AMENDMENT TO EXPENSE LIMITATION AGREEMENT
Exhibit (h)(3)(i)
AMENDMENT TO
EXPENSE LIMITATION AGREEMENT
The Expense Limitation Agreement made the 13th day of June, 2001, between PACIFIC FUNDS (the “Trust”), a Delaware statutory trust, and PACIFIC LIFE INSURANCE COMPANY (the “Adviser”), an insurance company domiciled in California, as amended to date (the “Agreement”), is hereby further amended by the addition of the provisions set forth in this Amendment to the Agreement (“Amendment”), which is made this 17th day of May, 2005.
WITNESSETH:
WHEREAS, the Trust is a Delaware statutory trust and is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (the “1940 Act”) as an open-end management investment company;
WHEREAS, the Trust is authorized to issue shares of beneficial interest in separate series with each series representing interests in a separate portfolio of securities and other assets (each a “Fund,” and collectively, the “Funds”), with the Funds designated in Schedule A, as may be amended from time to time, attached hereto;
WHEREAS, the Trust and the Adviser have entered into an Investment Advisory Agreement dated June 13, 2001, as amended (the “Advisory Agreement”), pursuant to which the Adviser is authorized to provide investment advisory services for the Trust and each of its Funds for compensation based on the value of the average daily net assets of the Funds;
WHEREAS, the Trust and the Adviser have determined that it is appropriate and in the best interests of the Funds and their shareholders to maintain the expenses of the Funds at levels agreeable to the Trust and the Adviser.
NOW THEREFORE, in consideration of the promises and mutual covenants herein contained in this Amendment, in addition to the responsibilities as specified in the Agreement, it is agreed between the parties as follows:
| 1. | The Agreement shall have a term through December 31, 2006, except as otherwise indicated herein, provided that the repayment obligations described in Section I.F. of the Agreement shall survive for the period indicated in that Section, and provided further that such repayment obligations shall not apply with respect to PF Portfolio Optimization Model A Fund, PF Portfolio Optimization Model B Fund, PF Portfolio Optimization Model C Fund, PF Portfolio Optimization Model D Fund, and PF Portfolio Optimization Model E Fund. This Agreement may be extended upon the written consent of the Adviser. | |||
| 2. | Schedule A, governing the maximum operating expense limit in any fiscal year with respect to a Fund under the Agreement, is hereby replaced with the Schedule(s) attached hereto. | |||
IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by their respective officers designated below on the day and year first above written.
| PACIFIC FUNDS | ||||||
| By: | /s/ XXXXXX X. XXXXXX | |||||
| Name: Xxxxxx X. Xxxxxx | ||||||
| Title: Chairman of the Board | ||||||
| PACIFIC LIFE INSURANCE COMPANY | ||||||
| By: | /s/ XXXXXX X. XXXXXX | |||||
| Name: Xxxxxx X. Xxxxxx | ||||||
| Title: Chairman of the Board | ||||||
| By: | /s/ XXXXXX X. MILFS | |||||
| Name: Xxxxxx X. Milfs | ||||||
| Title: Vice President & Secretary | ||||||
SCHEDULE A
OPERATING EXPENSE LIMIT FOR PACIFIC FUNDS
Effective December 31, 2004 through June 30, 2005, except as otherwise indicated
| Maximum Operating Expense Limit | ||||
| (as a Percentage of average daily net assets) | ||||
PF Portfolio Optimization Model A Fund |
0.00 | % | ||
PF Portfolio Optimization Model B Fund |
0.00 | % | ||
PF Portfolio Optimization Model C Fund |
0.00 | % | ||
PF Portfolio Optimization Model D Fund |
0.00 | % | ||
PF Portfolio Optimization Model E Fund |
0.00 | % | ||
PF AIM Blue Chip Fund |
0.45 | % | ||
PF AIM Aggressive Growth Fund |
0.45 | % | ||
XX Xxxxxxx Xxxxx Short Duration Bond Fund |
0.45 | % | ||
PF INVESCO Health Sciences Fund* |
0.45 | % | ||
PF INVESCO Technology Fund* |
0.45 | % | ||
XX Xxxxx Growth LT Fund |
0.45 | % | ||
XX Xxxxxx Mid-Cap Value Fund |
0.45 | % | ||
XX Xxxxxx International Value Fund |
0.45 | % | ||
PF MFS International Large-Cap (formerly Global Growth) |
0.45 | % | ||
PF PIMCO Inflation Managed Fund |
0.45 | % | ||
PF PIMCO Managed Bond Fund |
0.45 | % | ||
PF Pacific Life Money Market Fund |
0.05 | % | ||
XX Xxxxxx Equity Income Fund** |
0.45 | % | ||
XX Xxxxxxx Brothers Large-Cap Value Fund |
0.45 | % | ||
XX Xxx Xxxxxx Xxxxxxxx Fund |
0.45 | % | ||
XX Xxx Xxxxxx Real Estate Fund |
0.45 | % | ||
XX Xxx Xxxxxx Mid-Cap Growth Fund |
0.45 | % | ||
| * | Liquidated at the close of business on December 31, 2004. | |
| ** | Liquidated at the close of business on March 30, 2005. |
SCHEDULE A
OPERATING EXPENSE LIMIT FOR PACIFIC FUNDS
Effective July 1, 2005 through June 30, 2006, except as otherwise indicated
| Maximum Operating Expense Limit | ||||
| (as a Percentage of average daily net assets) | ||||
PF Portfolio Optimization Model A Fund |
0.00 | % | ||
PF Portfolio Optimization Model B Fund |
0.00 | % | ||
PF Portfolio Optimization Model C Fund |
0.00 | % | ||
PF Portfolio Optimization Model D Fund |
0.00 | % | ||
PF Portfolio Optimization Model E Fund |
0.00 | % | ||
PF AIM Blue Chip Fund |
0.45 | % | ||
PF AIM Aggressive Growth Fund |
0.45 | % | ||
XX Xxxxxxx Sachs Short Duration Bond Fund |
0.45 | % | ||
XX Xxxxx Growth LT Fund |
0.45 | % | ||
XX Xxxxxx Mid-Cap Value Fund |
0.45 | % | ||
XX Xxxxxx International Value Fund |
0.45 | % | ||
PF MFS International Large-Cap |
0.45 | % | ||
PF PIMCO Managed Bond Fund |
0.45 | % | ||
PF PIMCO Inflation Managed Fund |
0.45 | % | ||
PF Pacific Life Money Market Fund |
0.45 | % | ||
XX Xxxxxxx Brothers Large-Cap Value Fund |
0.45 | % | ||
XX Xxx Xxxxxx Xxxxxxxx Fund |
0.45 | % | ||
XX Xxx Xxxxxx Mid-Cap Growth Fund |
0.45 | % | ||
XX Xxx Xxxxxx Real Estate Growth Fund |
0.45 | % | ||
