EXHIBIT 99.B9(i)
AMENDED AND RESTATED
ADMINISTRATION AGREEMENT
AMENDED AND RESTATED ADMINISTRATION AGREEMENT, made this 24th day of
February, 1998 amending and restating the Administration Agreement dated
November 1, 1995, as amended to date, between PIMCO Funds (the "Trust"), a
Massachusetts business trust, and Pacific Investment Management Company (the
"Administrator" or "PIMCO").
WHEREAS, the Trust 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 Trust is authorized to issue shares of beneficial interest
("Shares") in separate series with each such series representing interests in a
separate portfolio of securities and other assets; and each series of the Trust
issues its Shares in up to six classes: Class A, Class B, Class C, Class D, the
Institutional Class and the Administrative Class, with each such class
representing interests in the same portfolio of securities and other assets; and
WHEREAS, the Trust has established twenty-five series, which are designated
as the Money Market Fund; the Short-Term Fund; the Low Duration Fund; the Low
Duration Fund II; the Low Duration Fund III; the Moderate Duration Fund; the
High Yield Fund; the Total Return Fund; the Total Return Fund II; the Total
Return Fund III; the Commercial Mortgage Securities Fund; the Low Duration
Mortgage Fund; the Total Return Mortgage Fund; the Long-Term U.S. Government
Fund; the Real Return Bond Fund; the Foreign Bond Fund; the Global Bond Fund;
the Global Bond Fund II; the International Bond Fund; the Emerging Markets Bond
Fund;
the Emerging Markets Bond Fund II; the Municipal Bond Fund; the StocksPLUS Fund;
the StocksPLUS Short Strategy Fund; and the Strategic Balanced Fund; such
series, together with any other series subsequently established by the Trust,
with respect to which the Trust desires to retain the Administrator to render
administrative services hereunder, and with respect to which the Administrator
is willing to do so, being herein collectively referred to also as the "Funds";
and
WHEREAS, pursuant to an Investment Advisory Contract dated November 22,
1994, as amended October 1, 1995, and amended and restated November 1, 1995,
between the Trust and PIMCO ("Investment Advisory Contract"), the Trust has
retained PIMCO to provide investment advisory services with respect to the Funds
in the manner and on the terms set forth therein; and
WHEREAS, the Trust wishes to retain PIMCO to provide or procure
administrative and other services to the Funds and their shareholders, including
services which may be deemed to constitute distribution-related services with
respect to Class D shares; and
WHEREAS, PIMCO is willing to furnish and/or to arrange for such services in
the manner and on the terms hereinafter set forth;
NOW, THEREFORE, in consideration of the premises and mutual covenants
herein contained, the parties agree as follows:
1. Appointment. The Trust hereby appoints PIMCO as the Administrator
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to provide or procure the administrative and other services with respect to the
Funds for the period and on the terms set forth in this Agreement. The
Administrator accepts such appointment and
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agrees during such period to render the services herein set forth for the
compensation herein provided.
In the event the Trust establishes and designates additional series
with respect to which it desires to retain the Administrator to render or
procure administrative and other services hereunder, it shall notify the
Administrator in writing. If the Administrator is willing to render or procure
such services it shall notify the Trust in writing, whereupon the portfolio
represented by such additional series shall become a Fund hereunder.
2. Duties. Subject to the general supervision of the Board of
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Trustees, the Administrator shall provide or cause to be furnished all
administrative and other services reasonably necessary for the operation of the
Funds, including, in the case of Class D shares, certain shareholder and
distribution-related services, but not including the investment advisory
services provided pursuant to the Investment Advisory Contract with the Trust or
the distribution services provided by PIMCO Funds Distributors LLC ("PFD")
pursuant to its Distribution Contract with the Trust.
