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EXHIBIT 9(N)
AMENDMENT NO. 1 TO
ADMINISTRATION AGREEMENT
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WHEREAS, Pacific Horizon Funds, Inc., a Maryland corporation (the
"Company"), and CONCORD HOLDING CORPORATION, a Delaware corporation
("Concord"), are parties to an Administration Agreement dated as of November
13, 1989 (the "Agreement") wherein Concord has agreed to provide administrative
services to the Company's Aggressive Growth Fund, U.S. Government Securities
Fund, Capital Income Fund and California Tax-Exempt Bond Fund (sometimes
referred to herein collectively as the "Funds"); and
WHEREAS, the parties wish to amend the Agreement in certain respects;
NOW THEREFORE, the parties hereby agree, intending to be legally
bound, that effective immediately the Agreement is amended to read as follows:
1. The second sentence of Section I, subsection 3, is
hereby amended and restated in its entirety as follows: "Without
limiting the generality of the foregoing, it is understood that
Concord intends to enter into an agreement with The Bank of New York
under which said institution will provide certain accounting,
bookkeeping, pricing and dividend and distribution calculation
services with respect to the Funds at the expense of the Funds."
2. Section IV is hereby amended and restated in its
entirety as follows: "This Agreement shall become effective with
respect to a Fund on the date it is approved by the shareholder(s) of
the Fund and, unless sooner terminated as provided herein, shall
continue until October 31, 1992. Thereafter, this Agreement will be
automatically extended with respect to each Fund (i) for an additional
period of two years and (ii) thereafter for successive periods of one
year, provided that this Agreement is not sooner terminated as
provided below. This Agreement may be terminated by the Company at
any time with respect to any Fund, without the payment of any penalty,
by vote of a majority of the entire Board of Directors of the Company
or by a vote of a "majority of the outstanding voting securities" of
such Fund on 60 days' written notice to Concord, or by Concord at any
time, without the payment of any penalty, on 60 days' written notice
to the Company. This Agreement will automatically and immediately
terminate in the event of its "assignment". (As used in this
Agreement, the terms "majority of the outstanding voting securities"
and
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"assignment" shall have the same meaning as such terms in the 1940 Act.)"
Except as expressly amended and modified hereby, all provisions of the
Agreement shall remain in full force and effect.
IN WITNESS WHEREOF, the parties have executed this Amendment No. 1 as
of the 1st day of November, 1991.
PACIFIC HORIZON FUNDS, INC.
Attest:/s/ W. ▇▇▇▇▇ ▇▇▇▇▇▇▇▇, III By:/s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
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Secretary President
CONCORD HOLDING CORPORATION
Attest:/s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇ By:/s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
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