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EXHIBIT 13 (C)
AMENDMENT NO. 1 TO ADMINISTRATION AGREEMENT
This Amendment No. 1, dated as of the 1st day of November, 1996, is
entered into between PACIFIC HORIZON FUNDS, INC. (the "Company"), a Maryland
corporation, and The BISYS Group, Inc. ("BISYS").
WHEREAS, the Company and BISYS have entered into an Administration
Agreement (the "Administration Agreement") dated November 1, 1996, pursuant to
which the Company retained BISYS as its Administrator to provide administrative
services for the Utilities Fund, Growth and Income Fund, International Bond
Fund, Blue Chip Fund, Intermediate Bond Fund and Asset Allocation Fund
(collectively, the "Feeder Funds") and Aggressive Growth Fund, Capital Income
Fund, U.S. Government Securities Fund, California Tax-Exempt Bond Fund, National
Municipal Bond Fund, Short-Term Government Fund, International Equity Fund and
Corporate Bond Fund (collectively, the "Managed Funds" and collectively with the
Feeder Funds, the "Funds");
WHEREAS, the Company has notified BISYS that it is reorganizing the
Asset Allocation Fund (the "Fund") from a Feeder Fund into a managed fund
("Reorganization") and that it desires to retain BISYS to act as the
Administrator therefor effective upon the Reorganization, and BISYS has notified
the Company that it is willing to serve as the Administrator for the Fund; and
WHEREAS, the Company desires that the Fund shall become a "Managed
Fund" as that term is defined in the Administration Agreement, and that the Fund
shall become subject to the provisions of said Administration Agreement to the
same extent as the other Funds except to the extent said provisions are modified
below;
NOW THEREFORE, the parties hereto, intending to be legally bound,
hereby agree as follows:
1. APPOINTMENT. The Company hereby appoints BISYS as Administrator of
the Fund for the period and on the terms set forth in the Administration
Agreement. BISYS accepts such appointment and agrees to perform the duties and
services set forth in the Administration Agreement, for the compensation herein
provided.
2. COMPENSATION. For the services provided and the expenses assumed as
Administrator pursuant to Section I of the Administration Agreement with respect
to the Fund, the Company
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will pay BISYS a fee, computed daily and payable monthly, at the annual rate of
0.15% of the Fund's average net assets.
Except to the extent amended hereby, the Administration Agreement as
amended shall remain unchanged and in full force and effect and is hereby
ratified and confirmed in all respects as amended hereby.
This Amendment may be executed in one or more counterparts and all such
counterparts will constitute one and the same instrument.
IN WITNESS WHEREOF, the undersigned have executed this Amendment No. 1
as of the date and year first above written.
PACIFIC HORIZON FUNDS, INC.
By:/S/ XXXXXXXXX X. PINGS
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Name: Xxxxxxxxx X. Pings
Title:President
THE BISYS GROUP, INC.
By:/S/ XXXXXX X. XXXXXXXX
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Name: Xxxxxx X. XxXxxxxx
Title: Executive Vice President
and Chief Financial
Officer
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