution Plan”) of TD Waterhouse Family of Funds, Inc.
(“TDWFF”), a Maryland corporation, on behalf of each of its portfolios (each a “Fund” and
collectively, the “Funds”) or, where applicable, class of shares, listed on Exhibit A, as
such Exhibit may be amended from time to time. 

        WHEREAS,
this Distribution Plan will be applicable to the shares of each Fund or of the specific
class or classes listed on Exhibit A, as such Exhibit may be amended from time to time
(“Shares”); and 

        WHEREAS,
because a substantial percentage of each Fund’s assets are expected to be maintained
and/or derived through the efforts of the brokers and other persons eligible to receive
fees or other assistance (as defined herein) payments under this Distribution Plan, the
likelihood is that such assets would not become or remain invested in each respective
Fund if such fees or other assistance were not made available to such brokers and other
persons; and 

        WHEREAS,
this Distribution Plan is intended to enable the Funds to continue to distribute their
shares, and in doing so, remain a viable asset size and promote effective and efficient
investing; 

        NOW,
THEREFORE, the following Distribution Plan is hereby adopted under Rule 12b-1 under the
Investment Company Act of 1940, as amended (the “1940 Act”), subject to Section 5 below: 

	 	1.  	  	Each
Fund will pay from its assets fees at an annual rate not exceeding the percentage of the
average                   net asset value of the Fund or class as identified on Exhibit A
(the “12b-1 Fees”).  The 12b-1                   Fees paid by each Fund or class shall be
computed and accrued daily and shall be paid by each                   Fund or class in
an amount equal to the amount owing to brokers and other persons pursuant to
                  the terms of selected dealer agreements, selling agreements or other
agreements complying with                   Rule 12b-1 that have been approved by the
Board of Directors of TDWFF (“Rule 12b-1                   Agreements”).  Payments of the
12b-1 Fees will be made pursuant to the Rule 12b-1 Agreements in
                  accordance with their terms. 

	 	2.  	  	TD
Asset Management USA Inc. (“TDAM”), the Funds’ investment adviser and administrator, or
any successor                   investment adviser or administrator, may make payments
for distribution or other services                   (“assistance”) from its own
resources, including its bona fide revenues derived under its
                  Investment Management Agreement and Administration Agreement with TDWFF
relating to the Funds,                   to such broker-dealers or other persons who, in
the sole discretion of TDAM (or any successor                   investment adviser or
administrator) have rendered or may render assistance.  Any payments made
                  by TDAM (or any successor investment adviser or administrator) for such
purpose shall not                   reduce any 12b-1 Fees paid or payable pursuant to
Section 1 hereof. 

	 	3.  	  	National
Investor Services Corp. (“NISC”), the Funds’ transfer                   agent, or any
successor or additional transfer agent, may make                   payments for
assistance from its own resources, including its                   bona fide revenues
derived under its Transfer Agency and                   Dividend Disbursing Agency
Agreement with TDWFF relating to                   the Funds, to such broker-dealers or
other persons who, in the                   sole discretion of NISC (or any successor or
additional                   transfer agent) have rendered or may render assistance. Any
                  payments made by NISC (or any successor or additional transfer
                  agent) for such purpose shall not reduce any 12b-1 Fees paid
                  or payable pursuant to Section 1 hereof. 

	 	4.  	  	Quarterly
in each year that the Distribution Plan remains in                   effect, an
appropriate officer of TDWFF or his or her designee                   shall prepare and
furnish to the Board of Directors of TDWFF a                   written report, complying
with the requirements of Rule 12b-1,                   of the amounts expended under the
Distribution Plan and                   purposes for which such expenditures were made. 

 
	 	
	 

	 	5.  	  	This
Distribution Plan shall become effective as to each Fund or class upon approval by a
majority vote                   of (a) TDWFF’s Board of Directors, including a majority
of directors who are not interested                   persons (as defined in Section
2(a)(19) of the 1940 Act) of TDWFF and have no direct or                   indirect
financial interest in the operation of the Distribution Plan or in any agreements
                  related to the Distribution Plan (“12b-1 Directors”), cast in person at
a meeting called for                   the purpose of voting hereon, and (b) the
outstanding voting securities of each Fund (or class,                   as applicable),
as defined in Section 2(a)(42) of the 1940 Act, if adopted after any public
                  offering of the Fund’s or particular class’s voting securities or the
sale of such securities                   to persons who are not affiliated persons of
TDWFF or affiliated persons of such persons.  This                   Distribution Plan
may be adopted as the Distribution Plan for any additional series of TDWFF or
                  class of shares of a current Fund or future series by amending Exhibit
A to include the name of                   such series or class and following the
procedural requirements in this Section 5 with respect                   to such series
or class. 

