EXHIBIT 9(b)(ix)
AMENDMENT NO. 4 TO ADMINISTRATION AGREEMENT
BETWEEN XXXXX XXXXXXX INVESTMENT MANAGEMENT COMPANY AND
SSgA FUNDS
This Amendment No. 4 amends the Administration Agreement ("Agreement") dated
April 12, 1988 as previously amended by and between Xxxxx Xxxxxxx Investment
Management Company, a Washington corporation ("Administrator") and SSgA Funds, a
Massachusetts business trust ("Fund"). The Fund is an open-end investment
management company registered under the Investment Company Act of 1940, as
amended. Administrator acts as administrator for the Fund pursuant to the terms
of the Agreement. Fund and Administrator now desire to amend Schedule A to the
Agreement to establish a new fee schedule under the following terms and
conditions:
1. Schedule A. Schedule A to the Agreement is hereby amended to read in its
entirety as Schedule A attached to this Amendment.
2. Effective Date. The effective date of this amendment shall be as stated on
the attached Schedule.
3. Other Terms. All other terms of the Agreement shall remain in full force and
effect.
DATED this 10th day of April, 1997.
SSgA FUNDS XXXXX XXXXXXX INVESTMENT
MANAGEMENT COMPANY
By /s/J. Xxxxx Xxxxxxxx By /s/Xxxxxx X. Xxxxx
----------------------- -------------------------
Its Vice President and Secretary Its Senior Vice President and Fund
-------------------------------- ----------------------------------
Treasurer
---------
SCHEDULE A --- FEES
Effective November 14, 1996 and April 10, 1997
A. Administrative Services Fee. For all services provided by Administrator
pursuant to the Agreement ("Administrative Services"), the Fund agrees to pay
Administrator an annual fee ("Administrative Services Fee") equal to (x) the sum
of the products of the average daily net assets for each Portfolio of the Fund
multiplied by the following percentages:
Portfolio's Average Daily Net Assets Rate
------------------------------------ ----
Domestic Portfolios
-------------------
$0 to and including $500 million 0.0006
Over $500 million to and including $1 billion 0.0005
Over $1 billion 0.0003
International Portfolios
------------------------
$0 to and including $500 million 0.0007
Over $500 million to and including $1 billion 0.0006
Over $1 billion to and including $1.5 billion 0.0004
Over $1.5 billion 0.0003
less (y) an amount equal to the sum of distribution expenses incurred by the
Fund's Distributor on behalf of the Fund up to a maximum of:
(i) 10% from January 1, 1997 to December 31, 1997 (as
approved at a duly constituted meeting of the Board
of Trustees on November 14, 1996);
(ii) 5% from January 1, 1998 to December 31, 1998; and
(iii) 0% from January 1, 1999 thereafter
of the amount determined in (x). For purposes of calculating the Administrative
Services Fee, distribution expenses described in (y), above, shall include all
expenses incurred in connection with the distribution of Fund shares whether or
not payable by the Fund under any applicable Rule 12b-1 Plan and shall include
(i) securities licensing fees, (ii) industry association membership fees, (iii)
ratings services, (iv) periodicals, (v) parking and other similar benefits to
employees of the Distributor, (vi) office equipment, (vii) Distributor employee
costs including salary, bonuses and benefits and (viii) office space. For
purposes of determining the breakpoints in calculating (x) above, the assets of
all Domestic Portfolios will be aggregated.
The Administrative Services Fee shall be accrued daily at a rate of 1/365th of
the annual fee and shall be based upon the average daily net assets of each
Portfolio during the calendar month. The Administrative Services Fee shall be
payable monthly on the first business day following month end.
B. Reimbursement of Expenses. In addition to paying the Administrative Services
Fee, the Fund shall reimburse Administrator on invoice for (i) out-of-pocket
expenses, and (ii) start-up costs for each new Portfolio incurred through the
first 6 months after the SEC effective date of the new Portfolio (including
out-of-pocket and personnel costs).
