Exhibit (a)(17)
XXX XXX FUNDS
AMENDMENT NO. 16
TO
THE AMENDED AND RESTATED MASTER TRUST AGREEMENT
AMENDMENT NO. 16 to the Amended and Restated Master Trust Agreement dated
as of February 6, 1992 (the "Agreement") of Xxx Xxx Funds (the "Trust"), made as
of the 2d day of May 2002.
W I T N E S S E T H:
WHEREAS, Article VII, Section 7.3 of the Agreement provides that Section
3.6 of the Agreement may be amended at any time by an instrument in writing
signed by an officer of the Trust pursuant to a vote of a majority of the
Trustees and when authorized to do so by the vote of a majority of the
outstanding voting securities as such term is defined in the Investment Company
Act of 1940, as amended (the "1940 Act"); and
WHEREAS, on February 24, 1999, a majority of the Trustees voted to change
the investment restrictions relating to diversification and short term
borrowing, and to eliminate the restriction on pledging assets of the Investors
International Gold Fund portfolio of the Trust (the "Fund"); and
WHEREAS, on April 15, 1999, the shareholders of the Fund approved such
changes to the investment restrictions; and
WHEREAS, the undersigned has been duly authorized by the Trustees to
execute and file this Amendment No. 16 to the Agreement; and
NOW, THEREFORE, the Agreement is hereby amended as follows:
1. Article III, Section 3.6 of the Agreement is hereby amended to read
as follows:
Section 3.6 INVESTMENT RESTRICTIONS WITH RESPECT TO INTERNATIONAL
INVESTORS GOLD FUND. Notwithstanding anything to the contrary in
Section 3.2 hereof, the Trustees may not, with respect to
International Investors Gold Fund ("II"), (i) purchase securities on
margin, except as is necessary for the clearance of its
transactions; (ii) sell short unless II may readily acquire the
security sold short by virtue of its holding a right to purchase a
quantity of such shorted security sufficient to cover the short;
(iii) borrow unless for emergency or extraordinary reasons and
provided such borrowings are limited to 50% of total assets, taken
at cost provided that immediately after such borrowing there shall
be asset coverage of at least 300%; (iv) purchase securities issued
by any other investment company or investment trust, except by
purchase in the open market where no commission or profit to a
sponsor or dealer results from such purchase other than the
Exhibit (a)(17)
customary brokerage commission or except when such purchase, though
not made in the open market, is part of a plan of merger or
consolidation; (v) purchase or retain securities of an issuer having
an officer, director or security holder who is an officer or
director of the Trust or who furnishes management or supervising
services to the Trust, if at the time of such purchase or at any
time thereafter any one or more of such persons owns beneficially
more than 1/2 of 1% of the securities of such issuer or such persons
or persons together own more than 5% of such securities (all taken
at market value); and (vi) underwrite securities of other issuers."
The undersigned hereby certifies that the Amendment set forth above has
been duly adopted in accordance with the provisions of the Agreement.
IN WITNESS WHEREOF, the undersigned has hereto set his hands as of the day
and year first above written.
XXX XXX FUNDS
By:
----------------------------
Name: Xxxxxx Xxxxxx
Secretary
