EXHIBIT (d)(26)
PORTFOLIO MANAGEMENT AGREEMENT
AGREEMENT made this 2nd day of January, 2001 among Pacific Life Insurance
Company, ("Adviser"), a California corporation, and INVESCO Funds Group, Inc., a
Delaware corporation ("INVESCO" or "Portfolio Manager"),and Pacific Select Fund
(the "Fund"), a Massachusetts Business Trust.
WHEREAS, the Fund is registered with the Securities and Exchange Commission
("SEC") as an open-end, management investment company under the Investment
Company Act of 1940, as amended (the "1940 Act"); and
WHEREAS, the Fund is authorized to issue shares of beneficial interest
("Shares") in separate portfolios, with each such portfolio representing
interests in a separate portfolio; and
WHEREAS, the Fund currently offers multiple Portfolios, one or more of
which the Fund and Adviser desire to retain the Portfolio Manager to render
investment advisory services hereunder, and with respect to which the Portfolio
Manager is willing to do so; and
WHEREAS, the Adviser is registered as an investment adviser under the
Investment Advisers Act of 1940 ("Advisers Act"); and
WHEREAS, the Portfolio Manager is registered with the SEC as an investment
adviser under the Advisers Act; and
WHEREAS, the Fund has retained the Adviser to render investment advisory
services to the various portfolios of the Fund pursuant to an Advisory
Agreement, as amended, and such Agreement authorizes the Adviser to engage a
portfolio manager to discharge the Adviser's responsibilities with respect to
the investment management of such portfolios, a copy of which has been provided
to the Portfolio Manager and is incorporated herein by reference; and
WHEREAS, the Fund and the Adviser desire to retain the INVESCO to furnish
investment advisory services to one or more portfolios of the Fund, and the
Portfolio Manager is willing to furnish such services to such portfolios and the
Adviser in the manner and on the terms hereinafter set forth; and
NOW THEREFORE, in consideration of the premises and the promises and mutual
covenants herein contained, it is agreed between the Fund, the Adviser, and the
Portfolio Manager as follows:
1. Appointment. The Fund and the Adviser hereby appoint INVESCO to act as
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portfolio manager to provide investment advisory services to the series of
portfolios listed on the Fee Schedule attached hereto (hereinafter the
"Portfolios") for the periods and on the terms set forth in this Agreement. The
Portfolio Manager accepts such appointment and agrees to furnish the services
herein set forth for the compensation herein provided.
In the event the Adviser wishes to retain the Portfolio Manager to render
investment advisory services to one or more portfolios other than the
Portfolios, the Adviser shall notify the Portfolio Manager in writing and shall
revise the Fee Schedule to reflect such additional portfolio(s). If the
Portfolio Manager is willing to render such services, it shall notify the Fund
and Adviser in writing, whereupon such portfolio shall become a Portfolio
hereunder, and be subject to this Agreement.
2. Portfolio Manager Duties. Subject to the supervision of the Fund's
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Board of Trustees and the Adviser, the Portfolio Manager will provide a
continuous investment program for the Portfolios and determine the composition
of the assets of the Portfolios. The Portfolio Manager will provide investment
research and analysis, which may include computerized investment methodology,
and will conduct a continuous program of evaluation, investment, sales, and
reinvestment of the Portfolio's assets by determining the securities and other
investments, including futures and options contracts, if any, that shall be
purchased, entered into, retained, sold, closed, or exchanged for the
Portfolios, when these transactions should be executed, and what portion of the
assets of the Portfolios should be held in the various securities and other
investments in which it may invest, and the Portfolio Manager is hereby
authorized to execute and perform such services on behalf of the Portfolios. To
the extent permitted by the written investment policies of the Portfolios, the
Portfolio Manager shall make decisions for the Portfolios as to foreign currency
matters and make determinations as to the retention or disposition of foreign
currencies or securities or other instruments denominated in foreign currencies,
or derivative instruments based upon foreign currencies, including forward
foreign currency contracts and options and futures on foreign currencies and
shall execute and perform the same on behalf of the Portfolios. The Portfolio
Manager is authorized to exercise tender offers, exchange offers and to vote
proxies on behalf of the Portfolio, each as the Portfolio Manager determines is
in the best interest of the Portfolio. In performing these duties, the
Portfolio Manager:
(a) Will (i) manage each of the Portfolios so that it will meet the
requirements of Section 851(b)(2) and (3) Subchapter M of the Internal Revenue
Code and (ii) manage the Portfolios so as to ensure compliance by the Portfolios
with the diversification requirements of Section 817(h) of the Internal Revenue
Code and Regulations issued thereunder. The Adviser will notify the Portfolio
Manager of any amendments to the Section 817(h) of the Internal Revenue Code and
Regulations issued thereunder. In managing the Portfolios in accordance with
these requirements, the Portfolio Manager shall be entitled to receive and act
upon advice of counsel to the Fund, counsel to the Adviser, or counsel to the
Portfolio Manager that is also acceptable to the Adviser.
