Exhibit (9)(e)
ADDENDUM NO. 1 TO CO-ADMINISTRATION AGREEMENT
This Addendum, dated as of the ____ day of ____________, 199__,
is entered into between PEGASUS VARIABLE ANNUITY FUND (the "Trust"), a
Delaware business trust, FIRST CHICAGO NBD INVESTMENT MANAGEMENT COMPANY
("FCNIMCO"), a registered investment adviser, and BISYS 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 October 7, 1996 ("Co-Administration
Agreement"), pursuant to which the Trust appointed FCNIMCO and BISYS to act as
Administrators to the Trust's Managed Assets Balanced Fund, Growth and Value
Fund, Mid-Cap Opportunity Fund, Growth Fund, and Money Market Fund (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 Bond Fund, Intrinsic Value Fund and
International Equity 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 Bond, Intrinsic Value and International Equity 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 Bond Fund, Intrinsic Value Fund and International Equity 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 VARIABLE ANNUITY FUND
BY:________________________________________
FIRST CHICAGO NBD INVESTMENT MANAGEMENT COMPANY
BY:_______________________________________
BISYS LIMITED PARTNERSHIP d/b/a, BISYS FUND
SERVICES
BY:_______________________________________