	 	6.  	  	This
Distribution Plan shall remain in effect for a period of one year from its adoption date
and may be                   continued thereafter if this Distribution Plan and any
related agreement are approved at least                   annually with respect to a Fund
by a majority vote of the Directors of TDWFF, including a                   majority of
the 12b-1 Directors of TDWFF, cast in person at a meeting called for the purpose of
                  voting on such Distribution Plan and agreement.  This Distribution Plan
may not be amended to                   increase materially the 12b-1 Fees with respect
to any Fund (or class, as applicable) without                   the approval of a
majority of the outstanding voting securities of such Fund (or class, as
                  applicable), as defined in Section 2(a)(42) of the 1940 Act.  All
material amendments to this                   Distribution Plan must be approved by a
vote of the Board of Directors of TDWFF, and of the                   12b-1 Directors,
cast in person at a meeting called for the purpose of voting thereon. 

	 	7.  	  	This
Distribution Plan may be terminated as to any Fund (or                   class) at any
time by a majority vote of the 12b-1 Directors                   or by vote of a majority
of the outstanding voting securities                   of the respective Fund (or class,
as applicable), as defined                   in Section 2(a)(42) of the 1940 Act. 

	 	8.  	  	While
this Distribution Plan shall be in effect, the selection                   and nomination
of the 12b-1 Directors of TDWFF shall be                   committed to the discretion of
the 12b-1 Directors then in                   office. 

	 	9.  	  	Any
termination or non-continuance of a Rule 12b-1 Agreement                   with a
particular person shall have no effect on similar                   agreements with other
persons pursuant to this Distribution                   Plan. 

	 	10.  	  	Neither
TDAM (or any successor investment adviser or                   administrator) nor the
principal underwriter or other agent                   for a Fund is obligated by this
Distribution Plan to execute                   or continue a Rule 12b-1 Agreement with
any person. 

	 	11.  	  	All
agreements with any person relating to the implementation                   of this
Distribution Plan shall be in writing and any                   agreement related to this
Distribution Plan shall be subject                   to termination, without penalty,
pursuant to the provisions of                   Section 6 above. 

	 	12.  	  	This
Distribution Plan constitutes a separate Distribution                   Plan with respect
to each Fund (or class, as applicable) and                   its termination or
modification with respect to any Fund (or                   class, as applicable) shall
not affect its continued                   effectiveness in accordance with its terms
with respect to any                   other Fund (or class, as applicable). 

 
	 	
	 

EXHIBIT A 

Money Market Portfolio - Investor
Class:  0.45% 
Money Market Portfolio - Premium
Class: 0.365% 
U.S. Government Portfolio: 0.45% 
Municipal Portfolio: 0.45% 
California Municipal Money Market
Portfolio: 0.45% 
New York Municipal Money Market
Portfolio: 0.45%Exhibit 10(b)

Exhibit (10)(b)  

MULTIPLE CLASS PLAN 
PURSUANT TO RULE
18f-3 
for 
TD WATERHOUSE FAMILY
OF FUNDS, INC. 

        WHEREAS,
TD Waterhouse Family of Funds, Inc. (the “Company”) engages in business as an open-end
management investment company and is registered as such under the Investment Company Act
of 1940, as amended (the “Act”); 

        WHEREAS,
shares of capital stock of the Company are currently divided into five series: Money
Market Portfolio, U.S. Government Portfolio, Municipal Portfolio, California Municipal
Money Market Portfolio and New York Municipal Money Market Portfolio (collectively, the
“TDWFF Funds”); 

        WHEREAS,
the Company’s charter has been amended to permit the Money Market Portfolio (the “Fund”)
to issue its shares of capital stock in two classes: “Investor Class” and “Premium Class”; 