(b) Shall conform with (i) the 1940 Act and all rules and regulations
thereunder, and releases and interpretations related thereto (including any no-
action letters and exemptive orders which have been granted by the SEC to the
Fund, the Adviser or the Portfolio Manager), (ii) with all other applicable
federal and, as identified by the Adviser, state laws and regulations pertaining
to investment vehicles underlying variable annuity and/or variable life
insurance contracts, (iii) with any applicable written procedures, policies and
guidelines adopted by the Fund's Board of Trustees and furnished to Portfolio
Manager, (iv) with the Portfolio's objectives, investment policies and
investment restrictions as stated in the Fund's Prospectus and Statement of
Additional Information as supplemented or amended from time to time, as
furnished to the Portfolio Manager, and (5) with the provisions of the Fund's
Registration Statement filed on Form N-1A under the Securities Act of 1933 (the
"1933 Act") and the 1940 Act, as supplemented or amended from time to time.
Until the Adviser delivers any supplements or amendments to the Portfolio
Manager, the Portfolio Manager shall be fully protected in relying on the Fund's
Registration Statement previously furnished to the Portfolio Manager by the
Adviser.
(c) Will: (i) use its best efforts to identify each position in the
Portfolios that constitutes stock in a Passive Foreign Investment Company
("PFIC"), as that term is defined in Section 1296 of the Internal Revenue Code,
and (ii) make such determinations and inform the Adviser at least annually, (or
more often and by such date(s) as the Adviser shall request), of any stock in a
PFIC.
(d) Is responsible, in connection with its responsibilities under this
Section 2, for decisions to buy and sell securities and other investments for
the Portfolios, for broker-dealer and futures commission merchant ("FCM")
selection, and for negotiation of commission rates. The Portfolio Manager's
primary consideration in effecting a security or other transaction will be to
obtain the best execution for the Portfolios, taking into account the factors
specified in the Prospectus and Statement of Additional Information for the
Fund, as they may be amended or supplemented from time to time and furnished to
the Portfolio Manager. Subject to such policies as the Board of Trustees may
determine and consistent with Section 28(e) of the Securities Exchange Act of
1934, the Portfolio Manager shall not be deemed to have acted unlawfully or to
have breached any duty created by this Agreement or otherwise solely by reason
of its having caused the Portfolio to pay a broker or dealer, acting as agent,
for effecting a portfolio transaction at a price in excess of the amount of
commission another broker or dealer would have charged for effecting that
transaction, if the Portfolio Manager determines in good faith that such amount
of commission was reasonable in relation to the value of the brokerage and
research services provided by such broker or dealer, viewed in terms of either
that particular transaction or the Portfolio Manager's (or its affiliates)
overall responsibilities with respect to the Portfolios and to its other clients
as to which it exercises investment discretion. To the extent consistent with
these standards, and in accordance with Section 11(a) of the Securities Exchange
Act of 1934 and Rule 11a2-2(T) thereunder, and subject to any other applicable
laws and regulations including Section 17(e) of the 1940 Act, the Portfolio
Manager is further authorized to place orders
on behalf of the Portfolios through the Portfolio Manager if the Portfolio
Manager is registered as a broker or dealer with the SEC or as a FCM with the
Commodities Futures Trading Commission ("CFTC"), to any of its affiliates that
are brokers or dealers or FCMs or such other entities which provide similar
services in foreign countries, or to such brokers and dealers that also provide
research or statistical research and material, or other services to the
Portfolios or the Portfolio Manager. Such allocation shall be in such amounts
and proportions as the Portfolio Manager shall determine consistent with the
above standards, and, upon request, the Portfolio Manager will report on said
allocation to the Adviser and Board of Trustees of the Fund, indicating the
brokers, dealers or FCMs to which such allocations have been made and the basis
therefor.
