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EXHIBIT 9(Q)
AMENDMENT NO. 4 TO ADMINISTRATION AGREEMENT
This Amendment No. 4, dated as of the 7th day of December, 1993, is
entered into between PACIFIC HORIZON FUNDS, INC. (the "Company"), a Maryland
corporation, and Concord Holding Corporation, a Delaware corporation
("Concord").
WHEREAS, the Company and Concord have entered into an Administration
Agreement dated as of November 13, 1989, as amended (the "Administration
Agreement"), pursuant to which the Company retained Concord as its
Administrator to provide administrative services for the Aggressive Growth
Fund, Capital Income Fund, U.S. Government Securities Fund and California
Tax-Exempt Bond Fund; and
WHEREAS, the Company has notified Concord that it has or intends to
establish a Blue Chip Fund, Flexible Bond Fund, Asset Allocation Fund, National
Municipal Bond Fund, Utilities Fund, Growth and Income Fund, Corporate Bond
Fund, Short-Term Government Fund, International Bond and International Equity
Fund and that it desires to retain Concord to act as the Administrator
therefor, and Concord has notified the Company that it is willing to serve as
the Administrator for the Blue Chip Fund, Flexible Bond Fund, Asset Allocation
Fund, National Municipal Bond Fund, Utilities Fund, Growth and Income Fund,
Corporate Bond Fund, Short-Term Government Fund, International Bond Fund and
International Equity Fund (the "Funds");
NOW THEREFORE, the parties hereto, intending to be legally bound,
hereby agree as follows:
1. APPOINTMENT. The Company hereby appoints Concord as
Administrator of the Funds for the period and on the terms set forth in the
Administration Agreement. Concord hereby accepts such appointment and agrees
to perform the services and duties 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 the Administration Agreement with respect
to the Funds, the Company will pay Concord a fee, computed daily and paid
monthly, at the annual rate of .15% of the Blue Chip, Flexible Bond, Asset
Allocation, National Municipal Bond, Utilities, Growth and Income, Corporate
Bond, International Equity and International Bond Fund's average daily net
assets. With respect to the Short-Term Government Fund, the Company will pay
Concord a fee, computed daily and paid monthly, at the annual rate of .05% of
that Fund's average daily net assets. Such fee as is attributable to each Fund
will be a
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separate charge to each such Fund and will be the several (and not the joint
and several) obligation of each such Fund.
The parties understand that each Fund will seek to achieve its
investment objective by investing all of its assets in an open-end management
investment company (a "Portfolio") having the same investment objective as that
of the Fund, and that Concord will receive administration fees from the
Portfolios. If in any fiscal year the aggregate of the (i) pro rata share of
the total expenses of a Portfolio that are borne by a Fund (as such expenses
are defined under the securities regulations of any state having jurisdiction
over such Fund), plus (ii) the expenses borne by such Fund in connection with
such Fund's own operations as a registered investment company (as defined under
such regulations), exceed the expense limitations of any such state, Concord
will reimburse the Fund for a portion of such excess expenses equal to such
excess times the ratio of (a) the sum of the administration fees otherwise
payable with respect to such Fund and Portfolio to Concord hereunder and under
Concord's administration agreement with the Portfolio (the "Portfolio
Administration Agreement"), to (b) the aggregate of such administration fees
otherwise payable with respect to such Fund and Portfolio to Concord plus the
advisory fees otherwise payable by the Portfolio under its investment advisory
agreement with The Bank of America N.T.S.A. The obligation of Concord to
reimburse any Fund hereunder is limited in any fiscal year to the amount of its
fees hereunder and under the Portfolio Administration Agreement for such fiscal
year with respect to such Fund and the Portfolio in which the Fund's assets are
invested; provided, however, that notwithstanding the foregoing, Concord will
reimburse any Fund for such proportion of such excess expenses regardless of
the amount of fees paid to it during such fiscal year to the extent that the
securities regulations of any state having jurisdiction over the Fund so
require. Such expense reimbursement, if any, will be estimated and accrued
daily and paid on a monthly basis.
3. MISCELLANEOUS. For purposes of the appointment under this
Amendment No. 4 with respect to the Funds, (a) the reference to "The Bank of
New York" in Part I, Sections 2(A), 2(J) and 2(M) of the Administration
Agreement shall be changed to "PNC Bank, National Association and Supervised
Service Company, Inc." and (b) the reference to "The Bank of New York" in Part
I, Section 3, shall be changed to "PFPC, Inc." Except to the extent amended
hereby, the Administration Agreement shall remain unchanged and in full force
and effect and is hereby ratified and confirmed in all respects as amended
hereby.
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IN WITNESS WHEREOF, the undersigned have executed this Amendment No. 4
as of the date and year first above written.
PACIFIC HORIZON FUNDS, INC.
By:/s/ Xxxxxx X. Xxxxxxx
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President
CONCORD HOLDING CORPORATION
By:/s/ Xxxxxxx Xxxxxxxx
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Chief Executive Officer
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