(a) Administrative Services. These services shall include the
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following: (i) coordinating matters relating to the operation of the
Funds, including any necessary coordination among the adviser or
advisers to the Funds, the custodian, transfer agent, dividend
disbursing agent, and recordkeeping agent (including pricing and
valuation of the Funds), accountants, attorneys, and other parties
performing services or operational functions for the Funds; (ii)
providing the Funds, at the Administrator's expense, with the services
of a sufficient number of
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persons competent to perform such administrative and clerical
functions as are necessary to ensure compliance with federal
securities laws as well as other applicable laws and to provide
effective administration of the Funds; (iii) maintaining or
supervising the maintenance by third parties of such books and records
of the Trust and the Funds as may be required by applicable federal or
state law, other than the records and ledgers maintained under the
Investment Advisory Contract; (iv) preparing or supervising the
preparation by third parties of all federal, state, and local tax
returns and reports of the Funds required by applicable law; (v)
preparing, filing, and arranging for the distribution of proxy
materials and periodic reports to shareholders of the Funds as
required by applicable law; (vi) preparing and arranging for the
filing of such registration statements and other documents with the
SEC and other federal and state regulatory authorities as may be
required to register the shares of the Funds and qualify the Trust to
do business or as otherwise required by applicable law; (vii) taking
such other action with respect to the Funds, as may be required by
applicable law, including without limitation the rules and regulations
of the SEC and of state securities commissions and other regulatory
agencies; and (viii) providing the Funds, at the Administrator's
expense, with adequate personnel, office space, communications
facilities, and other facilities necessary for the Funds' operations
as contemplated in this Agreement.
(b) Other Services. The Administrator shall also procure on
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behalf of the Trust and the Funds, and at the expense of the
Administrator, the following persons to provide services to the Funds:
(i) a custodian or custodians for the Funds to provide for the
safekeeping of the Funds' assets; (ii) a recordkeeping agent to
maintain the portfolio accounting records for the Funds; (iii) a
transfer
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agent for the Funds; and (iv) a dividend disbursing agent for the
Funds. The Trust may be a party to any agreement with any of the
persons referred to in this Section 2(b).
(c) Retail Class Services. In addition to the Administrator's
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responsibilities as specified in Subsections (a) and (b) above,
subject to the approval or consent of the Board of Trustees, the
Administrator, at its own expense, also shall provide, directly or
through persons selected by the Administrator, to the Class A, Class
B, Class C and Class D shares (the "Retail Classes") of the Funds
administrative, recordkeeping, and shareholder services reasonably
required by the Retail Classes of the Funds, which may include some or
all of the following services: (i) transfer agency services reasonably
necessary to meet the increased account activity associated with
Retail Classes; (ii) dividend disbursing services reasonably necessary
to meet the increased number of accounts associated with the Retail
Classes; (iii) preparing and arranging for the distribution of
prospectuses, statements of additional information, proxy materials,
periodic reports to shareholders, and other communications with Retail
Class shareholders; and (iv) taking such other actions and providing
or procuring such other services with respect to the Retail Classes as
are reasonably necessary or desirable.
(d) Special Class D Services. The Administrator shall provide in
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respect of Class D shares (either directly or by procuring through
other entities, including various financial services firms such as
broker-dealers and registered investment advisors ("Service
Organizations")) some or all of the following
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services and facilities in connection with direct purchases by
sharehold ers or in connection with products, programs or accounts
offered by such Service Organizations: (i) facilities for placing
orders directly for the purchase of a Fund's shares and tendering a
Fund's Class D shares for redemption; (ii) advertising with respect to
a Fund's Class D shares; (iii) providing information about the Funds;
(iv) providing facilities to answer questions from prospective
investors about the Funds; (v) receiving and answering correspondence,
including requests for prospectuses and statements of additional
information; (vi) preparing, printing and delivering prospectuses and
shareholder reports to prospective shareholders; (vii) assisting
investors in applying to purchase Class D shares and selecting
dividend and other account options; and (viii) shareholder services
provided by a Service Organization that may include, but are not
limited to, the following functions: receiving, aggregating and
processing shareholder orders; furnishing shareholder sub-accounting;
providing and maintaining elective shareholder services such as check
writing and wire transfer services; providing and maintaining pre-
authorized investment plans; communicating periodically with
shareholders; acting as the sole shareholder of record and nominee for
shareholders; maintaining accounting records for shareholders;
answering questions and handling correspondence from shareholders
about their accounts; issuing confirmations for transactions by
shareholders; performing similar account administrative services;
providing such shareholder communications and recordkeeping services
as may be required for any program for which the Service Organization
is a sponsor that relies on Rule 3a-4 under the 1940 Act; and
providing such other similar services as may reasonably be requested
to the extent the Service Organization is permitted to do so under
applicable statutes, rules, or regulations.