(e) May, on occasions when the purchase or sale of a security is deemed
to be in the best interest of a Portfolio as well as any other investment
advisory clients, to the extent permitted by applicable laws and regulations,
but shall not be obligated to, aggregate the securities to be so sold or
purchased with those of its other clients where such aggregation is not
inconsistent with the policies set forth in the Fund's Registration Statement as
furnished to Portfolio Manager. In such event, allocation of the securities so
purchased or sold, as well as the expenses incurred in the transaction, will be
made by the Portfolio Manager in a manner that is fair and equitable and
consistent with the Portfolio Manager's fiduciary obligations to the Fund and to
such other clients.
(f) Will, in connection with the purchase and sale of securities for
the Portfolios, together with the Adviser, arrange for the transmission to the
custodian and recordkeeping agent for the Fund, on a daily basis, such
confirmation(s), trade tickets, and other documents and information, including,
but not limited to, Cusip, Sedol, or other numbers that identify securities to
be purchased or sold on behalf of the Portfolio, as may be reasonably necessary
to enable the custodian and recordkeeping agent to perform its administrative
and recordkeeping responsibilities with respect to the Portfolios, and with
respect to portfolio securities to be purchased or sold through the Depository
Trust Company, will arrange for the automatic transmission of the confirmation
of such trades to the Fund's custodian, and recordkeeping agent, and, if
required, the Adviser.
(g) Will assist the custodian and recordkeeping agent for the Fund in
determining or confirming, consistent with the procedures and policies stated in
the Registration Statement for the Fund, the value of any portfolio securities
or other assets of the Portfolios for which the custodian and recordkeeping
agent seeks assistance from the Portfolio Manager or identifies for review by
the Portfolio Manager. This includes (but is not limited to) obtaining bids and
offers or quotes from broker/dealers or market-makers, verifying pricing and
recommending fair valuations in accordance with Fund procedures, as they may be
amended from time to time.
(h) Will maintain and preserve such records related to each Portfolio's
transactions as required under the 1940 Act and the Advisers Act. The Portfolio
Manager will make available to the Fund and the Adviser promptly upon request,
any of the Portfolio's investment records and ledgers maintained by the
Portfolio Manager (which shall not include the records and ledgers maintained by
the custodian and recordkeeping
agent for the Fund), as are necessary to assist the Fund and the Adviser to
comply with requirements of the 1940 Act and the Advisers Act, as well as other
applicable laws, and will furnish to regulatory authorities having the requisite
authority any information or reports in connection with such services which may
be requested in order to ascertain whether the operations of the Fund are being
conducted in a manner consistent with applicable laws and regulations.
(i) Will regularly report to the Fund's Board of Trustees on the
investment program for the Portfolios and the issuers and securities represented
in the Portfolios' portfolios, and will furnish the Fund's Board of Trustees
with respect to the Portfolios such periodic and special reports as the Trustees
and the Adviser may reasonably request, including, but not limited to, the
monthly compliance checklist, monthly tax compliance worksheet, reports
regarding compliance with the Fund's procedures pursuant to Rules 17e-1, 17a-7,
10f-3 and 12d3-1 under the Investment Company Act of 1940, fundamental
investment restrictions, procedures for opening brokerage accounts and commodity
trading accounts, liquidity determination of securities purchased pursuant to
Rule 144A and 4(2) commercial paper, and compliance with the Portfolio Manager's
Code of Ethics, and such other procedures or requirements that the Adviser may
request from time to time.
