AMENDED AND RESTATED PORTFOLIO MANAGEMENT AGREEMENT
Exhibit (d)(3)(xlii)
AMENDED AND RESTATED PORTFOLIO MANAGEMENT AGREEMENT
This Amended and Restated Portfolio Management Agreement, dated January 1, 2014 (the
“Agreement”), by and between ALLIANZ GLOBAL INVESTORS FUND MANAGEMENT LLC, a Delaware limited
liability company (formerly known as PIMCO Funds Advisors LLC) (the “Adviser”) and ALLIANZ GLOBAL
INVESTORS U.S. LLC, a Delaware limited liability company (formerly known as Allianz Global
Investors Capital LLC) (the “Portfolio Manager”), amends and restates the Portfolio Management
Agreement dated July 19, 2002, by and between Allianz Dresdner Asset Management of America L.P., a
Delaware limited partnership (formerly known as PIMCO Advisors L.P.) (“XXXX”), and
Xxxxxxxx-Xxxxxxxxx Capital Management LLC, a Delaware limited liability company (“NACM”).
WHEREAS, each series of the Allianz Funds (formerly known as PIMCO Funds: Multi Manager
Series), a Massachusetts business trust (the “Trust”) identified from time to time on Schedule A to
this Agreement (each a “Fund” and together “Funds”), has retained the Adviser to render investment
management and administrative services to the Fund pursuant to an Amended and Restated Investment
Advisory Agreement dated May 5, 2000 (as further amended and restated as of the date hereof), by
and between the Adviser and the Trust on behalf of such Funds (the “Investment Advisory
Agreement”);
WHEREAS, the Adviser had, in turn, retained various portfolio managers, including NACM, RCM
Capital Management LLC (formerly known as Dresdner RCM Global Investors LLC) (“RCM”), PEA Capital
LLC (“PEA”) and Xxxxxxxxxxx Capital LLC (“Op-Cap”), to provide investment advisory services to
certain Funds pursuant to the Investment Advisory Agreement through multiple individual portfolio
management agreements (each a “Prior Portfolio Management Agreement” and collectively, the “Prior
Portfolio Management Agreements”); and
WHEREAS, each of NACM, RCM and PEA entered into separate Novation of Portfolio Management
Agreements dated September 30, 2002 with the Adviser, XXXX and the Trust; and
WHEREAS, the Adviser was substituted for XXXX under each Prior Portfolio Management Agreement
in a transaction that did not result in a change of actual control or management in accordance with
Rule 2a-6 under the Investment Company Act of 1940, as amended from time to time, and the rules and
regulations thereunder (the “1940 Act”), and was therefore not an “assignment” for purposes of
Section 15(a)(4) of the 1940 Act; and
WHEREAS, XXXX was released from its obligations under the applicable Prior Portfolio
Management Agreement, the Adviser accepted the novation thereof, and each of NACM, RCM and PEA
consented to such novation; and
WHEREAS, the Portfolio Manager, NACM, the Adviser and the Trust entered into a Novation of
Portfolio Management Agreement dated August 25, 2010; and
WHEREAS, the Portfolio Manager was substituted for NACM under the Prior Portfolio Management
Agreement dated July 19, 2002, by and between the Adviser and NACM, in a transaction that did not
result in a change of actual control or management in accordance with Rule 2a-6 under the 1940 Act,
and was therefore not an “assignment” for purposes of Section 15(a)(4) of the 1940 Act; and
WHEREAS, NACM was released from its obligations under the Prior Portfolio Management
Agreement, the Portfolio Manager accepted the novation thereof, and the Trust, on behalf of the
Funds, consented to such novation; and
WHEREAS, PEA, Op-Cap and the Adviser entered into a Novation of Portfolio Management Agreement
dated November 1, 2006; and
WHEREAS, Op-Cap was substituted for PEA under the Prior Portfolio Management Agreement dated
December 31, 2001, by and between the Adviser and PEA, in a transaction that did not result in a
change of actual control or management in accordance with Rule 2a-6 under the 1940 Act, and was
