Exhibit 8(f)
AMENDMENT
The Custodian Contract dated July 24, 1986 between Xxxxxxx Global Fund,
Inc. (the "Fund") and State Street Bank and Trust Company (the "Custodian") is
hereby amended as follows:
I. Section II.A is amended to read as follows:
"Holding Securities. The Custodian shall hold and physically segregate in
a separate account for each series ("Portfolio") of the Fund all non-cash
property allocated to each portfolio, including all securities owned by the Fund
and allocated to each Portfolio except that (a) securities which are maintained
pursuant to Section II.L. in a clearing agency which acts as a securities
depository or in a book-entry system authorized by the U.S. Department of
Treasury, collectively referred to herein as "Securities System", shall be
identified as belonging to a specified Portfolio and (b) commercial paper of an
issuer for which State Street Bank and Trust Company acts as issuing and paying
agent ("Direct Paper") which is deposited and/or maintained in the Direct Paper
System of the Custodian pursuant to Section II.L.l., shall be identified as
belonging to a specified Portfolio".
II. Section II.B is amended to read, in relevant part as follows:
"Delivery of Securities. The Custodian shall release and deliver
securities owned by the Fund held by the Custodian or in a Securities System
account of the Custodian or in the Custodian's Direct Paper book entry system
account ("Direct Paper System Account") only upon receipt of Proper
Instructions, which may be continuing instructions when deemed appropriate by
the parties, and only in the following cases:
1) . . . .
.
.
.
13) . . . ."
III. Section II.B. 4) through 15) are renumbered 5) through 16) and the
following is added as subparagraph 4):
"4) In the case of a sale effected through the Direct Paper System, in
accordance with the provisions of Section L.1 hereof."
IV. Section II.H(l) is amended to read in relevant part as follows:
"Payment of Fund Monies. Upon receipt of Proper Instructions, which may be
continuing instructions when deemed appropriate by the parties, the Custodian
shall pay out monies of the Fund in the following cases only:
1) Upon the purchase of securities, options, futures contracts or
options on futures contracts for the account of the Fund but only
(a) against the delivery of such securities or evidence of title to
such
options, futures contracts or options on futures contracts, to the
Custodian (or any bank, banking firm or trust company doing business
in the United States or abroad which is qualified under the
Investment Act of 1940, as amended, to as as a custodian and has
been designated by the Custodian as its agent for this purpose)
registered in the name of the Fund or in the name of a nominee of
the Custodian referred to in Section II.C hereof or in proper form
for transfer; (b) in the case of a purchase effected through a
Securities System, in accordance with the conditions set forth in
Section II.L. hereof;
(c) in the case of a purchase involving the Direct Paper System, in
accordance with the conditions set forth in Section II.L.1.; or (d)
in the case of repurchase agreements entered into between the Fund
and the Custodian, or another bank, or a broker-dealer which is a
member of NASD, (i) against delivery of the securities either in
certificate form or through an entry crediting the Custodian's
account in which it holds securities as a fiduciary, custodian or
otherwise for customers at the Federal Reserve Bank with such
securities or (ii) in the case of purchase by the Fund of securities
owned by State Street Bank and Trust Company ("State Street") for
its own account, against (A) delivery of the receipt evidencing
purchase by the Fund, (B) earmarking certificates for such
securities to show ownership by the Fund or transfer of such
securities from State Street's Proprietary account at the Federal
Reserve Bank to its account described in (i) above, unless the
securities are already held in the latter account, (C) the entry on
the records of State Street showing that such securities are held by
the Fund, and (D) delivery of written evidence of the agreement of
State Street to repurchase such securities from the Fund; provided
that, upon receipt of Proper Instructions, the Custodian shall
transfer to another bank or trust company qualified to act as a
custodian under the Investment Company Act of 1940, as amended,
securities held in a Securities System and purchased from State
Street subject to State Street's agreement to repurchase such
securities;"
V. Following Section II.L., there is inserted a new Section II.L.1 to read
as follows:
L.l "Fund Assets Held in the Custodian's Direct Paper System. The Custodian
may deposit and/or maintain securities owned by the Fund for which the Custodian
acts as issuing and paying agent for the direct issue of commercial paper by and
for issuers through the Custodian's book-entry system, referred to herein as the
"Direct Paper System", subject to the following provisions:
