AMENDMENT TO THE EXPENSE LIMITATION AGREEMENT
AMENDMENT TO THE EXPENSE LIMITATION AGREEMENT
THIS AMENDMENT TO THE EXPENSE LIMITATION AGREEMENT (the “Amendment”), effective as of August 1, 2018, is entered into by and between Pacific Funds Series Trust (the “Trust” or “Pacific Funds”), on behalf of the series of Pacific Funds designated in the schedules to the Agreement (each a “Fund,” collectively, the “Funds”), and Pacific Life Fund Advisors LLC (“Adviser”).
WHEREAS, the Trust and Adviser (collectively, the “Parties”) are parties to a certain Expense Limitation Agreement dated August 1, 2017, as may be amended from time to time (the “Agreement”); and
WHEREAS, the Parties desire to amend the Agreement upon the following terms and conditions.
NOW THEREFORE, in consideration of the renewal of premises and mutual promises and covenants contained in the Agreement, and good and fair consideration, the receipt and sufficiency of which are hereby acknowledged by the Parties, the Parties hereby agree as follows:
1) Paragraph I.B., entitled Fund Operating Expenses, is hereby deleted and replaced with the following:
For purposes of this Agreement, “Fund Operating Expenses” shall consist of the ordinary operating expenses incurred by a Fund in any fiscal year, including but not limited to administration fees and expenses, and organizational expenses. These Fund Operating Expenses do not include following: investment advisory fees (management fees); distribution and/or service fees; dividends on securities sold short; acquired fund fees and expenses; interest (including commitment fees); taxes (including foreign taxes on dividends, interest or gains); brokerage commissions and other transactional expenses; extraordinary expenses such as litigation expenses, liquidation expenses, reorganization expenses; and other expenses not incurred in the ordinary course of each Fund’s business (such as No-Action Letters and Private Letter Rulings).
2) Schedules A, B, C and D to the Agreement are hereby deleted in its entirety and replaced with the Schedules A, B, C and D attached hereto, effective as of the date noted on that schedule.
3) Except as expressly supplemented, amended or consented to hereby, all of the representations, terms, covenants and conditions of the Agreement shall remain unchanged and shall continue in full force and effect.
PF – Amendment to Expense Limitation Agreement
IN WITNESS WHEREOF, the Parties have caused this Amendment to the Expense Limitation Agreement to be signed by their respective officers thereunto duly authorized and their respective corporate seals to be hereunto affixed, as of the day and year first above written.
|
By: |
/s/ Xxxxxxxx X. Xxxxxx |
|
By: |
/s/ Xxxxxxx X. XxxXxxxx |
|
|
Name: Xxxxxxxx X. Xxxxxx |
|
|
Name: Xxxxxxx X. XxxXxxxx |
|
|
Title: Vice President |
|
|
Title: VP & Assistant Secretary |
PACIFIC LIFE FUND ADVISORS LLC
|
By: |
/s/ Xxxxxxxx X. Xxxxxx |
|
By: |
/s/ Xxxxxxx X. XxxXxxxx |
|
|
Name: Xxxxxxxx X. Xxxxxx |
|
|
Name: Xxxxxxx X. XxxXxxxx |
|
|
Title: Vice President |
|
|
Title: VP & Assistant Secretary |
SCHEDULE A
to the PACIFIC FUNDS SERIES TRUST
FOR: Portfolio Optimization Funds(1)
Operating Expense Limits for Class A, Class B, Class C, Class R and Advisor Class Shares:
Maximum Operating Expense Limit
(as a Percentage of average daily net assets)
|
Fund |
|
Contractual Rate |
|
Pacific Funds Portfolio Optimization Conservative |
|
0.15% through July 31, 2019 |
Effective: August 1, 2018
(1) Pacific Funds Portfolio Optimization Conservative, Pacific Funds Portfolio Optimization Moderate-Conservative, Pacific Funds Portfolio Optimization Moderate, Pacific Funds Portfolio Optimization Growth, and Pacific Funds Portfolio Optimization Aggressive-Growth are, together, the “Portfolio Optimization Funds.”
