Exhibit 9(b)(xvi)
AMENDMENT NO. 8
TO
ADMINISTRATION AGREEMENT
BETWEEN
XXXXX XXXXXXX INVESTMENT MANAGEMENT COMPANY
AND
SSgA FUNDS
This Amendment No. 8 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 Section 3 and
Schedule A to the Agreement to remove the provision of services related to the
monthly Fact Sheets and adjust the fees accordingly:
1. SECTION 3. Section 3 to the agreement is hereby amended to delete in its
entirety subsection (g).
2. SCHEDULE A. Schedule A to the Agreement is hereby amended to read in its
entirety as Schedule A attached to this Amendment.
3. EFFECTIVE DATE. The effective date of this amendment shall be April 8,
2003.
4. OTHER TERMS. All other terms of the Agreement shall remain in full force
and effect.
DATED this 8th day of April, 2003.
SSgA FUNDS XXXXX XXXXXXX INVESTMENT
MANAGEMENT COMPANY
By /s/ J. Xxxxx Xxxxxxxx By /s/ Xxxx X. Xxxxxxxx
----------------------------------- -----------------------------
J. Xxxxx Xxxxxxxx Xxxx X. Xxxxxxxx
Senior Vice President and Chairman of the Board and
Associate General Counsel Chief Executive Officer
SCHEDULE A --- FEES
Effective April 8, 2003
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 the sum of
the products of the average daily net assets for each Portfolio of the Fund
multiplied by the following percentages:
MONEY MARKET PORTFOLIOS
3.15 basis points up to and including $15 billion; 2.9 basis points thereafter
US EQUITY PORTFOLIOS
3.15 basis points up to and including $2 billion; 2.9 basis points thereafter
US FIXED INCOME PORTFOLIOS
3.15 basis points up to and including $1 billion; 2.9 basis points thereafter
INTERNATIONAL PORTFOLIOS
7.0 basis points up to and including $1 billion; 5.0 basis points thereafter
FEEDER PORTFOLIOS(1)
3.15 basis points up to and including $1 billion; 1.0 basis points thereafter
For purposes of determining the breakpoints in calculating the fees above, the
assets will be aggregated.
Additionally, the Administrator will charge a flat fee of $30,000 per year per
Portfolio on all Portfolios (except the Life Solutions Funds) with less than
$500 million in assets under management.
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).
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(1) The fee applicable to Feeder Portfolios shall apply for so long as all
investable assets of the applicable fund are invested in another investment
company with substantially the same investment objectives and policies. The fee
would revert to the appropriate fee, classified by fund type, should the fund
cease operating as a Feeder Portfolio.
