AMENDMENT TO THE EXPENSE LIMITATION AGREEMENT III
Exhibit (h)(3)(kk)
AMENDMENT TO THE
EXPENSE LIMITATION AGREEMENT III
THIS AMENDMENT TO THE EXPENSE LIMITATION AGREEMENT III (the “Amendment”) effective as of August 1, 2015, between Pacific Funds Series Trust (formerly named Pacific Life Funds) (the “Trust”), a Delaware statutory trust, on behalf of the Funds designated on the attached schedules hereto, and Pacific Life Fund Advisors LLC (“Adviser”), a Delaware limited liability company.
WHEREAS, the Trust and Adviser are parties to a certain Expense Limitation Agreement III dated December 19, 2011, as amended from time to time (the “Agreement”);
WHEREAS, the Trust and Adviser are also parties to a certain Expense Limitation Agreement II dated July 1, 2010, as amended from time to time (the “Agreement II”); and
WHEREAS, the Trust and Adviser desire to amend the Agreement upon the following terms and conditions.
NOW THEREFORE, in consideration of the renewal of promises and mutual covenants contained in the Agreement and the good and fair consideration, the receipt and sufficiency of which are hereby acknowledged, the Trust and Adviser hereby agree as follows:
| 1) | All references to “Pacific Life Funds” are hereby changed to “Pacific Funds Series Trust.” |
| 2) | Schedule A to the Agreement is hereby deleted in its entirety and replaced with the Schedules A, B and C attached hereto, with each schedule effective as of the date noted on each schedule. |
| 3) | This Agreement and its Schedules shall replace Agreement II. Pursuant to this amendment by the Trust and the Adviser, Agreement II is hereby considered terminated. |
| 4) | Except as expressly supplemented, amended or consented to hereby, all of the representations, terms, covenants and conditions of the Agreement shall remain unchanged and shall continue in full force and effect. |
| 5) | Capitalized terms used but not defined herein shall have the meanings assigned to them in the Agreement. |
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Page 1
IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by their respective officers designated below on the day and year first above written.
PACIFIC FUNDS SERIES TRUST
| By: /s/ Xxxxxx X. Xxxxxxxx | By: /s/ Xxxxxxx X. XxxXxxxx | |
| Name: Xxxxxx X. Xxxxxxxx | Name: Xxxxxxx X. XxxXxxxx | |
| Title: Senior Vice President | Title: VP & Assistant Secretary |
PACIFIC LIFE FUND ADVISORS LLC
| By: /s/ Xxxxxx X. Xxxxxxxx | By: /s/ Xxxxxxx X. XxxXxxxx | |
| Name: Xxxxxx X. Xxxxxxxx | Name: Xxxxxxx X. XxxXxxxx | |
| Title: SVP, Fund Advisor Operations | Title: VP & Assistant Secretary |
Page 2
SCHEDULE A
to the PACIFIC FUNDS SERIES TRUST
EXPENSE LIMITATION AGREEMENT III
FOR: Portfolio Optimization Funds1
Operating Expense Limits for Class A, B, C, R, and Advisor Shares:
| Maximum Operating Expense Limit (as a Percentage of average daily net assets)
| ||
| Fund:
|
Contractual Rate
| |
| Pacific Funds Portfolio Optimization Conservative
Pacific Funds Portfolio Optimization Moderate-Conservative
Pacific Funds Portfolio Optimization Moderate
Pacific Funds Portfolio Optimization Growth (formerly named PL Portfolio Optimization Moderate-Aggressive Fund)
Pacific Funds Portfolio Optimization Aggressive-Growth (formerly named PL Portfolio Optimization Aggressive Fund)
|
0.15% through July 31, 2016
0.30% from August 1, 2016 through July 31, 2023 | |
Effective: August 1, 2015
1 Pacific Funds Portfolio Optimization Conservative, Pacific Funds Portfolio Optimization Moderate-Conservative, Pacific Funds Portfolio Optimization Moderate, Pacific Funds Portfolio Optimization Growth, and Pacific Funds Portfolio Optimization Aggressive-Growth are, together, the “Portfolio Optimization Funds.”
A-1
SCHEDULE B
to the PACIFIC FUNDS SERIES TRUST
EXPENSE LIMITATION AGREEMENT III
FOR: PF Fixed Income Funds2 and Pacific Funds Diversified Alternatives
| I. | Operating Expenses Limits for Class A, Class C, and Advisor Class Shares: |
| Maximum Operating Expense Limit (as a Percentage of average daily net assets)
| ||
| Fund:
|
Contractual Rate
| |
| Pacific Funds Core Income
Pacific Funds Floating Rate Income
Pacific Funds High Income
Pacific Funds Short Duration Income
Pacific Funds Strategic Income
Pacific Funds Limited Duration High Income
|
0.20% through July 31, 2016 | |
| Pacific Funds Diversified Alternatives
|
0.40% through July 31, 2017 | |
| II. | Operating Expenses Limits for Class I Shares: |
| Maximum Operating Expense Limit (as a Percentage of average daily net assets)
| ||
| Fund:
|
Contractual Rate
| |
| Pacific Funds Core Income
Pacific Funds Floating Rate Income
Pacific Funds High Income
Pacific Funds Short Duration Income
Pacific Funds Strategic Income
Pacific Funds Limited Duration High Income
|
0.15% through July 31, 2016 | |
Effective: August 1, 2015
2 Pacific Funds Core Income, Pacific Funds Floating Rate Income, Pacific Funds High Income, Pacific Funds Short Duration Income, Pacific Funds Strategic Income and Pacific Funds Limited Duration High Income are, together, the “PF Income Funds.” The expense caps for Class P shares of the PF Fixed Income Funds that are offered as Underlying Funds are stated in Schedule C to this Agreement.
B-1
SCHEDULE C
to the PACIFIC FUNDS SERIES TRUST
EXPENSE LIMITATION AGREEMENT III
FOR: Underlying Funds
Operating Expenses Limits for Class P Shares:
| Maximum Operating Expense Limit (as a Percentage of average daily net assets)
| ||
| Fund:
|
Contractual Rate
| |
| Pacific Funds High Income
Pacific Funds Floating Rate Income
Pacific Funds Core Income
|
0.20% through July 31, 2016 | |
| PF Floating Rate Loan Fund
PF Inflation Managed Fund
PF Managed Bond Fund
PF Short Duration Bond Fund
PF Emerging Markets Debt Fund
XX Xxxxxxxx Fund
PF Growth Fund
PF Large-Cap Growth Fund
PF Large-Cap Value Fund
PF Main Street Core Fund
PF Mid-Cap Equity Fund
PF Mid-Cap Growth Fund
PF Small-Cap Growth Fund
PF Small-Cap Value Fund
PF Real Estate Fund
PF Emerging Markets Fund
PF International Large-Cap Fund
PF International Value Fund
|
0.15% through July 31, 2016
0.30% from August 1, 2016 through July 31, 2022 | |
| PF Currency Strategies Fund
PF Global Absolute Return Fund
PF International Small-Cap Fund
PF Mid-Cap Value Fund
|
0.25% through July 31, 2016 | |
Effective: August 1, 2015
C-1