therefore not an “assignment” for purposes of Section 15(a)(4) of the 1940 Act; and
WHEREAS, PEA was released from its obligations under the Prior Portfolio Management Agreement,
Op-Cap accepted the novation thereof, and the Adviser consented to such novation; and
WHEREAS, the Portfolio Manager, Op-Cap, the Adviser and the Trust entered into a Novation of
Portfolio Management Agreement dated August 25, 2010; and
WHEREAS, the Portfolio Manager was substituted for Op-Cap under the Prior Portfolio Management
Agreement dated December 31, 2001, by and between the Adviser and Op-Cap, in a transaction that did
not result in a change of actual control or management in accordance with Rule 2a-6 under the 1940
Act, and was therefore not an “assignment” for purposes of Section 15(a)(4) of the 1940 Act; and
WHEREAS, Op-Cap was released from its obligations under the Prior Portfolio Management
Agreement, the Portfolio Manager accepted the novation thereof, and the Trust, on behalf of the
Funds, consented to such novation; and
WHEREAS, as part of a series of corporate reorganizations completed on April 1, 2013, RCM was
merged into the Portfolio Manager by means of a statutory merger in accordance with Delaware law
(the “Reorganizations”); and
WHEREAS, upon completion of the Reorganizations, the Portfolio Manager succeeded to the
advisory business of RCM, including to the rights and obligations of RCM under its Prior Portfolio
Management Agreement with the Adviser dated February 1, 2002; and
WHEREAS, the Portfolio Manager succeeded to the rights and obligations under the Prior
Portfolio Management Agreement with RCM in a transaction that did not result in a change of actual
control or management in accordance with Rule 2a-6 under the 1940 Act, and was therefore not an
“assignment” for purposes of Section 15(a)(4) of the 1940 Act; and
WHEREAS, given that the terms of each of the Prior Portfolio Management Agreements with NACM,
RCM and PEA are substantially similar to the terms of this Agreement, the Adviser and the Portfolio
Manager wish to consolidate the Prior Portfolio Management Agreements with and into this Agreement;
and
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WHEREAS, the Trust is registered with the Securities and Exchange Commission (“SEC”) as an
open-end, management investment company under the 1940 Act; and
WHEREAS, the Trust is authorized to issue shares of beneficial interest (“Shares”) in separate
series, with each such series representing interests in a separate portfolio; and
WHEREAS, the Trust has established multiple series, including operational series and series
that are expected to be operational; and
WHEREAS, the Portfolio Manager is registered with the SEC as an investment adviser under the
Investment Advisers Act of 1940 and the rules and regulations thereunder, as amended from time to
time (the “Advisers Act”); and
WHEREAS, the Trust has retained the Adviser to render management services to the Trust’s
series pursuant to the Investment Advisory Agreement, and such Agreement authorizes the Adviser to
engage sub-advisers to discharge the Adviser’s responsibilities with respect to the management of
such series; and
WHEREAS, the Adviser desires to retain the Portfolio Manager to furnish investment advisory
services to one or more series of the Trust, and the Portfolio Manager is willing to furnish such
services to such series and the Adviser in the manner and on the terms hereinafter set forth.
NOW, THEREFORE, in consideration of the premises and the promises and mutual covenants herein
contained, it is agreed between the Adviser and the Portfolio Manager as follows:
1. Appointment. The Adviser hereby appoints Allianz Global Investors U.S. LLC to act
as Portfolio Manager to the Funds set forth from time to time on Schedule A hereto 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.
