EXHIBIT 99.(h)(5)
SUPPLEMENT TO
AMENDED AND RESTATED
ADMINISTRATION AGREEMENT
PIMCO Funds: Pacific Investment Management Series
000 Xxxxxxx Xxxxxx Xxxxx
Xxxxxxx Xxxxx, Xxxxxxxxxx 00000
_____________ , 1999
Pacific Investment Management Company
000 Xxxxxxx Xxxxxx Xxxxx
Xxxxxxx Xxxxx, Xxxxxxxxxx 00000
RE: Low Duration Municipal Fund
California Intermediate Municipal Fund
New York Intermediate Municipal Fund
Dear Sirs:
This will confirm the agreement between the undersigned (the "Trust") and
Pacific Investment Management Company (the "Administrator") as follows:
1. This Trust is an open-end investment company organized as a Massachusetts
business trust, and consisting of such investment portfolios as have been or
may be established by the Trustees of the Trust from time to time. A separate
series of shares of beneficial interest of the Trust is offered to investors
with respect to each investment portfolio. The Low Duration, California
Intermediate, and New York Intermediate Municipal Funds (the "Funds") are
separate investment portfolios of the Trust.
2. The Trust and the Administrator have entered into an Amended and Restated
Administration Agreement ("Agreement") dated February 24, 1998, pursuant to
which the Trust has employed the Administrator to provide management and
administrative services to the Trust as set forth in that Agreement.
3. As provided in paragraph 1 of the Agreement, the Trust hereby adopts the
Agreement with respect to the Funds and the Administrator hereby acknowledges
that the Agreement shall pertain to the Funds, the terms and conditions of
such Agreement being hereby incorporated herein by reference.
4. As provided in paragraph 5 of the Agreement and subject to further conditions
as set forth therein, the Trust shall with respect to the Funds pay the
Administrator a
monthly fee calculated as a percentage (on an annual basis) of the value of
net assets of the Funds during the preceding month, as determined on the last
business day of the preceding month, at a rate of 0.25% of the assets of the
Institutional and Administrative Classes and at a rate of 0.35% of the assets
of Class A, Class B, Class C, and Class D.
5. This Supplement and the Agreement shall become effective with respect to each
Fund on ______________, 1999 and shall continue in effect with respect to
each Fund for a period of more than two years from that date only so long as
the continuance is specifically approved at least annually (a) by the vote of
a majority of the outstanding voting securities (as defined in the 0000 Xxx)
of the Fund or by the Trust's Board of Trustees and (b) by the vote, cast in
person at a meeting called for the purpose, of a majority of the Trust's
trustees who are not parties to this Contract or "interested persons" (as
defined in the 0000 Xxx) of any such party. The Agreement may be terminated
at any time, without the payment of any penalty, by a vote of a majority of
the entire Board of Trustees of the Trust or by a majority of the outstanding
voting securities of the Trust or, with respect to a Fund by a vote of a
majority of the outstanding shares of the Fund, on 60 days' written notice to
the Administrator or, at or after the one-year period commencing the date of
its effectiveness, by the Administrator on 60 days' written notice to the
Trust. This Agreement shall terminate automatically in the event of its
assignment (as defined in the 1940 Act).
If the foregoing correctly sets forth the agreement between the Trust and
the Administrator, please so indicate by signing and returning to the Trust the
enclosed copy hereof.
Very truly yours,
PIMCO FUNDS: PACIFIC INVESTMENT
MANAGEMENT SERIES
By: ________________________________
Title:
ACCEPTED:
PACIFIC INVESTMENT MANAGEMENT COMPANY
By: _________________________________
Title:
