▇▇▇ ▇▇▇ FUNDS
▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇
▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇
July 26, 1994
▇▇▇ ▇▇▇ Associates Corporation
▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇
▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇
Ladies/Gentlemen:
Pursuant to Section 12 of the Accounting and Administrative Services
Agreement, dated April 20, 1994 (the "Agreement"), between ▇▇▇ ▇▇▇ Funds (the
"Trust") and ▇▇▇ ▇▇▇ Associates Corporation (the "Adviser), please be advised
that two additional series of the Trust, namely, Gold/Resources Fund and
International Investors Gold Fund (the "Funds") have adopted the Agreement and
retained the Administrator to render services contemplated by the Agreement for
the Funds. A certification by the Secretary of the Trust of the resolution
adopted by the Board of Trustees and an amended Exhibit A reflecting the
addition of the Funds to the Agreement are attached.
Please confirm below your willingness to render such services.
▇▇▇ ▇▇▇ FUNDS
ATTEST: /s/ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ BY: /s/ ▇▇▇▇ ▇. ▇▇▇ ▇▇▇
President
Confirmed, ▇▇▇▇▇▇ to and Accepted this July 26, 1994:
▇▇▇ ▇▇▇ ASSOCIATES CORPORATION
ATTEST: /s/ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ BY: /s/ ▇▇▇▇ ▇. ▇▇▇ ▇▇▇
President
RESOLUTION OF ▇▇▇ ▇▇▇ FUNDS
Separately by the "non-interested" Trustees and by the full Board:
VOTED: That, after having reviewed all relevant information, the Board of
Trustees, with the "non-interested" Trustees also voting separately,
has determined that for each of International Investors Gold Fund and
Gold/Resources Fund, the terms of the Accounting and Administrative
Services Agreement ("Administrative Agreement") between the Trust and
▇▇▇ ▇▇▇ Associates Corporation, in substantially the form presented to
this meeting, as revised to reflect the change in the fee schedule
discussed at the meeting, are fair and reasonable and the Board of
Trustees hereby approves the Administrative Agreement with respect to
each Fund.
CERTIFICATE
The undersigned certifies that he is the Secretary of ▇▇▇ ▇▇▇ FUNDS, a
business trust organized and existing under the laws of the State of
Massachusetts; that the foregoing is a true and correct copy of a resolution
duly adopted at a meeting of the Board of Trustees of said business trust held
on the 24th day of May, 1994, at which meeting a quorum was at all time present
and acting; that the passage of said resolution was in all respects legal; and
that said resolution is in full force and effect.
Dated this 26th day of July, 1994.
/s/ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇
▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇, Secretary
(Seal of Trust)
EXHIBIT A
Annual Administrative Fee
Name of Series (as a % of average daily net assets)
-------------- ------------------------------------
Global Balanced Fund .25 of 1%
Asia Infrastructure Fund .25 of 1%
Global SmallCap Fund .25 of 1%
International Investors Gold Fund .25 of 1% of the first $750 million and
.20 of 1% on assets in excess of $750
million
Gold/Resources Fund .25 of 1% of the first $750 million and
.20 of 1% on assets in excess of $750
million