1) No transaction relating to securities in the Direct Paper
System will be effected in the absence of Proper Instructions;
2) The Custodian may keep securities of Paper System only if such
securities account ("Account") of the Custodian which shall
not include any assets of assets held as a fiduciary,
custodian the Fund in the Direct are represented in an in the
Direct Paper System the Custodian other than or otherwise for
customers;
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3) The records of the Custodian with respect to securities of the
Fund which are maintained in the Direct Paper System shall
identify by Portfolio by book-entry those securities belonging
to the Fund;
4) The Custodian shall pay for securities purchased for the
account of the Fund upon the making of an entry on the records
of the Custodian to reflect such payment and transfer of
securities to the account of the Fund. The Custodian shall
transfer securities sold for the account of the Fund upon the
making of an entry on the records of the Custodian to reflect
such transfer and receipt of payment for the account of the
Fund;
5) The Custodian shall furnish the Fund confirmation of each
transfer to or from the account of the Fund, in the form of a
written advice or notice, of Direct Paper on the next business
day following such transfer and shall furnish to the Fund
copies of daily transaction sheets reflecting each day's
transactions in the Direct Paper System for the account of the
Fund; and
6) The Custodian shall provide the Fund with any report on its
system of internal accounting control regarding the Direct
Paper System as the Fund may reasonably request from time to
time."
VI. Section IX is hereby amended to read as follows:
Effective Period, Termination and Amendment
This Contract shall become effective as of its execution, shall continue
in full force and effect until terminated as hereinafter provided, may be
amended at any time by mutual agreement to the parties hereto and may be
terminated by either party by an instrument in writing delivered or mailed,
postage prepaid to the other party, such termination to take effect not sooner
than thirty (30) days after the date of such delivery or mailing; provided,
however that the Custodian shall not act under Section II.L. hereof in the
absence of receipt of an initial certificate of the Secretary or an Assistant
Secretary that the Board of Directors of the Fund has approved the initial use
of a particular Securities System and the receipt of an annual certificate of
the Secretary or an Assistant Secretary that the Board of Directors has reviewed
the use by the Fund of such Securities System, as required in each case by Rule
17f-4 under the Investment Company Act of 1940, as amended and that the
Custodian shall not act under Section II.L.1 hereof in the absence of receipt of
an initial certificate of the Secretary or an Assistant Secretary that the Board
of Directors has approved the initial use of the Direct Paper System and the
receipt of an annual certificate of the Secretary or an Assistant Secretary that
the Board of Directors has reviewed the use by the Fund of the Direct Paper
System; provided further, however, that the Fund shall not amend or terminate
this Contract in contravention of any applicable federal or state regulations,
or any provision of the Declaration of Trust, and further provided, that the
Fund may at any time by action of its Board of Directors (i) substitute another
bank or trust company for the Custodian by giving notice as described above to
the Custodian, or (ii) immediately terminate this Contract in the event of the
appointment of a conservator or receiver for the Custodian by the Comptroller of
the Currency, the Federal
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Deposit Insurance Corporation or the Commissioner of Banks for the Commonwealth
of Massachusetts or upon the happening of a like event at the direction of an
appropriate regulatory agency or court of competent jurisdiction.
Upon termination of the Contract, the Fund shall pay to the Custodian such
compensation as may be due as of the date of such termination and shall likewise
reimburse the Custodian for its costs, expenses and disbursements."
Except as otherwise expressly amended and modified herein, the Provisions
of the Custodian Contract shall remain in full force and effect.
IN WITNESS WHEREOF, each of the parties hereto has caused this Amendment
to be executed in its name on its behalf by its duly authorized representatives
and its Seal to be hereto affixed as of the 7th day of December, 1988.
ATTEST XXXXXXX GLOBAL FUND, INC.
/s/ Xxxxxxx X. Xxxxx By: /s/ Xxxxx X. Xxx
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Assistant Secretary Vice President
ATTEST STATE STREET BANK AND TRUST COMPANY
/s/ Illegible By: /s/ Illegible
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Assistant Secretary Vice President
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