EXHIBIT 5(l)
LETTER AGREEMENT
SSgA Intermediate Municipal Bond Fund
Investment Advisory Agreement
May 30, 2000
State Street Bank and Trust Company
225 Franklin Street
Boston, MA 02110
Ladies and Gentlemen:
Pursuant to Paragraph 1(b) of the Investment Advisory Agreement between the SSgA
Funds and State Street Bank and Trust Company, dated April 12, 1988, the SSgA
Funds advise you that it is creating a new series to be named SSgA Intermediate
Municipal Bond Fund (the "Fund"), and that the SSgA Funds desire State Street
Bank and Trust Company to serve as investment advisor with respect to the Fund
pursuant to the terms and conditions of the Investment Advisory Agreement. The
Fund will be charged a fee by the Advisor for its investment advisory services,
as reflected in the attached Exhibit A.
Notwithstanding anything to the contrary in Paragraph 10(a), the initial term of
the Investment Advisory Agreement with respect to the Fund shall be until April
12, 2001.
Please acknowledge your acceptance of acting as advisor to the Fund by executing
this letter agreement in the space provided below and then returning it to the
undersigned.
Sincerely,
SSgA FUNDS
By: /s/ Lynn L. Anderson
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Lynn L. Anderson
President
ACKNOWLEDGED AND ACCEPTED
State Street Bank and Trust Company
By: /s/ Timothy B. Harbert
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Its: /s/ Executive Vice President
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<PAGE>
AMENDED
EXHIBIT "A"
May 30, 2000
As consideration for the Advisor's services to the following Funds, the Advisor
shall receive from each of these Funds an annual advisory fee, accrued daily at
the rate of 1/365th of the applicable advisory fee rate and payable monthly on
the first business day of each month, of the following annual percentages of
each Portfolio's average daily net assets during the month:
<TABLE>
<CAPTION>
<S> <C>
SSgA Money Market Fund 0.25%
SSgA US Government Money Market Fund 0.25%
SSgA S&P 500 Index Fund 0.10%*, **
SSgA Matrix Equity Fund 0.75%
SSgA International Pacific Index Fund 0.50%
SSgA Bond Market Fund 0.30%
SSgA Yield Plus Fund 0.25%
SSgA US Treasury Money Market Fund 0.25%**
SSgA US Treasury Obligations Fund 0.25%
SSgA Growth and Income Fund 0.85%
SSgA Intermediate Fund 0.80%**
SSgA Prime Money Market Portfolio 0.15%**
SSgA Emerging Markets Fund 0.75%
SSgA Tax Free Money Market Fund 0.25%
SSgA Tuckerman Active REIT Fund 0.65%
SSgA Small Cap Fund 0.75%
SSgA Active International Fund 0.75%
SSgA Life Solutions Income and Growth Fund 0.00%
SSgA Life Solutions Balanced Fund 0.00%
SSgA Life Solutions Growth Fund 0.00%
SSgA Special Small Cap Fund 0.75%
SSgA International Growth Opportunities Fund 0.75%
SSgA High Yield Bond Fund 0.30%
SSgA Aggressive Equity Fund 0.75%
SSgA IAM SHARES Fund 0.25%
SSgA Intermediate Municipal Bond Fund 0.30%
</TABLE>
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*Advisory fee is 0.00% during any period in which assets are invested in a
Master Fund, provided the terms of the SSgA S&P 500 Index Fund Rider to the
Investment Advisory Agreement are satisfied.
**Fees are subject a contractual waiver.