2. Portfolio Management Duties. Subject to the supervision of the Trust’s Board of
Trustees and the Adviser, the Portfolio Manager will provide a continuous investment program for
the Funds and determine the composition of the assets of the Funds, including determination of the
purchase, retention, or sale of the securities, cash, and other investments for the Funds. The
Portfolio Manager will provide investment research and analysis, which may consist of computerized
investment methodology, and will conduct a continuous program of evaluation, investment, sales, and
reinvestment of the Funds’ assets by determining the securities and other investments that shall be
purchased, entered into, sold, closed, or exchanged for the Funds, when these transactions should
be executed, and what portion of the assets of the Funds 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 Funds. To the extent permitted by the
investment policies of the Funds, the Portfolio Manager shall make decisions
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for the Funds 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 Funds.
The Portfolio Manager will provide the services under this Agreement in accordance with each Fund’s
investment objective or objectives, investment policies, and investment restrictions as stated in
the Trust’s registration statement filed on Form N-1A with the SEC, as supplemented or amended from
time to time (the “Registration Statement”), copies of which shall be sent to the Portfolio Manager
by the Adviser. In performing these duties, the Portfolio Manager:
(a) Shall conform with the 1940 Act and all rules and regulations thereunder, all other
applicable federal and state laws and regulations, with any applicable procedures adopted by
the Trust’s Board of Trustees, and with the provisions of the Registration Statement, as
supplemented or amended from time to time.
(b) Shall use reasonable efforts to manage each Fund so that it qualifies as a
regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as
amended (the “Internal Revenue Code”).
(c) Is responsible, in connection with its responsibilities under this Section 2, for
decisions to buy and sell securities and other investments for the Funds, 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 Funds, taking into account the factors
specified in the Prospectus and Statement of Additional Information for the Trust, as they
may be amended or supplemented from time to time. 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 a Fund
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 overall responsibilities with respect to the Funds
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 the rules and regulations thereunder, and subject to any other
applicable laws and regulations, the Portfolio Manager is further authorized to allocate the
orders placed by it on behalf of the Funds to the Portfolio Manager if it is registered as a
broker or dealer with the SEC, to its affiliate that is registered as a broker or dealer
with the SEC, or to such brokers and dealers that also provide research or statistical
research and material, or other services to the Funds 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 the Board of Trustees of the Trust, indicating the
brokers or dealers to which such allocations have been made and the basis therefor.
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(d) May, on occasions when the purchase or sale of a security is deemed to be in the
best interest of a Fund 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 sold or purchased with those of its other clients where such aggregation is
not inconsistent with the policies set forth in the Registration Statement. 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 in
the judgment of the Portfolio Manager in the exercise of its fiduciary obligations to the
Trust and to such other clients.
(e) Will, in connection with the purchase and sale of securities for each Fund, arrange
for the transmission to the custodian for the Trust on a daily basis, such confirmations,
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 such
Fund, as may be reasonably necessary to enable the custodian to perform its administrative
and recordkeeping responsibilities with respect to such Fund, 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 Trust’s custodian.
(f) Will assist the custodian and recordkeeping agent(s) for the Trust in determining
or confirming, consistent with the procedures and policies stated in the Registration
Statement, the value of any portfolio securities or other assets of each Fund for which the
custodian and recordkeeping agent(s) seek assistance from the Portfolio Manager or identify
for review by the Portfolio Manager.
(g) Will make available to the Trust and the Adviser, promptly upon request, any of the
Funds’ investment records and ledgers as are necessary to assist the Trust to comply with
the 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 Trust are being conducted in a manner consistent with
applicable laws and regulations.
(h) Will regularly report to the Trust’s Board of Trustees on the investment program
for each Fund and the issuers and securities represented in the Fund’s portfolio, and will
furnish the Trust’s Board of Trustees with respect to each Fund such periodic and special
reports as the Trustees may reasonably request.
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(i) Shall be responsible for making reasonable inquiries and for reasonably ensuring
that any employee of the Portfolio Manager has not, to the best of the Portfolio Manager’s
knowledge:
(i) been convicted, in the last ten (10) years, of any felony or misdemeanor
involving the purchase or sale of any security or arising out of such person’s
conduct 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
(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.
