EXHIBIT 13(o)
SUBSCRIPTION
SSgA Intermediate Municipal Bond Fund
May 31, 2000
To: The Board of Trustees of the SSgA Funds
909 A Street
Tacoma, WA 98402
Gentlemen:
The undersigned hereby subscribes to 10 shares each of the SSgA Intermediate
Municipal Bond Fund, having a par value of $0.001 per share, at a price of
$10.00 per share.
In consideration for your acceptance of the foregoing subscription, we hereby
deliver to you $100.00 in full and complete payment.
FRANK RUSSELL INVESTMENT
MANAGEMENT COMPANY
By: /s/ J. David Griswold
--------------------------------------
J. David Griswold
Associate General Counsel and
Assistant Secretary
ACKNOWLEDGED AND ACCEPTED
SSgA Funds
By: /s/ Lynn L. Anderson
--------------------------------------
Lynn L. Anderson
President
Cc: Mark E. Swanson, Treasurer
<PAGE>
May 31, 2000
SSgA Funds
909 A Street
Tacoma, WA 98402
Ladies and Gentlemen:
In connection with your sale to us on May 31, 2000, of 10 shares of the SSgA
Intermediate Municipal Bond Fund (the "Shares"), we understand that: (i) the
Shares have not been registered under the Securities Act of 1933, as amended
(the "1933 Act"); (ii) your sale of the Shares to us is made in reliance on such
sale being exempt under Section 4(2) of the 1933 Act as not involving any public
offering; and (iii) in part, your reliance on such exemption is predicated on
our representation, which we hereby confirm, that we are acquiring the Shares
for investment for our own account as the sole beneficial owner thereof, and not
with a view to or in connection with any resale or distribution of the Shares or
of any interest therein. We hereby agree that we will not sell, assign or
transfer the Shares or any interest therein except and until the Shares have
been registered under the 1933 Act or you have received an opinion of your
counsel indicating to your satisfaction that said sale, assignment or transfer
will not violate the provisions of the 1933 Act or any rules or regulations
promulgated thereunder.
This letter is intended to take effect as an instrument under sale, shall be
construed under the laws of the State of Massachusetts, and is delivered as of
the date above written.
FRANK RUSSELL INVESTMENT
MANAGEMENT COMPANY
By: /s/ J. David Griswold
--------------------------------------
J. David Griswold
Associate General Counsel and
Assistant Secretary
Cc: Mark E. Swanson, Treasurer
