RegAlert2004-12-23
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SEC Division of Investment Management staff letter: Pacific Select Fund, et al.
The SEC staff concurred that Pacific Life Insurance Company would not violate section 205(a)(1) of the Investment Advisers Act of 1940 by entering into a proposed advisory fee reduction program with Pacific Select Fund. Under the program, Pacific Life would waive a portion of its advisory fee if the Fund's average annual gross total return over a ten-year period exceeds a target rate of 8.0%. The waiver amount increases as performance exceeds the target, with a maximum reduction of 0.05% of the advisory fee, and applies equally to all portfolios regardless of their individual size or performance levels.
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December 23, 2004
RESPONSE OF THE OFFICE OF CHIEF COUNSEL DIVISION OF INVESTMENT MANAGEMENT
Our Ref. No. 200477947 Pacific Select Fund, et al. File No. 811-05141
Your letter dated December 22, 2004 requests that we concur with your view, as more fully explained below, that Pacific Life Insurance Company would not violate section 205(a)(1) of the Investment Advisers Act of 1940 (the "Advisers Act") by entering into the proposed advisory fee reduction program with respect to its management of Pacific Select Fund (the "Program").
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