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The Administrator shall not be required to provide directly
hereunder any of the foregoing services which may cause the
Administrator to be engaged in the business of effecting transactions
in securities for the account of others, or to induce or attempt to
induce the purchase or sale of any security, but may procure such
services on behalf of the Trust from certain Service Organizations.
The parties hereto acknowledge that the Administrator has entered into
an agreement with its affiliate, PFD, the Trust's principal
underwriter, under which PFD is compensated for certain services
contemplated by this Agreement, including shareholder and
distribution-related services, at the rate of 0.25% per annum of all
assets attributable to Class D shares sold through PFD (the "PFD
Fees").
The Administrator and the Trust understand that some or all
of the services described in this subparagraph (d) may be deemed to
represent services primarily intended to result in the sale of Class D
shares ("Special Class D Services"). The Administrator agrees to
present reports as to out-of-pocket expenditures and internal expense
allocations of the Administrator and PFD at least quarterly and in a
manner that permits the Qualified Trustees (hereinafter defined) to
determine that portion of the fees hereunder which represents
reimbursements in respect of Special Class D Services.
(e) Personnel. The Administrator shall also make its officers
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and employees available to the Board of Trustees and officers of the
Trust for
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consultation and discussions regarding the administration of the Funds
and services provided to the Funds under this agreement.
(f) Standards; Reports. In performing these services, the
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Administrator:
(i) 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
Trust's Registration Statement filed an Form N-1A as supplemented
or amended from time to time;
(ii) will make available to the Trust, promptly upon
request, any of the Funds' books and records as are maintained
under this Agreement, and will furnish to regulatory authorities
having the requisite authority any such books and records and any
information or reports in connection with the Administrator's
services under this Agreement that 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.
(iii) Will, in addition to reports required by Section 2(d),
regularly report to the Trust's Board of Trustees on the services
provided under this Agreement and will furnish the Trust's Board
of Trustees with respect to the Funds such periodic and special
reports as the Trustees may
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reasonably request.
3. Documentation. The Trust has delivered copies of each of the
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following documents to the Administrator and will deliver to it all future
amendments and supplements thereto, if any:
(a) the Trust's Registration Statement as filed with the SEC and
any amendments thereto; and
(b) exhibits, powers of attorney, certificates and any and all
other documents relating to or filed in connection with the
Registration Statement described above.
4. Independent Contractor. The Administrator 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 Board of Trustees of the Trust
from time to time, have no authority to act for or represent the Trust in any
way or otherwise be deemed its agent.
5. Compensation. As compensation for the services rendered under
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this Agreement, the Trust shall pay to the Administrator a monthly fee,
calculated as a percentage (on an annual basis) of the average daily value of
the net assets of each of the Funds during the preceding month. The fee rates
applicable to each Class of a Fund shall be set forth in a schedule to this
Agreement. The fees payable to the Administrator for all of the Funds shall be
computed and accrued daily and paid monthly. If the Administrator shall serve
for less than any whole
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month, the foregoing compensation shall be prorated. Any portion of the fees
paid hereunder in respect of Class D shares representing reimbursement for the
Administrator's and PFD's out-of-pocket expenditures and internally allocated
expenses in respect of Special Class D Services of any Fund (as reviewed
quarterly by the Trustees based on the reports described in Section 2(d) above)
shall not exceed the rate of 0.25% per annum of the average daily net assets of
such Fund attributable to Class D shares. To the extent such out-of-pocket
expenditures and internally allocated expenses exceed such rate, such excess
shall be paid by the Administrator and/or PFD from their own resources (which
may include legitimate profits from serving as investment adviser and/or
administrator) and shall not be used as a basis for justifying or evaluating
fees paid hereunder to the Administrator in respect of services other than the
Special Class D Services.