3. Disclosure about Portfolio Manager. The Portfolio Manager has reviewed the
Registration Statement and represents and warrants that, with respect to the disclosure about the
Portfolio Manager or information relating, directly or indirectly, to the Portfolio Manager, such
Registration Statement contains, as of the date hereof, no untrue statement of any material fact
and does not omit any statement of a 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. 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. 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.
4. Expenses. During the term of this Agreement, the Portfolio Manager will pay all
expenses incurred by it and its staff and for their activities in connection with its services
under this Agreement. The Portfolio Manager shall not be responsible for any of the following:
(a) Expenses of all audits by the Trust’s independent public accountants;
(b) Expenses of the Trust’s transfer agent(s), registrar, dividend disbursing agent(s),
and shareholder recordkeeping services;
(c) Expenses of the Trust’s custodial services, including recordkeeping services
provided by the custodian;
(d) Expenses of obtaining quotations for calculating the value of each Fund’s net
assets;
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(e) Expenses of obtaining Portfolio Activity Reports for each Fund;
(f) Expenses of maintaining the Trust’s tax records;
(g) Salaries and other compensation of any of the Trust’s executive officers and
employees, if any, who are not officers, directors, stockholders, or employees of the
Adviser, its subsidiaries or affiliates;
(h) Taxes, if any, levied against the Trust or any of its series;
(i) Brokerage fees and commissions in connection with the purchase and sale of
portfolio securities for the Funds;
(j) Costs, including the interest expenses, of borrowing money;
(k) Costs and/or fees incident to meetings of the Trust’s shareholders, the preparation
and mailings of prospectuses and reports of the Trust to its shareholders, the filing of
reports with regulatory bodies, the maintenance of the Trust’s existence, and the
registration of shares with federal and state securities or insurance authorities;
(l) The Trust’s legal fees, including the legal fees related to the registration and
continued qualification of the Trust’s shares for sale;
(m) Costs of printing stock certificates, if any, representing Shares of the Trust;
(n) Trustees’ fees and expenses to trustees who are not officers, employees, or
stockholders of the Portfolio Manager or any affiliate thereof;
(o) The Trust’s pro rata portion of the fidelity bond required by Section 17(g) of the
1940 Act, or other insurance premiums;
(p) Association membership dues;
(q) Extraordinary expenses of the Trust as may arise, including expenses incurred in
connection with litigation, proceedings and other claims and the legal obligations of the
Trust to indemnify its trustees, officers, employees, shareholders, distributors, and agents
with respect thereto; and
(r) Organizational and offering expenses and, if applicable, reimbursement (with
interest) of underwriting discounts and commissions.
5. Compensation. For the services provided, the Adviser will pay the Portfolio
Manager a fee accrued and computed daily and payable monthly, based on the average daily net assets
of each Fund as set forth on the Schedule A attached hereto.
6. Seed Money. The Adviser agrees that the Portfolio Manager shall not be responsible
for providing money for the initial capitalization of the Trust or any Fund.
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7. Compliance.
(a) The Portfolio Manager agrees that it shall immediately notify the Adviser and the
Trust in the event (i) that the SEC has censured the Portfolio Manager; placed limitations
upon its activities, functions or operations; suspended or revoked its registration as an
investment adviser; or has commenced proceedings or an investigation that may result in any
of these actions, and (ii) upon having a reasonable basis for believing that a Fund has
ceased to qualify or might not qualify as a regulated investment company under Subchapter M
of the Internal Revenue Code. The Portfolio Manager further agrees to notify the Adviser
and the Trust 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 Trust, 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 in the
event (i) that the SEC has censured the Adviser or the Trust; 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, and (ii) upon having a reasonable basis for believing
that any Fund has ceased to qualify or might not qualify as a regulated investment company
under Subchapter M of the Internal Revenue Code.