(j) Will not disclose or use any records or information obtained
pursuant to this Agreement (excluding investment research and investment advice)
in any manner whatsoever except as expressly authorized in this Agreement or in
the ordinary course of business in connection with placing orders for the
purchase and sale of securities or obtaining investment licenses in various
countries or the opening of custody accounts and dealing with settlement agents
in various countries, and will keep confidential any information obtained
pursuant to the Agreement, and disclose such information only if the Board of
Trustees of the Fund has authorized such disclosure, or if such disclosure is
required by applicable federal or state law or regulations or regulatory
authorities having the requisite authority. The Fund and the Adviser will not
disclose or use any records or information respecting the Portfolio Manager
obtained pursuant to this Agreement, in any manner whatsoever except as
expressly authorized in this Agreement, and will keep confidential any
information obtained pursuant to this Agreement, and disclose such information
only as expressly authorized in this Agreement, if the Board of Trustees of the
Fund has authorized such disclosure, or if such disclosure is required by
applicable federal or state law or regulations or regulatory authorities having
the requisite authority.
(k) Shall not permit any employee of the Portfolio Manager to have any
material connection with the handling of the Portfolios if such employee has:
(i) been, within the last ten (10) years, convicted of or
acknowledged commission of any felony or misdemeanor (a) involving the purchase
or sale of any security, (b) involving embezzlement, fraudulent conversion, or
misappropriation of funds or securities, (c) involving sections 1341, 1342 or
1343 of Title 18 of the U.S. Code, or (d) arising out of such person's conduct
as an underwriter, broker,
dealer, investment adviser, municipal securities person required to be
registered under the Commodity Exchange Act, or as an affiliated person,
salesman, or employee or officer or director of any investment company, bank,
insurance company, or entity or person required to be registered under the
Commodity Exchange Act.
(ii) been permanently or temporarily enjoined by reason of any
misconduct, by order, judgment, or decree of any court of competent jurisdiction
from acting as an underwriter, broker, dealer, investment adviser, municipal
securities dealer, government securities broker, government securities dealer,
transfer agent, or entity or person required to be registered under the
Commodity Exchange Act, or as an affiliated person, salesman or employee of any
investment company, bank, insurance company, or entity or person required to be
registered under the Commodity Exchange Act, or from engaging in or continuing
any conduct or practice in connection with any such activity or in connection
with the purchase or sale of any security.
(l) Shall provide to Adviser a complete copy of Portfolio Manager's
Form ADV as filed with the Securities and Exchange Commission and a list of
persons who Portfolio Manager wishes to have authorized to give written and/or
oral instructions to Custodians of Fund assets for the Portfolios. The Adviser
has received a current copy of the Portfolio Manager's Uniform Application for
Investment Adviser Registration on Form ADV, as filed with the SEC. On an annual
basis, (or more frequently if requested by the Adviser or the Fund's Board of
Trustees) the Portfolio Manager agrees to provide the Adviser with current
copies of the Portfolio Manager's Form ADV, and any supplements or amendments
thereto, as filed with the SEC.
3. Disclosure about Portfolio Manager. The Portfolio Manager has reviewed
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the current Registration Statement for the Fund and agrees to promptly review
future Registration Statements, including any supplements thereto which relate
to Portfolio Manager or the Portfolios, filed with the SEC (or which will be
filed with the SEC in the future) and represents and warrants that, with respect
to the disclosure about the Portfolio Manager or information relating, directly
or indirectly, to the Portfolio Manager or the Portfolios or any performance
information the Portfolio Manager provides that is included in the Registration
Statement for the Fund, such Registration Statement contains as of the date
hereof, or will contain as of the date of effectiveness of any future
Registration Statement or supplement thereto, no untrue statement of any
material fact and does not omit any statement of material fact which was
required to be stated therein or necessary to make the statements contained
therein not misleading. The Portfolio Manager further 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 Portfolio Manager
is required to be registered.
4. Expenses. The Portfolio Manager shall bear all expenses incurred by
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it and its staff and for their activities in connection with the performance if
its services under this Agreement, including but not limited to salaries,
overhead, travel, preparation of Board materials, review of marketing materials,
marketing support. Each Portfolio will bear certain other expenses to be
incurred in its operation, including, but not limited
to, investment advisory fees, sub-advisory fees (other than sub-advisory fees
paid pursuant to this Agreement) and administration fees; fees for necessary
professional and brokerage services; costs of regulatory compliance; and pro
rata costs associated with maintaining the Fund legal existence and shareholder
relations. All other expenses not specifically assumed by the Portfolio Manager
hereunder or by the Adviser under the Advisory Agreement are borne by the
applicable Portfolio of the Fund.
5. Compensation. For the services provided and the expenses borne by the
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Portfolio Manager pursuant to this Agreement, the Adviser will pay to the
Portfolio Manager a fee in accordance with the Fee Schedule attached to this
Agreement. This fee will be computed and accrued daily and payable monthly.
These fees for services shall be prorated for any portion of a year in which the
Agreement is not effective.
6. Seed Money. The Adviser agrees that the Portfolio Manager shall not be
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responsible for providing money for the initial capitalization of any Portfolio.
7. Compliance.
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(a) The Portfolio Manager agrees that it shall immediately notify the
Adviser and the Fund (i) in the event that the SEC, CFTC, or any banking or
other regulatory body has censured the Portfolio Manager; placed limitations
upon its activities, functions or operations; suspended or revoked its
registration, if any, or ability to serve as an investment adviser; or has
commenced proceedings or an investigation that can reasonably be expected to
result in any of these actions, (ii) upon having a reasonable basis for
believing that a Portfolio has ceased to qualify or might not qualify as a
regulated investment company under Subchapter M of the Internal Revenue Code,
and (iii) upon having a reasonable basis for believing that the Portfolio has
ceased to comply with the diversification provisions of Section 817(h) of the
Internal Revenue Code or the Regulations thereunder. The Portfolio Manager
further agrees to notify the Adviser and the Fund immediately of any material
fact known to the Portfolio Manager respecting or relating to the Portfolio
Manager that is not contained in the Registration Statement or prospectus for
the Fund, or any amendment or supplement thereto, or of any statement contained
therein that becomes untrue in any material respect.
(b) The Adviser agrees that it shall immediately notify the Portfolio
Manager (i) in the event that the SEC has censured the Adviser or the Fund;
placed limitations upon either of their activities, functions, or operations;
suspended or revoked the Adviser's registration as an investment adviser; or has
commenced proceedings or an investigation that may result in any of these
actions, (ii) upon having a reasonable basis for believing that a Portfolio has
ceased to qualify or might not qualify as a regulated investment company under
Subchapter M of the Internal Revenue Code, and (iii) upon having a reasonable
basis for believing that the Portfolio has ceased to comply with the
diversification provisions of Section 817(h) of the Internal Revenue Code or the
Regulations thereunder.
8. Independent Contractor. The Portfolio Manager shall for all purposes
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herein be deemed to be an independent contractor and shall, unless otherwise
expressly provided herein or authorized by the Adviser from time to time, have
no authority to act for or represent the Adviser in any way or otherwise be
deemed its agent. The Portfolio Manager understands that unless provided herein
or authorized from time to time by the Fund, the Portfolio Manager shall have no
authority to act for or represent the Fund in any way or otherwise be deemed the
Fund's Agent.
9. Books and Records. In compliance with the requirements of Rule 31a-3
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under the 1940 Act, the Portfolio Manager hereby agrees that all records which
it maintains for the Portfolios are the property of the Fund and further agrees
to surrender promptly to the Fund any of such records upon the Fund's or the
Adviser's request, although the Portfolio Manager may, at its own expense, make
and retain a copy of such records.
10. Cooperation. Each party to this Agreement agrees to cooperate with each
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other party and with all appropriate governmental authorities having the
requisite jurisdiction (including, but not limited to, the SEC and state
insurance authorities) in connection with any investigation or inquiry relating
to this Agreement or the Fund.
11. Responsibility and Control. Notwithstanding any other provision of this
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Agreement, it is understood and agreed that the Fund shall at all times retain
the ultimate responsibility for and control of all functions performed pursuant
to this Agreement and reserves the right to direct, approve or disapprove any
action hereunder taken on its behalf by the Portfolio Manager.
12. Services Not Exclusive. It is understood that the services of the
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Portfolio Manager and its employees are not exclusive, and nothing in this
Agreement shall prevent the Portfolio Manager (or its employees or affiliates)
from providing similar services to other clients, including investment companies
(whether or not their investment objectives and policies are similar to those of
the Portfolios) or from engaging in other activities.