6. Special Class D Services: Distribution Plan. To the extent that
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this Agreement relates to payments made in connection with the distribution of
the Funds' Class D shares (i.e., Special Class D Services), it shall also
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constitute a "distribution plan" and a "related agreement" within the meaning of
Rule 12b-1 under the 1940 Act. As required by said Rule 12b-1 in respect of
distribution plans: (a) the term of this Agreement is as provided in Section 10
below; (b) the Administrator shall provide to the Trustees of the Trust, and all
such Trustees shall review, at least quarterly, a written report of the amounts
expended by the Trust for Special Class D Services and the purposes for which
such expenditures were made; and (c) this Agreement may be terminated as
provided in Section 10 (b) below. As required by said Rule 12b-1 in respect of
agreements related to distribution plans: (a) this Agreement may be terminated
as provided in Section 10 below; and (b) this Agreement may also terminate in
the circumstances described in Section 15(d) below. This Agreement may not be
amended to increase materially the maximum amount specified in Section 5 (i.e.,
the rate of 0.25% per annum) payable out of Class D assets for Special Class D
Services without approval by a majority of the outstanding Class D shares (as
defined in Section 2(a)(42) of the 1940 Act in respect of voting securities) of
a Fund. All material
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amendments to this Agreement (insofar as the relevant provision constitutes a
part of a distribution plan) must be approved by a majority of the Qualified
Trustees. Insofar as this Agreement constitutes a distribution plan for Class D
shares, its provisions are severable for that Class.
It is acknowledged and agreed that classes of shares other than Class
D may have separately documented distribution plans and related agreements.
7. Non-Exclusivity. It is understood that the services of the
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Administrator hereunder are not exclusive, and the Administrator shall be free
to render similar services to other investment companies and other clients.
8. Expenses. During the term of this Agreement, the Administrator
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will pay all expenses incurred by it in connection with its obligations under
this Agreement, except such expenses as are assumed by the Funds under this
Agreement, and any expenses that are paid under the terms of the Investment
Advisory Contract. The Administrator assumes and shall pay for maintaining its
staff and personnel and shall, at its own expense provide the equipment, office
space, office supplies (including stationery), and facilities necessary to
perform its obligations under this Agreement. In addition, the Administrator
shall bear the following expenses under this Agreement:
(a) Expenses of all audits by Trust's independent public
accountants;
(b) Expenses of the Trust's transfer agent, registrar, dividend
disbursing agent, and shareholder recordkeeping services;
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(c) Expenses of the Trust's custodial services, including any
recordkeeping services provided by the custodian;
(d) Expenses of obtaining quotations for calculating the value of
each Fund's net assets;
(e) Expenses of obtaining Portfolio Activity Reports for each
Fund;
(f) Expenses of maintaining the Trust's tax records;
(g) Costs and/or fees, including legal fees, incident to meetings
of the Trust's shareholders, the preparation, printing and mailings of
prospectuses, notices and proxy statements and reports of the Trust to
its shareholders, the filing of reports with regulatory bodies, the
maintenance of the Trust's existence and qualification to do business,
and the expense of issuing, redeeming, registering and qualifying for
sale, shares with federal and state securities authorities;
(h) The Trust's ordinary legal fees, including the legal fees
that arise in the ordinary course of business for a Massachusetts
business trust registered as an open-end management investment
company;
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(i) Costs of printing certificates representing shares of the
Trust;
(j) The Trust's pro rata portion of the fidelity bond required by
Section 17(g) of the 1940 Act, or other insurance premiums;
(k) Association membership dues; and
(l) Services of Service Organizations rendered in respect of
Class D shares, to the extent and subject to the conditions set forth
in Sections 2(d), 5 and 6 hereof.
The Trust shall bear the following expenses:
(a) Salaries and other compensation or expenses, including travel
expenses, of any of the Trust's executive officers and employees, if
any, who are not officers, directors, stockholders, partners or
employees of the Administrator or its subsidiaries or affiliates;
(b) Taxes and governmental fees, if any, levied against the Trust
or any of its Funds;
(c) Brokerage fees and commissions, and other portfolio
transaction expenses incurred for any of the Funds;
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(d) Costs, including the interest expenses, of borrowing money;
(e) Fees and expenses, including travel expenses, and fees and
expenses of legal counsel retained for their benefit, of trustees who
are not officers, employees, partners or shareholders of PIMCO or its
subsidiaries or affiliates;
(f) Extraordinary expenses, including extraordinary legal
expenses, as may arise including expenses incurred in connection with
litigation, proceedings, other claims and the legal obligations of the
Trust to indemnify its trustees, officers, employees, shareholders,
distributors, and agents with respect thereto;
(g) Organizational and offering expenses of the Trust and the
Funds, and any other expenses which are capitalized in accordance with
generally accepted accounting principles; and
(h) Any expenses allocated or allocable to a specific class of
shares, including fees paid in respect of classes other than Class D
pursuant to a separate administrative service or distribution plan.
