AMENDMENT NO. 7 TO THE FUND MANAGEMENT AGREEMENT
Exhibit (d)(8)(i)
AMENDMENT NO. 7 TO THE
FUND MANAGEMENT AGREEMENT
FUND MANAGEMENT AGREEMENT
THIS AMENDMENT effective as of this 1st day of July, 2013 is made to the Fund
Management Agreement (the “Agreement”) dated September 26, 2001, as amended on October 1, 2001,
April 1, 2002, December 4, 2003, November 7, 2005, May 1, 2006, May 1, 2007 and January 1, 2011, by
and among Massachusetts Financial Services Company, a Delaware Corporation doing business as MFS
Investment Management (“Fund Manager”), Pacific Life Fund Advisors LLC, a Delaware Limited
Liability Company (“Investment Adviser”), and Pacific Life Funds, a Delaware Statutory Trust (the
“Trust”). The Agreement is hereby amended as set forth below (together, the “Amendment”), which is
effective on July 1, 2013. Capitalized terms not defined herein shall have the meaning given to
them in the Agreement.
WHEREAS, Investment Adviser, Fund Manager and the Trust are parties to the Agreement;
WHEREAS, the parties mutually desire to amend the Agreement as set forth herein;
WHEREAS, the Trust has retained the Investment Adviser to render investment advisory services
to the various portfolios of the Trust pursuant to an Advisory Agreement, as amended, and such
Agreement authorizes the Investment Adviser to engage a subadviser to discharge the Investment
Adviser’s responsibilities with respect to the investment management of such portfolios; and
WHEREAS, the parties desire to appoint Fund Manager to serve as subadviser to another
portfolio of the Trust;
NOW THEREFORE, in consideration of the renewal of the premises, promises and mutual covenants
contained herein and in the Agreement, and for other good and valuable consideration paid, the
receipt and sufficiency of which are hereby acknowledged by the parties, the parties agree that the
Agreement is hereby amended as follows:
1. The Exhibit A attached to this Amendment hereby replaces the current Exhibit A to the
Agreement.
2. Section 2 is hereby amended by adding the following to the end of the first paragraph:
The Fund Manager is authorized to open brokerage accounts on behalf of the Funds in
accordance with Trust procedures. The Fund Manager is authorized to enter into futures
account agreements, ISDA master agreements and related documents, and to open accounts and
take other necessary or appropriate actions related thereto, in accordance with Trust
procedures.
3. The following is hereby added after Section 2(b)(v):
and (vi) any other applicable laws and regulations, including without limitation, proxy
voting regulations. To the extent that the Fund Manager engages in transactions
that require segregation of assets or other arrangements, including but not limited to,
options, futures contracts, short sales or borrowing transactions, the Fund Manager shall
identify to the Trust’s Custodian those assets that are available to be segregated or
“earmarked” on the Custodian’s books in accordance with the 1940 Act, if necessary, based
upon trading strategies and positions the Fund Manager employs on behalf of the Fund, as
well as to segregate assets, if necessary, in accordance with the 1934 Act and any other
requirements of broker/dealers who may execute transactions for the Fund in connection
therewith.
4. Section 2(c) is hereby amended by adding the following to the end of the section:
The Fund Manager shall not direct brokerage to any broker-dealer in recognition of, or
otherwise take into account in making brokerage allocation decisions, sales of shares of a
Fund or of any other investment vehicle by that broker-dealer.
5. Section 2(e) is hereby amended by adding the following to the end of the section:
The Fund Manager agrees to comply with such rules, procedures and time frames as the
Trust’s custodian may reasonably set or provide with respect to the clearance and settlement
of transactions for a Fund, including but not limited to submission of trade tickets. Any
Fund assets shall be delivered directly to the Trust’s custodian.