13. Liability. Except as provided in Section 14 and as may otherwise be
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required by the 1940 Act or the rules thereunder or other applicable law, the
Fund and the Adviser agree that the Portfolio Manager, any affiliated person of
the Portfolio Manager, and each person, if any, who, within the meaning of
Section 15 of the 1933 Act, controls the Portfolio Manager 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 willful misfeasance, bad faith, or gross
negligence in the performance of the Portfolio Manager's duties, or by reason of
reckless disregard of the Portfolio Manager's obligations and duties under this
Agreement. Notwithstanding the foregoing, the Portfolio Manager may be liable
to the Fund for acts of good faith and nothing contained in this Agreement shall
constitute a waiver or limitation of rights that the Fund may have under federal
or state securities laws.
14. Indemnification.
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(a) The Portfolio Manager agrees to indemnify and hold harmless, the
Adviser, any affiliated person within the meaning of Section 2(a)(3) of the 1940
Act ("affiliated person") of the Adviser, and each person, if any, who, within
the meaning of Section 15 of the 1933 Act, controls ("controlling person") the
Adviser (collectively, "PL Indemnified Persons") against any and all losses,
claims, damages, liabilities or litigation (including legal and other expenses),
to which the Adviser or such affiliated person or controlling person may become
subject under the 1933 Act, 1940 Act, the Advisers Act, under any other statute,
at common law or otherwise, arising out of the Portfolio Manager's
responsibilities to the Trust which (i) may be based upon any willful
misfeasance, bad faith, gross negligence, or reckless disregard of, the
Portfolio Manager's obligations and/or duties under this Agreement by the
Portfolio Managers or by any of its directors, officers or employees, or any
affiliate acting on behalf of the Portfolio Manager (other than a PL Indemnified
Person), or (ii) may be based upon any untrue statement or alleged untrue
statement of a material fact contained in a registration statement or prospectus
covering the Shares of the Trust or any Fund, or any amendment thereof or any
supplement thereto, or the omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements
therein not misleading, if such a statement or omission was made in reliance
upon information furnished in writing to the Adviser, the Trust, or any
affiliated person of the Trust by the Portfolio Manager or any affiliated person
of the Portfolio Manager (other than a PL Indemnified Person); provided,
however, that in no case is the Portfolio Manager's indemnity in favor of the
Adviser or any affiliated person or controlling person of the Adviser deemed to
protect such person against any liability to which any such person would
otherwise be subject by reason of willful misfeasance, bad faith, or gross
negligence in the performance of his duties, or by reason of his reckless
disregard of obligation and duties under this Agreement.
(b) The Adviser agrees to indemnify and hold harmless the Portfolio
Manager, any affiliated person within the meaning of Section 2(a)(3) of the 1940
Act of the Portfolio Manager and each person, if any, who, within the meaning of
Section 15 of the 1933 Act controls ("controlling person") the Portfolio Manager
(collectively, "Portfolio Manager Indemnified Persons") against any and all
losses, claims, damages, liabilities or litigation (including legal and other
expenses) to which a Portfolio Manager Indemnified Person may become subject
under the 1933 Act, the 1940 Act, the Advisers Act, under any other statute, at
common law or otherwise, arising out of the Adviser's responsibilities as
adviser of the Fund which (i) may be based upon any willful misfeasance, bad
faith or gross negligence by the Adviser, any of its employees or any affiliate
acting on behalf of the Adviser (other than a Portfolio Manager Indemnified
Person) or (ii) may be based upon any untrue statement or alleged untrue
statement of a material fact contained in the Registration Statement or
prospectus covering Shares of the Fund or any Portfolio, or any amendment
thereof or any supplement thereto, or the omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make the
statement therein not misleading, unless such statement or
omission was made in reliance upon written information furnished to the Fund or
the Adviser or any affiliated person of the Adviser by a Portfolio Manager
Indemnified Person (other than an Adviser Indemnified Person); provided however,
that in no case is the indemnity of the Adviser in favor of the Portfolio
Manager Indemnified Persons deemed to protect such person against any liability
to which any such person would otherwise be subject by reason of willful
misfeasance, bad faith, or gross negligence in the performance of his duties, or
by reason of his reckless disregard of obligations and duties under this
Agreement.