SCHEDULE B
to the PACIFIC FUNDS SERIES TRUST
FOR: PF Fixed Income Funds(2) and Pacific Funds Diversified Alternatives
I. Operating Expense Limits for Class A Shares
Maximum Operating Expense Limit
(as a Percentage of average daily net assets)
|
Fund |
|
Contractual Rate |
|
Pacific Funds Short Duration Income |
|
0.10% through July 31, 2019 |
|
Pacific Funds Diversified Alternatives |
|
0.40% through July 31, 2019 |
II. Operating Expense Limits for Class C Shares
Maximum Operating Expense Limit
(as a Percentage of average daily net assets)
|
Fund |
|
Contractual Rate |
|
Pacific Funds Short Duration Income |
|
0.10% through July 31, 2019 |
|
Pacific Funds Strategic Income |
|
0.05% through July 31, 2019 |
|
Pacific Funds Diversified Alternatives |
|
0.40% through July 31, 2019 |
(2) Pacific Funds Core Income, Pacific Funds Floating Rate Income, Pacific Funds High Income, Pacific Funds Short Duration Income and Pacific Funds Strategic Income are, together, the “PF Fixed Income Funds.” The expense caps for Class P shares of the PF Fixed Income Funds that are offered as Underlying Funds are stated in Schedule D to this Agreement.
III. Operating Expense Limits for Advisor Class Shares:
Maximum Operating Expense Limit
(as a Percentage of average daily net assets)
|
Fund |
|
Contractual Rate |
|
Pacific Funds Short Duration Income |
|
0.10% through July 31, 2019 |
|
Pacific Funds Core Income |
|
0.05% through July 31, 2019 |
|
Pacific Funds Diversified Alternatives |
|
0.40% through July 31, 2019 |
IV. Operating Expense Limits for Class I Shares:
Maximum Operating Expense Limit
(as a Percentage of average daily net assets)
|
Fund |
|
Contractual Rate |
|
Pacific Funds Short Duration Income |
|
0.10% through July 31, 2019 |
|
Pacific Funds Core Income |
|
0.05% through July 31, 2019 |
Effective: August 1, 2018
SCHEDULE C
to the PACIFIC FUNDS SERIES TRUST
EXPENSE LIMITATION AGREEMENT
FOR: PF U.S. Equity Funds(3)
I. Operating Expense Limits for Class A Shares:
Maximum Operating Expense Limit
(as a Percentage of average daily net assets)
|
Fund |
|
Contractual Rate |
|
Pacific Funds Large-Cap |
|
0.20% through July 31, 2020 |
|
Pacific Funds Small-Cap Growth |
|
0.15% through July 31, 2020 |
II. Operating Expense Limits for Class C and Advisor Class Shares:
Maximum Operating Expense Limit
(as a Percentage of average daily net assets)
|
Fund |
|
Contractual Rate |
|
Pacific Funds Large-Cap |
|
0.20% through July 31, 2019 |
III. Operating Expense Limits for Class S Shares:
Maximum Operating Expense Limit
(as a Percentage of average daily net assets)
|
Fund |
|
Contractual Rate |
|
Pacific Funds Large-Cap |
|
0.10% through July 31, 2019 |
|
Pacific Funds Small/Mid-Cap |
|
0.15% through July 31, 2019 |
|
Pacific Funds Small-Cap Growth |
|
0.05% through July 31, 2019 |
Effective: August 1, 2018
(3) Pacific Funds Large-Cap, Pacific Funds Large-Cap Value, Pacific Funds Small/Mid-Cap, Pacific Funds Small-Cap, Pacific Funds Small-Cap Value and Pacific Funds Small-Cap Growth are, together, the “PF U.S. Equity Funds.” The expense caps for Class P shares of the PF U.S. Equity Funds that are offered as Underlying Funds are stated in Schedule D to this Agreement.
SCHEDULE D
to the PACIFIC FUNDS SERIES TRUST
FOR: Class P Underlying Funds
Operating Expense Limits for Class P Shares:
Maximum Operating Expense Limit
(as a Percentage of average daily net assets)
|
Fund |
|
Contractual Rate |
|
Pacific Funds Core Income |
|
0.05% through July 31, 2019 |
|
Pacific Funds High Income |
|
0.10% through July 31, 2019 |
|
PF Inflation Managed Fund |
|
0.15% through July 31, 2019 |
|
PF Currency Strategies Fund |
|
0.25% through July 31, 2019 |
|
PF Multi-Asset Fund |
|
0.16% through July 31, 2019 |
|
Pacific Funds Large-Cap |
|
0.20% through July 31, 2019 |
Effective: August 1, 2018
(4) Through the Liquidation Date (on or about August 28, 2018).
(5) Upon commencement of operations.