6. Section 2(f) of the Agreement and Section 2.1 in Amendment No. 5 to the Agreement dated May
1, 2006 (“Amendment No. 5”) are hereby replaced with the following:
(f) will provide reasonable assistance to the Investment Adviser, custodian or
recordkeeping agent for the Trust in determining or confirming, consistent with the
procedures and policies stated in the Trust’s valuation procedures and/or the Registration
Statement, the value of any Fund securities or other assets of the Fund for which the
Investment Adviser, custodian or recordkeeping agent seeks assistance from the Fund Manager
or identifies for review by the Fund Manager. Such reasonable assistance shall include (but
is not limited to): (i) designating and providing timely access, on an as-needed basis and
upon the reasonable request of the Investment Adviser or custodian, to one or more employees
of the Fund Manager who are knowledgeable about the security/issuer, its financial
condition, trading and/or other relevant factors for valuation, which employees shall be
available for consultation when the Board’s Valuation Committee convenes; (ii) notifying the
Investment Adviser in the event that, with respect to a security that is held by the Fund,
the application of the Fund Manager’s procedures used for valuing the assets held by other
accounts under the management of the Fund Manager would result in a determination of fair
value with respect to a security where a market quotation is not readily available or is
deemed to be unreliable with respect to such security, including notifying the Investment
Adviser of the valuation of such assets determined under such procedures; and notifying the
Investment Adviser in the event that any Fund security’s value does not appear to reflect
corporate actions, news, significant events or such security otherwise requires review to
determine if fair valuation is
Amdmt No. 7 to MFS Fund Management Agmt
2
necessary under the Trust’s procedures (provided that the
information provided by the
Fund Manager pursuant to this section shall not include valuations provided by
third-party services that value securities based upon changes in one or more broad-based
indices (e.g. foreign equity security fair valuation models)); (iii) upon the request of the
Investment Adviser or custodian, assisting in obtaining bids and offers or quotes from
broker/dealers or market-makers with respect to securities held by the Fund; (iv) verifying
pricing and providing fair valuations or recommendations for fair valuations in accordance
with the Trust’s valuation procedures, as they may be amended from time to time; and (v)
maintaining adequate records and written backup information with respect to the securities
valuation services provided hereunder, and providing such information to the Investment
Adviser or the Trust upon request. Such records shall be deemed to be Trust records. The
parties to this Agreement acknowledge that although Fund Manager may, at the request of the
Investment Adviser, provide reasonable assistance with respect to the valuation of assets of
the Fund, the Fund Manager shall not be responsible for the Trust’s valuation decisions.
7. The first sentence in Section 2.2 in Amendment No. 5 that begins “will assist the Fund...”
is hereby replaced with the following:
Will provide reasonable assistance to the Trust and the Trust’s Chief Compliance
Officer (“CCO”) in complying with Rule 38a-1 under the 1940 Act, including providing, upon
request, notice of any relevant regulatory exams, including any relevant deficiencies, and
changes to business operations that are reasonably likely to affect the services provided by
Fund Manager under this agreement, provided that such notice will be consistent with
applicable law.
8. Section 2.3 in Amendment No. 5 is hereby replaced with the following:
(3) will comply with the Trust’s policy on selective disclosure of portfolio holdings
of the Trust (the “Selective Disclosure Policy”), as provided in writing to the Fund Manager
and as may be amended from time to time. As such, the Fund Manager agrees not to trade on
non-public portfolio holdings information of the Trust in a manner inconsistent with
applicable federal and state securities law or applicable international law, including
anti-fraud provisions of such laws, or inconsistent with any internal policy adopted by the
Fund Manager to govern trading of its employees. Compliance with the Policy also includes
the requirement of entering into confidentiality agreements that meet the minimum
requirements of the Policy with certain third parties who will be receiving non-public
portfolio holdings of the Trust. The Fund Manager will provide any such agreements to the
Investment Adviser or the Trust, as amended or supplemented, only if reasonably requested by
the Investment Adviser or the Trust, provided however that the Fund Manager may provide only
those parts of the agreements that relate to ensuring conformance with the Trust’s Selective
Disclosure Policy. The Fund Manager agrees to provide a certification with respect to
compliance with the Selective Disclosure Policy as may be reasonably requested by the Trust
from time to time.
9. Section 2 is hereby amended to add the following new sections after Section 2(k):
Amdmt No. 7 to MFS Fund Management Agmt
3
(l) will (i) undertake reasonable best efforts to identify each security in the Funds
that Fund Manager believes is a Passive Foreign Investment Company (“PFIC”), as that term is
defined in Section 1296 of the Code, and (ii) provide such information for comparison
purposes to the Investment Adviser at least annually (or more often and by such date(s) as
the Investment Adviser shall reasonably request). This information will be provided for
informational purposes only, and does not constitute tax or accounting advice. The Fund
Manager makes no representation or warranties (i) as to the accuracy or completeness of such
information and (ii) that any particular foreign corporation would be determined by the
Internal Revenue Service to be a PFIC or not a PFIC at any particular time, and has no
obligation to update or supplement the information.