9. Liability. The Administrator shall give the Trust the benefit of
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the Administrator's best efforts in rendering services under this Agreement. The
Administrator may rely on information reasonably believed by it to be accurate
and reliable. As an inducement for
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the Administrator's undertaking to render services under this Agreement, the
Trust agrees that neither the Administrator nor its stockholders, officers,
directors, or employees shall be subject to any liability for, or any damages,
expenses or losses incurred in connection with, any act or omission or mistake
in judgment connected with or arising out of any services rendered under this
Agreement, except by reason of willful misfeasance, bad faith, or gross
negligence in performance of the Administrator's duties, or by reason of
reckless disregard of the Administrator's obligations and duties under this
Agreement. This provision shall govern only the liability to the Trust of the
Administrator and that of its stockholders, officers, directors, and employees,
and shall in no way govern the liability to the Trust or the Administrator or
provide a defense for any other person including persons that provide services
for the Funds as described in Section 2(b), (c) or (d) of this Agreement.
10. Term and Continuation. This Amended and Restated Agreement shall
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take effect as of the date indicated above, and shall remain in effect, unless
sooner terminated as provided herein, for one year from such date, and shall
continue thereafter on an annual basis with respect to each Fund provided that
such continuance is specifically approved at least annually (a) by the vote of a
majority of the Board of Trustees of the Trust, and (b) 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 defined in the 0000 Xxx) of the Trust or
the Administrator, and who have no direct or indirect financial interest in the
operation of this agreement or any agreement related to Special Class D Services
("Qualified Trustees"), cast in person at a meeting called for the purpose of
voting on such approval. Failure of the Qualified Trustees to renew this
Agreement and/or its termination by shareholder vote, assignment, or otherwise,
shall not preclude the Board of Trustees from approving a substitute agreement
in the manner provided under applicable law.
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(a) Except as provided in Section 10(b) below, this Agreement may
be terminated:
(i) by the Trust at any time with respect to the services
provided by the Administrator, without the payment of any penalty,
by vote of a majority of the entire Board of Trustees of the Trust
or by a vote of a majority of the outstanding voting shares of the
Trust or, with respect to a particular Fund or class, by vote of a
majority of the outstanding voting shares of such Fund or class,
on 60 days' written notice to the Administrator;
(ii) at the expiration of the one-year period commencing on
the date of this Amended and Restated Agreement, by the
Administrator at any time, without the payment of any penalty,
upon 60 days' written notice to the Trust.
(b) insofar as it relates to Class D shares of any Fund(s), at
any time, without the payment of any penalty, by a majority of the
Qualified Trustees or by vote of a majority of the outstanding Class D
shares.
11. Use of Name. It is understood that the name "Pacific Investment
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Management Company" or "PIMCO" or any derivative thereof or logo associated with
those names are the valuable property of PIMCO and its affiliates, and that the
right of the Trust and/or
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the Funds to use such names (or derivatives or logos) shall be governed by the
Investment Advisory Contract.
12. Notices. Notices of any kind to be given to the Administrator by
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the Trust shall be in writing and shall be duly given if mailed or delivered to
the Administrator at 000 Xxxxxxx Xxxxxx Xxxxx, Xxxxxxx Xxxxx, Xxxxxxxxxx 00000,
or to such other address or to such individual as shall be specified by the
Administrator. Notices of any kind to be given to the Trust by the Administrator
shall be in writing and shall be duly given if mailed or delivered to 000
Xxxxxxx Xxxxxx Xxxxx, Xxxxxxx Xxxxx, Xxxxxxxxxx 00000, or to such other address
or to such individual as shall be specified by the Trust.
13. Trust Obligation. A copy of the Trust's Declaration of Trust is
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on file with the Secretary of the Commonwealth of Massachusetts and notice is
hereby given that the Agreement has been executed on behalf of the Trust by a
trustee of the Trust in his or her capacity as trustee and not individually. The
obligations of this Agreement shall only be binding upon the assets and property
of each Fund and shall not be binding upon any trustee, officer, or shareholder
of the Trust individually.
14. Counterparts. This Agreement may be executed in one or more
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counterparts, each of which shall be deemed to be an original.
