EXHIBIT 99.8(b)
Custodian Agreement Fee Schedule
INVESTORS FIDUCIARY TRUST COMPANY
PACIFIC MUTUAL LIFE INSURANCE COMPANY
OCTOBER 1, 1996 TO SEPTEMBER 30, 1998
FEE SCHEDULE
I. INVESTMENT ACCOUNTING
A. Minimum Monthly Fee
-------------------
There is a monthly minimum fee of $2,625 per fund/portfolio. The monthly
minimum fee per portfolio does not apply to any portfolio if the asset
based fee discussed in I.B. below produces greater revenue than the
aggregate minimum.
B. Asset Based Fee on a Total Relationship Basis
---------------------------------------------
3.25/100 of 1% (3.25 basis points) on the first $1.5 billion in assets
1.5/100 of 1% (1.5 basis points) on all assets in excess of $1.5
billion in assets
II. SECURITY CUSTODY
A. Domestic Custody
----------------
Asset-Based Fee on a total relationship basis:
1/100 of 1% (1 basis point) on the first $750 million in assets
.5/100 of 1% (.5 basis points) on all assets in excess of $750 million
Transaction Fee, per transaction:
Basket Trades (Manual) - $12.50 per input security transaction
Basket Trades (Automated) - $10.00 per input security transaction
Physical Delivery - $22.00
Book Entry - $12.00
Mortgage Backed Securities Principal & Income Paydown - $10.00
Repo - $50.00 per Fund, Per Month
Federal Funds Wire Received or Delivered - $7.00 per wire
B. Foreign Securities
------------------
See Appendix I for Global Fee Agreement.
October 21, 1996 Page 1 of 2
Pacific Mutual Life Insurance
Fee Schedule (cont.)
C. Balance Credits
---------------
IFTC will offset fees with balance credits calculated at 75% of the bank
credit rate (see below) applied to average custody collected cash
balances for the month. Balance credits can be used to offset fees. Any
credits in excess of fees will be carried forward from month to month
through the end of the calendar year. For calculation purposes, IFTC
uses an actual/actual basis.
Note: The bank credit rate is the equivalent to the lesser of:
. The average 91-day Treasury Bill discount rate for the month
or
. The average Federal Funds rate for the month less 50 basis points.
III. NOTES TO THE ABOVE FEE SCHEDULE
A. Asset based fees will be billed monthly at 1/12th of the annual stated
rate based on monthly average net assets. Annual maintenance fees are
payable monthly at 1/12th of the annual stated rate.
B. The above schedule does not include out-of-pocket expenses that would
be incurred by IFTC on the client's behalf. Examples of out-of-pocket
expenses include but are not limited to record retentions, microfiche,
disaster recovery, pricing and research services, overnight mailing
services, foreign registration and script fees, etc. IFTC bills out-
of-pocket expenses separately from service fees.
C. The fees stated above are exclusive of terminal equipment required in
the client's location(s) and communication line costs.
D. Any fees or out-of-pocket expenses not paid within 30 days of the date
of the original invoice will be charged a late payment fee of 1% per
month until payment of the fees are received by IFTC.
E. The above fee schedule is applicable for selections made and
communicated within 90 days of the date of this proposal. The fees are
guaranteed for a one year period commencing on the effective date of
the service agreement between IFTC and the client. All changes to the
fee schedule will be communicated in writing at least 60 days prior to
their effective date.
F. Overdrafts will be calculated at the monthly average Prime rate (as
published in the Wall Street Journal) and charged on the monthly
average overdraft balance.
/s/ Xxxxx X. Xxxxxx /s/ Xxxxx X. Xxxxxxx /s/ Xxxxxx X. Xxxxxx
--------------------------------- ------------------------------------- ----------------------------------
Investors Fiduciary Trust Company Pacific Mutual Life Insurance Company Pacific Select Fund
11-7-96 11-7-96 11-7-96
------- ------- -------
Date Date Date
October 21, 1996 Page 2 of 2
Appendix I
PACIFIC MUTUAL (2/96) CHASE
GLOBAL CUSTODY FEES
I. Country Based Charges:
MARKET ASSET TRANSACTION MARKET ASSET TRANSACTION
CHARGE CHARGE CHARGE CHARGE
------------------------------------------------------------------------------------
Argentina 45 $135 Malaysia 15 $110
Australia 10 $ 20 Mexico 14 $ 20
Austria 14 $ 20 Morocco 35 $135
Bangladesh 45 $135 Netherlands 14 $ 20
Belgium 14 $ 20 New Zealand 10 $ 20
Botswana 35 $135 Norway 14 $ 20
Brazil 35 $135 Pakistan 45 $135
Canada 10 $ 20 Peru 45 $135
Cedel 5 $ 20 Philippines 25 $110
Chile 45 $135 Poland 45 $135
Colombia 45 $135 Portugal 25 $110
Czech Republic 35 $135 Shanghai (Chi) 35 $135
Denmark 10 $ 20 Shenzhen (Chi) 35 $135
Finland 14 $ 20 Singapore 14 $ 20
France 10 $ 20 South Africa 10 $ 20
Germany 10 $ 20 South Korea 35 $135
Greece 45 $135 Spain 14 $ 20
Hong Kong 14 $ 20 Sri Lanka 35 $135
Hungary 45 $135 Sweden 14 $ 20
India 45 $135 Switzerland 10 $ 20
Indonesia 25 $135 Taiwan 35 $135
Ireland 14 $ 20 Thailand 15 $110
Israel 35 $135 Turkey 35 $135
Italy 10 $ 20 United Kingdom 10 $ 20
Japan 10 $ 20 Uruguay 45 $135
Jordan 45 $135 Venezuela 45 $135
NOTE: Any country not listed above will be negotiated at time of investment.
Out of Pocket Expenses: As incurred (e.g. stamp taxes, registration costs,
script fees, special transportation costs, etc.).