(m) will adopt a written Code of Ethics complying with the requirements of Rule 17j-l
under the 1940 Act and Rule 204A-l under the Advisers Act and will provide the Investment
Adviser and the Trust with a copy of the Code of Ethics, together with evidence of its
adoption. Within 30 days of the end of each calendar quarter during which this Agreement
remains in effect, the president, a vice president, the chief compliance officer, a managing
director, or other senior officer (as the Investment Adviser determines appropriate) of the
Fund Manager shall certify to the Investment Adviser that (a) the Fund Manager had a Code of
Ethics that complied with the requirements of Rule 17j-1 during the previous calendar
quarter, (b) the Code contains procedures reasonably necessary to prevent Access Persons
from violating the Code, and that (c) except as otherwise disclosed, there have been no
material violations of the Code or, if a material violation has occurred, that appropriate
action has been taken in response to such violation. Upon written request of the Investment
Adviser or the Trust, the Fund Manager shall permit representatives of the Investment
Adviser and the Trust to examine the reports relating to the material violations (or
summaries of the reports with non-public personal information redacted) required to be made
under the Code of Ethics and other records evidencing enforcement of the Code of Ethics.
With respect to material violations relating to individuals providing services to the Fund,
the Fund Manager shall permit Investment Adviser or the Trust to review the name and/or
title of such individuals and such other information as may be reasonably agreed upon by the
Fund Manager and the Investment Adviser and/or the Trust, provided that Investment Adviser
or the Trust reasonably requests such review in writing and is subject to any additional
confidentiality obligations as the Fund Manager may reasonably require, in addition to being
subject to the confidentiality provisions of this Agreement (including Section 20).
(n) (i) for non-U.S. class action settlements only (and for which there is an
established and well-defined settlement proof-of-claims filing process), will take
reasonable measures to monitor class action settlements relating to securities held by the
Fund and, prior to the claims filing deadline, provide to Investment Adviser a claim form
(or similar documentation) for Investment Adviser’s signature, and will file such claim form
on behalf of the Fund provided that a signed form is returned to Fund Manager prior to the
claims filing deadline; provided, however, that the Fund Manager shall have no such
obligation to monitor class actions or make filings with respect to transactions of the Fund
prior to Fund Manager’s management of the Fund; (ii) for U.S. class action settlements, Fund
Manager shall not have any obligation to monitor class action settlements or file claims on
behalf of the Fund, but upon request by the Investment
Amdmt No. 7 to MFS Fund Management Agmt
4
Adviser, shall research and confirm to the Investment Adviser whether the Fund held or
traded in a particular security, on any particular day or during any particular timeframe
within the term of this Agreement, as the Investment Adviser may specify, and shall provide
to Investment Adviser any requested trade information (for example, a schedule of purchases
and sales and/or holdings) for such security.
(o) will provide reasonable assistance to the Investment Adviser with respect to the
annual audit of the Trust’s financial statements, including, but not limited to: (i)
providing broker contacts as needed for obtaining trade confirmations (in particular with
respect to investments in loans (including participations and assignments) and all
derivatives, including swaps); (ii) providing copies of all documentation relating to
investments in loans (including participations and assignments) and derivative contracts,
within a reasonable time after the execution of such documentation; (iii) providing
assistance in obtaining trade confirmations in the event the Trust or the Trust’s
independent registered public accounting firm is unable to obtain such confirmations
directly from the brokers; and (iv) obtaining market quotations for investments (including
investments in loans (including participations and assignments) and derivatives) that are
not readily ascertainable in the event the Trust or the Trust’s independent registered
public accounting firm is unable to obtain such market quotations through independent means.
(p) will, on an annual basis upon request of the Investment Adviser, (i) advise the
Investment Adviser if the Fund Manager acts as sub-adviser to another U.S. registered mutual
fund that follows the same investment strategy as the Fund and (ii) if so, provide
comparative fee information with respect to such U.S. registered mutual fund(s).