15. Duration and Termination. This Agreement shall become effective as of
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the date of execution first written above, and shall continue in effect for two
years from such date and continue thereafter on an annual basis with respect to
each Portfolio; provided that such annual continuance is specifically approved
at least annually (a) by the vote of a majority of the Board of Trustees of the
Fund, or (b) by the vote of a majority of the outstanding voting shares of each
Portfolio, and provided that continuance is also approved by the vote of a
majority of the Board of Trustees of the Fund who are not parties to this
Agreement or "interested persons" (as such term is defined in the 0000 Xxx) of
the Fund, the Adviser, or the Portfolio Manager, cast in person at a meeting
called for the purpose of voting on such approval. This Agreement may not be
materially amended without a majority vote of the outstanding shares (as defined
in the 0000 Xxx) of the Portfolios. This Agreement may be terminated with
respect to any Portfolio:
(a) by the Fund at any time with respect to the services provided by the
Portfolio Manager, without the payment of any penalty, forfeiture, compulsory
buyout amount, or performance of any other obligation which could deter
termination, by vote of a majority of the entire Board of Trustees of the Fund
or by a vote of a majority of the outstanding voting shares of the Fund or, with
respect to a particular Portfolio, by vote of a majority of the outstanding
voting shares of such Portfolio, on 60 days' written notice to the Portfolio
Manager and the Adviser;
(b) by the Portfolio Manager at any time, without the payment of any
penalty, forfeiture, compulsory buyout amount or performance of any other
obligation which could deter termination, upon 60 days' written notice to the
Adviser and the Fund.
(c) by the Adviser at any time, without the payment of any penalty,
forfeiture, compulsory buyout amount or performance of any other obligation
which could deter termination, upon 60 days' written notice to the Portfolio
Manager and the Fund.
Any approval of this Agreement by the holders of a majority of the
outstanding shares (as defined in the 0000 Xxx) of a particular Portfolio shall
be effective to continue this Agreement with respect to such Portfolio
notwithstanding (a) that this Agreement has not been approved by the holders of
a majority of the outstanding shares of any other Portfolio or (b) that this
Agreement has not been approved by the vote of a majority of the outstanding
shares of the Fund, unless such approval shall be required by any other
applicable law or otherwise.
This Agreement will terminate automatically in event of its assignment (as
that term is defined in the 1940 Act), but shall not terminate in connection
with any transaction not deemed an assignment within the meaning of Rules 2a-6
under the 1940 Act, or any other rule adopted by the SEC regarding transactions
not deemed to be assignments. In the event this Agreement is terminated or is
not approved in the manner described above, the Sections or Paragraphs numbered
2(h) for a period of six years, and 10, 11, 13, 14 and 16 of this Agreement as
well as any applicable provision of this Paragraph numbered 15 shall remain in
effect.
16. Use of Name.
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(a) It is understood that the name "Pacific Life Insurance Company" or
"Pacific Life", "Pacific Life & Annuity Company" or "PL&A" or "Pacific Select
Fund" or any derivative thereof or logo associated with those names are the
valuable property of the Adviser and its affiliates, and that the Portfolio
Manager has the right to use such name (or derivative or logo) only with the
prior written approval of the Adviser and only so long as the Adviser is an
investment adviser to the Fund and/or the Portfolios. Upon termination of the
Investment Advisory Agreement between the Fund and the Adviser, the Portfolio
Manager shall forthwith cease to use such name (or derivative or logo).
(b) It is understood that the name INVESCO Funds Group, Inc. or "INVESCO"
or "INVESCO Funds" or logo associated with that name is the valuable property of
the Portfolio Manager and that the Adviser has the right to use such name (or
derivative or logo), in the Fund's prospectus, SAI and registration statement or
other filings, forms or reports required under applicable state or federal
securities, insurance, or other law, and for so long as the Portfolio Manager is
a Portfolio Manager to the Fund and/or one of the Portfolios. Neither the Fund
nor the Adviser shall use the Portfolio Manager's name in promotional or sales
related materials prepared by or on behalf of the Adviser or the Fund, without
prior review and approval by the Portfolio Manager, which may not be
unreasonably withheld. Upon termination of this Agreement among the Fund, the
Adviser and the Portfolio Manager, the Fund and the Adviser shall forthwith
cease to use such name (or logo).
17. Limitation of Liability.
-----------------------
A copy of the Amended and Restated Agreement and Declaration of Trust
for the Fund is on file with the Secretary of the Commonwealth of Massachusetts.
