EXHIBIT (9)(b)
ADDENDUM NO. 1 TO CO-ADMINISTRATION AGREEMENT
This Addendum, dated as of the 27th day of June, 1997, is
entered into between PEGASUS FUNDS (the "Trust"), a Massachusetts business
trust, FIRST CHICAGO NBD INVESTMENT MANAGEMENT COMPANY ("FCNIMCO"), a
registered investment adviser, and BISYS FUND SERVICES LIMITED PARTNERSHIP,
d/b/a, BISYS FUND SERVICES ("BISYS") (each an "Administrator" and
collectively, the Administrators").
WHEREAS, the Trust, FCNIMCO and BISYS have entered into a
Co-Administration Agreement dated June 11, 1996 ("Co- Administration
Agreement"), pursuant to which the Trust appointed FCNIMCO and BISYS to act
as Administrators to the Trust's Money Market, Treasury Money Market,
Municipal Money Market, Michigan Municipal Money Market, Cash Management,
U.S. Government Securities Cash Management, Treasury Prime Cash Management,
Growth, International Equity, Equity Index, Growth and Value, Intrinsic
Value, Mid-Cap Opportunity, Equity Income, Small-Cap Opportunity, Bond, Short
Bond, Michigan Municipal Bond, Intermediate Municipal Bond, Municipal Bond,
Income, Intermediate Bond, International Bond, Managed Assets Balanced,
Managed Assets Conservative and Managed Assets Growth Funds (each a "Fund");
NOW THEREFORE, the parties hereto, intending to be legally
bound, hereby agree as follows:
1. Appointment. The Trust hereby appoints FCNIMCO and BISYS to
act as Administrators to the Trust for the Treasury Cash Management Fund and
High Yield Bond Fund for the period and on the terms set forth in the
Co-Administration Agreement. FCNIMCO and BISYS hereby accept such appointment
and agree to render the services set forth in the Co-Administration Agreement
for the compensation herein provided.
2. Compensation. For the services provided and the expenses
assumed pursuant to the Co-Administration Agreement, the Trust will pay the
Administrators, and the Administrators will accept as full compensation
therefor, a fee, computed daily and payable monthly, at the annual rate of
.15% of each of the Treasury Cash Management and High Yield Bond Funds'
average daily net assets, respectively.
3. Capitalized Terms. From and after the date hereof, the term
"Fund" as used in the Co-Administration Agreement shall be deemed to include
the Treasury Cash Management Fund and High Yield Bond Fund. Capitalized terms
used herein and not otherwise defined shall have the meanings ascribed to
them in the Co-Administration Agreement.
4. Miscellaneous. Except to the extent supplemented
hereby, the Co-Administration Agreement shall remain unchanged and
in full force and effect and is hereby ratified and confirmed in
all respects as supplemented hereby.
IN WITNESS WHEREOF, the undersigned have executed this
Addendum as of the date and year first above written.
PEGASUS FUNDS
By: /s/ XXXXXX X. XXXXXXXXXX
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Xxxxxx X. Xxxxxxxxxx
President and Trustee
FIRST CHICAGO NBD INVESTMENT
MANAGEMENT COMPANY
By: /s/ XXXXX XXXXX
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Xxxxx Xxxxx
Managing Director
BISYS FUND SERVICES LIMITED
PARTNERSHIP
By: BISYS FUND SERVICES, INC.,
its general partner
By: /s/ J. XXXXX XXXXX
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Name: J. Xxxxx Xxxxx
Title: President