10. Section 3 is renamed to Section 3(a) and the last sentence of new Section 3(a) is hereby
replaced with the following:
The Fund Manager represents and warrants that it is a duly registered investment
adviser under the Advisers Act and a duly registered investment adviser in all states in
which the Fund Manager is required to be registered. The Fund Manager will notify the
Investment Adviser immediately if any action is brought by any regulatory body which in the
Fund Manager’s reasonable determination will likely affect that registration.
11. The following is hereby added as Section 3(b) and replaces the amended language under
Section 3 in Amendment No. 5:
(b) With respect to the disclosure respecting each Fund, the Fund Manager represents
and agrees that the descriptions in the Trust’s Prospectus, as of the date of this Agreement
and as of the date of any Registration Statement or supplement thereto, as furnished to the
Fund Manager, (a) about the Fund’s investment goal and main investments (“Fund Description”)
is consistent in all material respects with the manner in which the Fund Manager intends to
manage each Fund, and (b) about the Fund’s risks (“Risk Description”) is consistent in all
material respects with the risks known to the Fund Manager that arise in connection with the
manner in which the Fund Manager intends to manage the Fund. The Fund Manager further
agrees to notify the Investment
Amdmt No. 7 to MFS Fund Management Agmt
5
Adviser and the Trust promptly in the event that the Fund Manager becomes aware that
the Fund Description for a Fund is inconsistent in any material respect with the manner in
which the Fund Manager is managing the Fund, and in the event that the Risk Description is
inconsistent in any material respect with the risks known to the Fund Manager that arise in
connection with the manner in which the Fund Manager is managing the Fund. In addition, the
Fund Manager agrees to comply with the Investment Adviser’s reasonable request for
information regarding the personnel of the Fund Manager who are responsible for the
day-to-day management of a Fund’s assets.
12. Section 4 is hereby amended to add the following to the end of the section and replaces
the language under Section A5 in Amendment No. 4 dated November 7, 2005:
Fund Manager agrees to pay to the Investment Adviser the reasonable cost of generating
a prospectus supplement, which includes preparation, filing, printing, and distribution
(including mailing) of the supplement, if the Fund Manager makes any changes that require
immediate disclosure in the prospectus or any required regulatory documents by supplement,
including material changes to its structure or ownership, to investment personnel, to
investment style or management, or otherwise (“Changes”), and at the time of notification to
the Trust by the Fund Manager of such Changes, the Trust is not generating a supplement for
other purposes or the Trust does not wish to add such Changes to a pending supplement.
However, such changes will not be unreasonably withheld by the Investment Adviser from a
pending supplement. In the event two or more fund managers each require a supplement
simultaneously, the expense of each supplement will be shared pro rata with such other fund
manager(s) based upon the number of pages required by each such fund manager.
13. The following paragraph is hereby added to Section 13:
Except as provided in Section 14 and as may otherwise be required by the 1940 Act or
the rules thereunder or other applicable law, the Fund Manager agrees that the Trust and the
Investment Adviser, any affiliated person thereof, and each person, if any, who, within the
meaning of Section 15 of the 1933 Act, controls the Trust or Investment Adviser, shall not
be liable for, or subject to any damages, expenses, or losses in connection with, any act or
omission connected with or arising out of any services rendered under this Agreement, except
by reason of the Trust’s or Investment Adviser’s willful misfeasance, bad faith, or gross
negligence in the performance of their duties, or by reason of reckless disregard of the
Trust’s or Investment Adviser’s obligations and duties under this Agreement.
Notwithstanding the foregoing, the Trust or Investment Adviser may be liable to the Fund
Manager for acts of good faith and nothing contained in this Agreement shall constitute a
waiver or limitation of rights that the Trust or Investment Adviser may have under federal
or state securities laws.