        WHEREAS,
it is proposed that the shares of capital stock of the Fund that are currently issued and
outstanding be redesignated as Investor Class shares; and 

        WHEREAS,
the Company desires to adopt, on behalf of the Fund, a Multiple Class Plan pursuant to
Rule 18f-3 under the Act (the “Plan”) with respect to the Fund; 

        NOW,
THEREFORE, the Company hereby adopts, effective as of November 7, 2005, on behalf of the
Fund, the Plan, in accordance with Rule 18f-3 under the Act on the following terms and
conditions: 

        1.
CLASS CHARACTERISTICS. The Company has adopted (subject to receipt of shareholder
approval, as necessary) a Distribution Plan with respect to both the Investor Class and
Premium Class shares pursuant to Rule 12b-1 under the Act. The Distribution Plan
authorizes the Company to pay distribution fees (the “12b-1 Fees”) for each class of
shares. For Investor Class shares, the 12b-1 Fee is payable at the annual rate of up to
0.45% of the average daily net assets of the class. For Premium Class shares, the 12b-1
Fee is payable at the annual rate of up to 0.365% of the average daily net assets of the
class. 

        Shares
of each class of the Fund shall represent an equal pro rata interest in the Fund and,
generally, shall have identical voting, dividend, liquidation and other rights,
preferences, powers, restrictions, limitations, qualifications, and terms and conditions,
except that: (a) each class shall have a different designation; (b) each class shall have
a different arrangement for shareholder services or the distribution of securities or
both, and shall pay all of the expenses of that arrangement as reflected in the 12b-1
Fees, shareholder service fees and transfer agency fees and related expenses of each
class; and (c) each class shall have exclusive voting rights on any matter submitted to
shareholders that relates solely to its distribution or shareholder service arrangements
and each class shall have separate voting rights on any matter submitted to shareholders
in which the interests of one class differ from the interests of any other class. In
addition, shares of each class of a Fund shall have the features described in the
Sections below. 

        2.
ALLOCATION OF INCOME AND EXPENSES. Income, any realized and unrealized capital gains and
losses, and expenses not allocated to a particular class, will be allocated to each class
daily on the basis of the total value of each class of shares in relation to the total
value of each class of shares of the Fund after paid-in capital is recorded. 

        3.
EXCHANGE PRIVILEGES. Investor Class shares of the Fund may be exchanged for shares in the
other TDWFF Funds as described in the Company’s prospectus and statement of additional
information from time to time. Premium Class shares have no exchange privileges. The
exchange privileges may be modified or terminated at any time, or from time to time, upon
60 days’ notice to shareholders. 

        4.
CONVERSION FEATURES. There shall be no conversion features associated with any of the
classes of shares of the Fund. 

 
	 	
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        5.
QUARTERLY AND ANNUAL REPORTS. The Board of Directors of the Company (the “Board”) shall
receive quarterly and annual statements concerning all allocated Class Expenses and
distribution and servicing expenditures complying with paragraph (b)(3)(ii) of Rule
12b-1, as it may be amended from time to time. In the statements, only expenditures
properly attributable to the sale or servicing of a particular class of shares will be
used to justify any 12b-1 Fee or other expenses charged to that class. Expenditures not
related to the sale or servicing of a particular class shall not be presented to the
Board to justify any fee attributable to that class. The statements, including the
allocations upon which they are based, shall be subject to the review and approval of the
independent Board in the exercise of their fiduciary duties. 

        6.
WAIVER OR REIMBURSEMENT OF EXPENSES. Expenses may be waived or reimbursed by any adviser,
underwriter, or any other provider of services to the Company without the prior approval
of the Board. 

        7.
APPROVAL OF PLAN. The Plan has been approved by a majority of the Board and by a majority
of the Board’s Directors who are not interested persons of the Company based on a finding
that the Plan, including the allocation of income and expenses, is in the best interest
of each class individually and the Fund as a whole. Similar approval shall be required
before any material amendment of the Plan shall be effective. 

        8.
GOVERNANCE. For so long as this Plan shall be in effect, the Company shall satisfy the
fund governance standards defined in Rule 0-1(a)(7) under the Act. 

Dated:   November 7, 2005 

 
	 	
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