15. Miscellaneous. (a) This Agreement shall be governed by the laws of
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California, provided that nothing herein shall be construed in a manner
inconsistent with
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the 1940 Act, the Investment Advisers Act of 1940, or any rule or order of
the SEC thereunder.
(b) 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.
(c) The captions in this Agreement are included for convenience
only and in no way define any of the provisions hereof or otherwise affect
their construction or effect.
(d) This Agreement may not be assigned by the Trust or the
Administrator without the consent of the other party. This Agreement will
terminate with respect to the Class D shares in the event of its
"assignment" (as defined in the 1940 Act).
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IN WITNESS WHEREOF, the parties hereto have caused this instrument to be
executed by their officers designated below on the day and year first above
written.
PIMCO FUNDS
By: _________________________
Title: President
PACIFIC INVESTMENT
MANAGEMENT COMPANY
By: _________________________
Title: Managing Director
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Schedule to
Amended and Restated Administration Agreement
Fee Rate
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Institutional and
Administrative Classes (%) Class A, B and C (%) Class D (%)
------------------------------ ------------------------------ ------------------------------
Custody and Custody and Custody and
Portfolio Other Portfolio Other Portfolio Other
Fund Accounting Expenses Total Accounting Expenses Total Accounting Expenses Total
---- ----------- -------- ----- ----------- -------- ----- ----------- -------- -----
Money Market 0.10 0.10 0.20 0.10 0.25 0.35 0.10 [0.35] [0.45]
Short-Term 0.10 0.10 0.20 0.10 0.25 0.35 0.10 0.40 0.50
Low Duration 0.10 0.08 0.18 0.10 0.30 0.40 0.10 0.40 0.50
Low Duration II 0.10 0.15 0.25 0.10 0.30 0.40 0.10 [0.55] [0.65]
Low Duration III 0.10 0.15 0.25 0.10 0.30 0.40 0.10 [0.55] [0.65]
Moderate Duration 0.10 0.10 0.20 0.10 0.30 0.40 0.10 [0.55] [0.65]
High Yield 0.10 0.15 0.25 0.10 0.30 0.40 0.10 0.55 0.65
Total Return 0.10 0.08 0.18 0.10 0.30 0.40 0.10 0.40 0.50
Total Return II 0.10 0.15 0.25 0.10 0.30 0.40 0.10 [0.55] [0.65]
Total Return III 0.10 0.15 0.25 0.10 0.30 0.40 0.10 [0.55] [0.65]
Low Duration Mortgage 0.10 0.15 0.25 0.10 0.30 0.40 0.10 0.55 0.65
Total Return Mortgage 0.10 0.15 0.25 0.10 0.30 0.40 0.10 [0.55] [0.65]
Commercial Mortgage
Securities 0.10 0.15 0.25 0.10 0.30 0.40 0.10 [0.55] [0.65]
Long-Term U.S. Government 0.10 0.15 0.25 0.10 0.30 0.40 0.10 [0.55] [0.65]
Real Return Bond 0.10 0.15 0.25 0.10 0.30 0.40 0.10 0.55 0.65
Foreign Bond 0.10 0.15 0.25 0.10 0.35 0.45 0.10 0.60 0.70
Global Bond 0.10 0.20 0.30 0.10 0.35 0.45 0.10 [0.60] [0.70]
Global Bond II 0.10 0.20 0.30 0.10 0.35 0.45 0.10 [0.60] [0.70]
International Bond 0.10 0.15 0.25 0.10 0.35 0.45 0.10 [0.60] [0.70]
Emerging Markets Bond 0.10 0.30 0.40 0.10 0.45 0.55 0.10 [0.70] [0.80]
Emerging Markets Bond II 0.10 0.30 0.40 0.10 0.45 0.55 0.10 [0.70] [0.80]
Municipal Bond 0.10 [0.30] [0.40] 0.10 [0.30] [0.40] 0.10 [0.55] [0.65]
StocksPLUS 0.10 0.15 0.25 0.10 0.30 0.40 0.10 0.55 0.65
StocksPLUS Short Strategy 0.10 0.15 0.25 0.10 0.30 0.40 0.10 [0.55] [0.65]
Strategic Balanced 0.10 0.15 0.25 0.10 0.30 0.40 0.10 0.55 0.65
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