Amdmt No. 7 to MFS Fund Management Agmt
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14. Section 14(a)(ii) is hereby replaced with the following and current Section 14(a)(ii) is
renumbered to 14(a)(iii):
(ii) are based upon the Fund Manager’s breach of any provision of this Agreement,
including breach of any confirmation, representation, warranty or undertaking, or
15. Section 14(b)(ii) is hereby replaced with the following and current Section 14(b)(ii) is
renumbered to 14(b)(iii):
(ii) are based upon the Investment Adviser’s breach of any provision of this Agreement,
including breach of any confirmation, representation, warranty or undertaking, or
16. In the last paragraph of Section 15, the last sentence is hereby replaced with the
following:
In the event this Agreement is terminated or is not approved in the manner described
above (i) Fund Manager agrees to provide all reports, certification and assistance called
for pursuant to Sections 2(l), 2(h), 2(m), Paragraphs A2, A1 and A4 under Section 2 (in
Amendment No. 4 to the Agreement dated November 7, 2005), and Section 2.2 (in Amendment No.
5) within 30 business days of termination; and (ii) the Sections or Paragraphs numbered 2(g)
for a period of six years, and 2(i), 2.5 (in Amendment No. 5), 2(n), 9, 10, 13, 14, 15, 16,
17, 18, 19 and 20 of this Agreement as well as any applicable provision of this Paragraph
numbered 15 shall remain in effect.
17. Section 18 is hereby replaced with the following:
Notices. All notices, consents, waivers, and other communications (“Communications”)
under the Agreement, as amended, shall be in writing and deemed given upon (a) delivery to
the applicable party via hand delivery service or a reliable nationally recognized overnight
delivery service, each of which shall provide evidence of receipt to the applicable parties
at the addresses noted below and (b) a copy of the Communications is sent via email to the
email addresses noted below.
A. if to the Fund Manager, to:
MFS Investment Management
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Facsimile transmission number: (▇▇▇) ▇▇▇-▇▇▇▇
Attention: Legal Department, ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇
And a copy to Email: ▇▇▇▇▇▇▇▇▇▇▇@▇▇▇.▇▇▇
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Attention: Legal Department, ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇
And a copy to Email: ▇▇▇▇▇▇▇▇▇▇▇@▇▇▇.▇▇▇
B. if to the Investment Adviser, to:
Pacific Life Fund Advisors LLC
Amdmt No. 7 to MFS Fund Management Agmt
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Email: ▇▇▇▇▇.▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇▇.▇▇▇
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And a copy email to: ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇▇.▇▇▇
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Email: ▇▇▇▇▇.▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇▇.▇▇▇
Telephone number: ▇▇▇-▇▇▇-▇▇▇▇
And a copy email to: ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇▇.▇▇▇
C. if to the Trust, to:
Pacific Life Funds
c/o Pacific Life Insurance Company
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Attention: ▇▇▇▇▇ ▇. ▇▇▇▇▇
Email: ▇▇▇▇▇.▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇▇.▇▇▇
Telephone number: ▇▇▇-▇▇▇-▇▇▇▇
And a copy email to: ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇▇.▇▇▇
c/o Pacific Life Insurance Company
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Attention: ▇▇▇▇▇ ▇. ▇▇▇▇▇
Email: ▇▇▇▇▇.▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇▇.▇▇▇
Telephone number: ▇▇▇-▇▇▇-▇▇▇▇
And a copy email to: ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇▇.▇▇▇
18. Section 19(a) is hereby amended by adding the following sentence to the end of the current
section:
The parties to this Agreement hereby irrevocably agree to submit to the jurisdiction of
the courts located in the State of California for any action or proceeding arising out of
this Agreement, and hereby irrevocably agree that all claims in respect of such action or
proceeding shall be heard or determined in such courts.
19. A new Section 19(f) is hereby added as follows after Section 19(e):
(f) Amendment of this Agreement. No provision of this Agreement may be changed,
waived, discharged or terminated orally, but only by an instrument in writing signed by the
party against which enforcement of the change, waiver, discharge or termination is sought.
Any amendment of this Agreement shall be subject to the 1940 Act.
20. A new Section 20 is hereby added as follows after Section 19:
Confidentiality. In addition to other provisions of this Agreement related to
confidentiality obligations of the parties, each party shall treat all non-public
information about another party to this Agreement as confidential, proprietary information
of such other party (“Confidential Information”). Such Confidential Information includes
but is not limited to information about business operations, Fund portfolio holdings,
business and financial information, methods, plans, techniques, processes, documents and
trade secrets of a party. Each party shall use Confidential Information only in furtherance
of the purposes of this Agreement, limit access to the Confidential Information within its
organization to those employees who reasonably require access to such Confidential
Information and shall not disclose such Confidential Information to any third parties
Amdmt No. 7 to MFS Fund Management Agmt
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except as expressly provided for in this Agreement, and otherwise maintain policies and
procedures reasonably designed to prevent disclosure of the Confidential Information.
