EXHIBIT 15(xv)
SUPPLEMENT TO
ADMINISTRATION AGREEMENT
PIMCO Funds
000 Xxxxxxx Xxxxxx Xxxxx
Xxxxxxx Xxxxx, Xxxxxxxxxx 00000
__________, 1997
Pacific Investment Management Company
000 Xxxxxxx Xxxxxx Xxxxx
Xxxxxxx Xxxxx, Xxxxxxxxxx 00000
RE: Low Duration Mortgage Fund
Total Return mortgage Fund
Emerging Markets Bond Fund
Emerging Markets Bond Fund II
Dear Sirs:
This will confirm the agreement between the undersigned (the "Trust") and
Pacific Investment Management Company (the "Administrator") as follows:
1. The Trust is an open-end management investment company organized as a
Massachusetts business trust, and consisting of such separate investment
portfolios as have been or may be established by the Trustees of the Trust from
time to time. A separate class of shares of beneficial interest of the Trust is
offered to investors with respect to each investment portfolio. The Low Duration
Mortgage Fund, Total Return Mortgage Fund, Emerging Markets Bond Fund, and
Emerging Markets Bond Fund II (the "Funds") are each separate investment
portfolios of the Trust.
2. The Trust and the Administrator have entered into an Administration
Agreement (the "Agreement") dated November 1, 1995, as amended, pursuant to
which the Administrator has agreed to provide management and administrative
services to the Trust as set forth in that Agreement.
3. As provided in paragraph 1 of the Agreement, the Trust hereby adopts the
Agreement with respect to the Funds and the Administrator hereby acknowledges
that the Agreement shall pertain to the Funds, the terms and conditions of such
Agreement being hereby incorporated herein by reference.
4. As provided in paragraph 5 of the Agreement and subject to further
conditions as set forth therein, the Trust shall with respect to the Funds pay
the Administrator a monthly fee calculated as a percentage (on an annual basis)
of the average daily value of net assets of the Fund during the preceding month
as follows: for the Low Duration Mortgage Fund and Total Return Mortgage Fund,
at the rate of .25% of the assets attributable to each of the Institutional
Class and Administrative Class, and at the rate of .40% attributable in the
aggregate to the Class A, Class B, and Class C shares; and for the Emerging
Markets Bond Fund and Emerging Markets Bond Fund II, at the rate of .40% of the
assets attributable to each of the Institutional Class and Administrative Class,
and at the rate of .55% attributable in the aggregate to the Class A, Class B,
and Class C shares.
5. This Supplement and the Agreement shall become effective with respect to
the Funds on ________, 1997 and shall continue in effect with respect to the
Funds for a period of more than two years from such date only so long as the
continuance is specifically approved at least annually by a vote of a majority
of (i) the Trust's Board of Trustees and (ii) the Trustees who are not
"interested persons" (as defined in the 0000 Xxx) of the Trust and who have no
direct or indirect financial interest in the Agreement, by vote cast in person
at a meeting called for the purpose of voting on such approval. This Agreement
may be terminated with respect to the Funds at any time, without payment of any
penalty, by vote of a majority of the Trustees of the Trust who are not
"interested persons" (as defined in the 0000 Xxx) and who have no direct or
indirect financial interest in this Agreement on 60 days' written notice to the
Administrator. This Agreement shall terminate automatically in the event of its
assignment (as defined in the 1940 Act).
If the foregoing correctly sets forth the agreement between the Trust and
the Administrator, please so indicate by signing and returning to the Trust the
enclosed copy hereof.
Very truly yours,
PIMCO Funds
BY:
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TITLE:
ACCEPTED:
Pacific Investment Management Company
BY:
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