Pacific Heights Asset Management, LLC Transamerica Center
Exhibit – Item 28(d)(2)
Pacific Heights Asset Management, LLC
Transamerica Center
000 Xxxxxxxxxx Xxxxxx, Xxxxx 0000
Xxx Xxxxxxxxx, Xxxxxxxxxx 00000
Telephone (000) 000-0000
Telecopier (415) 398-8091
December 5, 2019
The Board of Trustees
Permanent Portfolio Family of Funds
000 Xxxxxxxxxx Xxxxxx, Xxxxx 0000
Xxx Xxxxxxxxx, Xxxxxxxxxx 00000
| Re: |
Dear Trustees,
Reference is made to the Investment Advisory Contract, dated January 21, 2016 (“Contract”), by and between Pacific Heights Asset Management, LLC (“Investment Adviser”) and Permanent Portfolio Family of Funds (“Fund”), a Delaware statutory trust, on behalf of each portfolio of the Fund referenced in Appendix A attached hereto, as such Appendix may be amended from time to time (each a “Portfolio”). Shareholders of the Fund’s predecessor, Permanent Portfolio Family of Funds, Inc. (“Predecessor Fund”), a Maryland corporation, approved the Contract as part of the Plan of Reorganization pursuant to which the Predecessor Fund was reorganized into the Fund on May 25, 2016.
The Investment Adviser hereby agrees, for as long as this letter agreement is in effect, to waive its Advisory Fee (as defined in the Contract), as follows:
Short-Term Treasury Portfolio. The Investment Adviser shall waive the Advisory Fee it charges to Short-Term Treasury Portfolio, so that the Advisory Fee paid by Short-Term Treasury Portfolio does not exceed an annual rate of .6250% of the Portfolio’s average daily net assets.
Versatile Bond Portfolio. The Investment Adviser shall waive the Advisory Fee it charges to Versatile Bond Portfolio, so that the Advisory Fee paid by Versatile Bond Portfolio does not exceed an annual rate of .6250% of the Portfolio’s average daily net assets.
Neither the Fund nor any Portfolio will be required to reimburse the Investment Adviser for amounts waived or paid by the Investment Adviser pursuant to this letter agreement.
This letter agreement shall be in effect for each Portfolio from the date first written above until June 1, 2021. This letter agreement may be terminated or amended only in writing and only with the approval of the Fund’s Board of Trustees.
The Board of Trustees
December 5, 2019
This letter agreement is made and is to be performed in the State of Delaware, and except insofar as the Investment Company Act of 1940, as amended, or other federal laws and regulations may be controlling, this letter agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware other than the conflict of laws provision thereof.
If you are in agreement with the foregoing, please sign the form of acceptance and return the same to us.
| Very truly yours, | ||
| PACIFIC HEIGHTS ASSET MANAGEMENT, LLC | ||
| By: |
/s/ Xxxxxxx X. Xxxxxxx | |
| Xxxxxxx X. Xxxxxxx | ||
| Manager | ||
Accepted and Agreed:
PERMANENT PORTFOLIO FAMILY OF FUNDS,
on behalf of each Portfolio identified herein
| By: |
/s/ Xxxx X. Xxxxxx | |
| Independent Trustee |
| By: |
/s/ Xxxxx Xxxxxx | |
| Xxxxx Xxxxxx | ||
| Independent Trustee |
2
Appendix A
Short-Term Treasury Portfolio
Versatile Bond Portfolio
Dated: December 5, 2019