8. Independent Contractor. The Portfolio Manager shall for all purposes 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
expressly provided herein or authorized from time to time by the Trust, the Portfolio Manager shall
have no authority to act for or represent the Trust in any way or otherwise be deemed the Trust’s
agent.
9. Books and Records. In compliance with the requirements of Rule 31a-3 under the
1940 Act, the Portfolio Manager hereby agrees that all records which it maintains for the Funds are
the property of the Trust and further agrees to surrender promptly to the Trust any of such records
upon the Trust’s or the Adviser’s request, although the Portfolio Manager may, at its own expense,
make and retain a copy of such records. The Portfolio Manager further agrees to preserve for the
periods prescribed by Rule 31a-2 under the 1940 Act the records required to be maintained by Rule
31a-1 under the 1940 Act and to preserve the records required by Rule 204-2 under the Advisers Act
for the period specified in that Rule.
10. Cooperation. Each party to this Agreement agrees to cooperate with each other
party and with all appropriate governmental authorities having the requisite jurisdiction
(including, but not limited to, the SEC) in connection with any investigation or inquiry relating
to this Agreement or the Trust.
11. Services Not Exclusive. It is understood that the services of the Portfolio
Manager are not exclusive, and nothing in this Agreement shall prevent the Portfolio Manager (or
its 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 Funds) or from
engaging in other activities.
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12. Liability. Except as provided in Section 13 and as may otherwise be required by
the 1940 Act or other applicable law, the Adviser agrees 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 Securities Act of 1933 (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.
13. Indemnification. 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, “PM 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 misfeasance, malfeasance, or nonfeasance by the Portfolio Manager, any of its
employees or representatives, or any affiliate of or any person acting on behalf of the Portfolio
Manager (other than a PM 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 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
PM 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 obligations and duties under this Agreement.
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 the Portfolio Manager
(collectively, “Adviser Indemnified Persons”) against any and all losses, claims, damages,
liabilities or litigation (including legal and other expenses) to which the Portfolio Manager or
such affiliated person or controlling 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 Trust which (i) may be based upon any misfeasance, malfeasance,
or nonfeasance by the Adviser, any of its employees or representatives or any affiliate of or any
person acting on behalf of the Adviser (other than an
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Adviser 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 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 statement therein not misleading,
unless such statement or omission was made in reliance upon written information furnished to the
Adviser or any affiliated person of the Adviser by the Portfolio Manager or any affiliated person
of the Portfolio Manager (other than an Adviser Indemnified Person); provided, however, that in no
case is the indemnity of the Adviser in favor of the Portfolio Manager, or any affiliated person or
controlling person of the Portfolio Manager 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.
14. Duration and Termination. This Agreement shall take effect as of the date hereof,
and shall remain in effect for one year from such date for all Funds in existence as of such date
and, for any Fund created after such date (a “new Fund”), for two years from the date such new Fund
is incorporated into the Agreement, and continue thereafter on an annual basis with respect to a
Fund; provided that such annual continuance is specifically approved at least annually (a) by the
vote of a majority of the entire Board of Trustees of the Trust, or (b) by the vote of a majority
of the outstanding voting securities (as such term is defined in the 0000 Xxx) of that Fund, and
provided that continuance is also approved by the vote of a majority of the Board of Trustees of
the Trust who are not parties to this Agreement or “interested persons” (as such term is defined in
the 0000 Xxx) of the Trust, 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
with respect to a Fund without the vote of a majority of the outstanding voting securities (as such
term is defined in the 0000 Xxx) of that Fund, except to the extent permitted by any exemption or
exemptions that may be or have been granted upon application made to the SEC or by any applicable
SEC rule. This Agreement may be terminated:
(a) by the Trust at any time with respect to the services provided by the Portfolio
Manager, without the payment of any penalty, by vote of a majority of the entire Board of
Trustees of the Trust or by vote of a majority of the outstanding voting securities (as such
term is defined in the 0000 Xxx) of the Trust or, with respect to a particular Fund, by vote
of a majority of the outstanding voting securities of that Fund, on 60 days’ written notice
to the Portfolio Manager;
(b) by the Portfolio Manager at any time, without the payment of any penalty, upon 60
days’ written notice to the Trust;
(c) by the Adviser at any time, without the payment of any penalty, upon 60 days’
written notice to the Portfolio Manager.