The Agreement and Declaration of Trust has been executed on behalf of the Trust
by a Trustee of the Trust in his capacity as Trustee of the Trust and not
individually. The obligations of this Agreement shall be binding upon the
assets and property of the Fund and shall not be binding upon any Trustee,
officer, employee, agent or shareholder, whether past, present, or future, of
the Fund individually.
18. Notices
-------
All notices and other communications hereunder shall be in writing sent
by facsimile first, if practicable, but shall only be deemed given if delivered
in person or by messenger, cable, certified mail with return receipt, or by a
reputable overnight delivery service which provides evidence of receipt to the
parties at the following addresses (or at such other address or number for a
party as shall be specified by like notice):
A. if to the Portfolio Manager, to:
INVESCO Funds Group, Inc.
0000 Xxxx Xxxxx Xxxxxx
Xxxxxx, XX 00000
Facsimile transmission number: 000-000-0000
Attention: General Counsel
B. if to the Adviser, to:
Pacific Life Insurance Company
000 Xxxxxxx Xxxxxx Xxxxx
Xxxxxxx Xxxxx, XX 00000
Facsimile transmission number: 000-000-0000
Attention: Xxxxx Xxxxxx
C. if to the Fund, to:
Pacific Select Fund
C/o Pacific Life Insurance Company
000 Xxxxxxx Xxxxxx Xxxxx
Xxxxxxx Xxxxx, XX 00000
Facsimile transmission number: 000-000-0000
Attention: Xxxxx Xxxxxx
19. Miscellaneous.
--------------
(a) This Agreement shall be governed by the laws of California,
provided that nothing herein shall be construed in a manner inconsistent with
the 1940 Act, the Investment Advisers Act of 1940 or rules or orders of the SEC
thereunder. The term "affiliate" or "affiliated person" as used in this
Agreement shall mean "affiliated person" as defined in Section 2(a)(3) of the
0000 Xxx.
(b) The captions of this Agreement are included for convenience only
and in no way define or limit any of the provisions hereof or otherwise affect
their construction or effect.
(c) To the extent permitted under Section 15 of this Agreement, this
Agreement may only be assigned by any party with prior written consent of the
other parties.
(d) If any provision of this Agreement shall be held or made invalid
by a court decision, statute, rule or otherwise, the remainder of this Agreement
shall not be affected thereby, and to this extent, the provisions of this
Agreement shall be deemed to be severable. To the extent that any provision of
this Agreement shall be held or made invalid by a court decision, statute, rule
or otherwise with regard to any party hereunder, such provisions with respect to
other parties hereto shall not be affected thereby.
(e) This Agreement may be executed in several counterparts, each of
which shall be deemed to be an original, and all such counterparts shall
together constitute one and the same Agreement.
IN WITNESS WHEREOF, the parties hereto have caused this instrument to
be executed as of the day and year first written above.
PACIFIC LIFE INSURANCE COMPANY
Attest: /s/ Xxxxxx X. Xxxx By: /s/ Xxxxxx X. Xxxxxxx
----------------------------- ----------------------------------
Name: Xxxxxx X. Xxxx Name: Xxxxxx X. Xxxxxxx
Title: Vice President, Controller Title: Assistant Secretary
PORTFOLIO MANAGER
Attest: /s/ Xxxx X. Xxxxx By: /s/ Xxxxxx X. Xxxxxx
----------------------------- ----------------------------------
Name: Xxxx X. Xxxxx Name: Xxxxxx X. Xxxxxx
Title: Senior Vice President, Title: Senior Vice President and Treasurer
Secretary and General Counsel
PACIFIC SELECT FUND
Attest: /s/ Xxxxx Xxxxx By: /s/ Xxxxxx X. Xxxxxxx
----------------------------- ----------------------------------
Name: Xxxxx Xxxxx Name: Xxxxxx X. Xxxxxxx
Title: Assistant Vice President Title: Vice President, General Counsel
PACIFIC SELECT FUND
FEE SCHEDULE
Portfolio: Technology, Financial Services, Telecommunications and Health
Sciences
Fee: The Adviser will pay to the Portfolio Manager a monthly fee based on the
average daily net assets of the Portfolio at an annual rate equal to:
First $1 billion 0.50%
Excess 0.47%
These fees for services shall be prorated for any portion of a year in which the
Agreement is not effective.