Confidential Information shall not include anything that (i) is or lawfully becomes in the
public domain, other than as a result of a breach of an obligation hereunder, (ii) is
furnished to the applicable party by a third party having a lawful right to do so, (iii) was
known to the applicable party at the time of the disclosure or (iv) is authorized in writing
by the party whose Confidential Information is to be disclosed. Further, the parties are
authorized to disclose Confidential Information if required by law or regulatory authorities
having jurisdiction. The disclosing party shall, if permitted by applicable law, notify the
other party of such disclosure as soon as reasonably practicable.
Amdmt No. 7 to MFS Fund Management Agmt
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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as of the day and
year first written above.
| PACIFIC LIFE FUND ADVISORS, LLC | ||||||||
By:
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/s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
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By: | /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
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| Name: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ | Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ | |||||||
| Title: VP, Fund Advisor Operations | Title: Vice President & Assistant Secretary | |||||||
| MASSACHUSETTS FINANCIAL SERVICES COMPANY dba MFS INVESTMENT MANAGEMENT | ||||||||
By:
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/s/ ▇▇▇▇▇▇ ▇ ▇▇▇▇▇▇▇
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| Name: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | ||||||||
| Title: Chief Executive Officer | ||||||||
| PACIFIC LIFE FUNDS | ||||||||
By:
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/s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
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By: | /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
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| Name: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ | Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ | |||||||
| Title: Vice President | Title: Vice President & Assistant Secretary | |||||||
Amdmt No. 7 to MFS Fund Management Agmt
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Exhibit A
PACIFIC LIFE FUNDS
FEE SCHEDULE
FEE SCHEDULE
Effective: July 1, 2013
Fund: PL International Large-Cap Fund
The Investment Adviser will pay to the Fund Manager a monthly fee based on an annual percentage of
the average daily net assets of the PL International Large-Cap Fund according to the following
calculations:
(a)
| Rate% | Break Point (assets) | |
0.425%
|
on the first $750 million of the Combined Assets as defined below | |
0.375%
|
on the next $750 million of the Combined Assets | |
0.325%
|
on the next $1.5 billion of the Combined Assets | |
0.300%
|
on Combined Assets above $3 billion |
(b) Multiplied by the ratio of the PL International Large-Cap Fund’s average daily net
assets over the Combined Assets.
For purposes of the above calculation, “Combined Assets” means the sum of the average daily net
assets of the International Large-Cap Portfolio of the Pacific Select Fund and the average daily
net assets of the PL International Large-Cap Fund of Pacific Life Funds. Assets are combined only
while the Fund Manager is managing both portfolios. Otherwise rates presented above are applied as
an annual percentage of the average daily net assets of the PL International Large-Cap Fund.
Fees for services shall be prorated for any portion of a year in which the Agreement is not
effective.
A-1
Fund: PL Growth Fund
The Investment Adviser will pay to the Fund Manager a monthly fee for its services for the above
noted Portfolio based on:
(a) The annual percentage of the combined* average daily net assets of the Growth Portfolio of
Pacific Select Fund (“PSF”) and the PL Growth Fund of Pacific Life Funds according to the following
schedule:
| Rate% | Break Point (assets) | |
0.375%
|
on the first $250 million | |
0.325%
|
on the next $250 million | |
0.30%
|
on the next $250 million | |
0.275%
|
on the next $250 million | |
0.25%
|
on the next $500 million | |
0.225%
|
on assets over $1.5 billion |
(b) Multiplied by the ratio of the PL Growth Fund’s average daily net assets over the combined
average daily net assets of the PL Growth Fund and the Growth Portfolio of Pacific Select Fund.
*Assets are combined only while the Portfolio Manager is managing both portfolios.
Otherwise rates presented above are applied as an annual percentage of the average daily net
assets of the PL Growth Fund.
Fees for services shall be prorated for any portion of a year in which the Agreement is not
effective.
A-2