However, any approval of this Agreement by the holders of a majority of the outstanding voting
securities (as such term is defined in the 0000 Xxx) of a particular Fund shall be effective to
continue this Agreement with respect to the Fund notwithstanding (a) that this Agreement has not
been approved by the holders of a majority of the outstanding voting securities of any other Fund
or other series of the Trust or (b) that this Agreement has not been approved by the vote of
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a
majority of the outstanding voting securities of the Trust, unless such approval shall be required
by any other applicable law or otherwise. This Agreement will terminate automatically with respect
to the services provided by the Portfolio Manager in the event of its assignment, as that term is
defined in the 1940 Act, by the Portfolio Manager.
15. Use of Name. It is understood that the name “Allianz Global Investors U.S. LLC”
or “Allianz” or any derivative thereof or logo associated with those names are the valuable
property of the Portfolio Manager and its affiliates, and that the Trust and/or the Funds have the
right to use such names (or derivatives or logos) only so long as this Agreement shall continue
with respect to such Trust and/or Funds. Upon termination of this Agreement, the Trust (or Fund)
shall forthwith cease to use such names (or derivatives or logos) and, in the case of the Trust,
shall promptly amend its Declaration of Trust to change its name.
16. Agreement and Declaration of Trust. A copy of the Fifth Amended and Restated
Agreement and Declaration of Trust of the Trust is on file with the Secretary of State of the
Commonwealth of Massachusetts. Notice is hereby given that this Agreement is executed on behalf of
the Trustees of the Trust as Trustees and not individually, and that the obligations of or arising
out of this Agreement are not binding upon any of the Trustees, officers or shareholders of the
Trust individually, but are binding only upon the assets and property of the respective series of
the Trust.
17. 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 Advisers Act, or
rules or orders of the SEC thereunder.
(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) If any provisions 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.
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IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed as of the
day and year first above written.
| ALLIANZ GLOBAL INVESTORS FUND MANAGEMENT LLC |
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| By: | /s/ Xxxxx X. Xxxxxxxx | |||
| Name: | Xxxxx X. Xxxxxxxx | |||
| Title: | President | |||
| ALLIANZ GLOBAL INVESTORS U.S. LLC |
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| By: | /s/ Julian Sluyters | |||
| Name: | Julian Sluyters | |||
| Title: | Member, US Executive Committee of Allianz Global Investors U.S. Holdings, LLC, Sole Member of Allianz Global Investors U.S. LLC |
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Schedule A to Amended and Restated Portfolio Management Agreement
| Fund | Annual Fee Rate* | |||
AllianzGI Emerging Markets Opportunities Fund |
0.80 | % | ||
AllianzGI Focused Growth Fund |
0.35 | % | ||
AllianzGI Global Commodity Equity Fund |
0.60 | % | ||
AllianzGI Global Small-Cap Fund |
0.80 | % | ||
AllianzGI Income & Growth Fund |
0.55 | % | ||
AllianzGI International Managed Volatility Fund |
0.30 | % | ||
AllianzGI Large-Cap Growth Fund |
0.35 | % | ||
AllianzGI Mid-Cap Fund |
0.37 | % | ||
AllianzGI Opportunity Fund |
0.55 | % | ||
AllianzGI Small-Cap Blend Fund |
0.55 | % | ||
AllianzGI Technology Fund |
0.80 | % | ||
AllianzGI U.S. Managed Volatility Fund |
0.20 | % | ||
AllianzGI Wellness Fund |
0.70 | % | ||
| * | The Annual Fee Rates are based on the average daily net assets of the particular Fund taken separately. |
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