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SIGNATURE TINA D. HOSKING
TITLE SECRETARY
DELOITTE &
TOUCHE
- ----------- -----------------------------------------------------------------
[LOGO] DELOITTE & TOUCHE LLP
1000 Wilshire Boulevard Telephone: (213) 688-0800
Los Angeles, California 90017-2472 Facsimile: (213) 688-0100
INDEPENDENT AUDITORS' REPORT
Bjurman Micro-cap Growth Fund:
In planning and performing our audit of the financial statements of Bjurman
Micro-Cap Growth Fund (the "Fund") for the year ended March 31, 1999 (on which
we have issued our report dated May 12, 1999), we considered its internal
control, including control activities for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of Form N-SAR, and
not to provide assurance on the Fund's internal control.
The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use, or disposition.
Because of inherent limitations in any internal control, misstatements due to
error or fraud may occur and not be detected. Also, projections of any
evaluation of internal control to future periods are subject to the risk that
the internal control may become inadequate because of changes in conditions, or
that the degree of compliance with policies or procedures may deteriorate.
Our consideration of the Fund's internal control would not necessarily disclose
all matters in the internal control that might be material weaknesses under
standards established by the American Institute of Certified Public Accountants.
A material weakness is a condition in which the design or operation of one or
more of the internal control components does not reduce to a relatively low
level the risk that misstatements caused by error or fraud in amounts that would
be material in relation to the financial statements being audited may occur and
not be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving the
Fund's internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
March 31, 1999.
This report is intended solely for the information and use of management of the
Fund, the Board of Trustees of Bjurman Micro-Cap Growth Fund, and the Securities
and Exchange Commission and is not intended to be and should not be used by
anyone other than these specified parties.
/s/ Deloitte & Touche LLP
May 12, 1999
- ---------------
DELOITTE TOUCHE
TOHMATSU
- ---------------
- --------------------------------------------------------------------------------
2235 Faraday Avenue, Suite 0, Carlsbad, California 92008-7209
Telephone: (760) 930-3430 Facsimile: (760) 930-3440
695 Town Center Drive, Suite 1200, Costa Mesa, California 92626-1924
Telephone: (714) 436-7100 Facsimile: (714) 436-7200
701 "B" Street, Suite 1900, San Diego, California 92101-8198
Telephone: (619) 232-6500 Facsimile: (619) 237-1755
50 West Liberty Street, Suite 900, Reno, Nevada 89501-1949
Telephone: (702) 348-8808 Facsimile: (702) 322-8754
3773 Howard Hughes Parkway, Suite 490N, Las Vegas, Nevada 89109
Telephone: (702) 893-3100 Facsimile: (702) 369-1736
AMENDMENT NO. 1 TO THE
INVESTMENT ADVISORY AGREEMENT
This Amendment No. 1 (this "Amendment") is made as of November 19, 1998 and
is made to the Investment Advisory Agreement (the "Advisory Agreement") dated
March 5, 1997 by and between THE BJURMAN FUNDS, a Delaware business trust (the
"Trust"), on behalf of Bjurman Micro-Cap Growth Fund (the "Fund"), and GEORGE D.
BJURMAN AND ASSOCIATES, a California corporation (the "Adviser").
RECITALS
WHEREAS, the Trust and the Adviser desire to amend the Advisory Agreement
to (i) eliminate the Adviser's ability to recoup any voluntary reduction of any
portion of the compensation or reimbursement of expenses due to it pursuant to
the Advisory Agreement prior to the Fund's payment of current ordinary operating
expenses, and (ii) require that, in order for a waived fee or reimbursed expense
to be eligible for repayment, recouped amounts must relate to one of the
immediately preceding five fiscal years of the Fund and, in addition, in the
sixth full fiscal year of the Fund's operations, the look-back period shall be
reduced from five years to four years and in the seventh full fiscal year, and
thereafter the look-back period shall be reduced to three years before seeking
payment of fees and expenses for the then-current period.
WHEREAS, the disinterested Trustees of the Trust and the full Board of
Trustees have separately approved this Amendment in person at a regular
quarterly meeting of the Board of Trustees on November 19, 1998.
AGREEMENT
NOW, THEREFORE, in consideration of the foregoing promises, and for other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties agree as follows:
1. Amendment of Section 3
The forth full paragraph of Section 3 of the Advisory Agreement is hereby
amended and replaced in its entire with the following:
"The Fund is responsible for its own operating expenses. Any fees withheld
or voluntarily reduced and any Fund expenses absorbed by the Adviser
voluntarily or pursuant to an agreed upon expense cap which are the Fund's
obligation are subject to reimbursement by the Fund to the Adviser, if so
requested by the Adviser, in subsequent fiscal years if the aggregate
amount actually paid by the Fund toward the operating expenses for such
fiscal year (taking into account the reimbursement) does not exceed the
applicable limitation on Fund expenses. The Adviser is permitted to be
reimbursed only for fee reductions and expense payments made in the
previous three fiscal years, except that it is permitted to look back up to
five years and four years, respectively, during the initial six years and
seventh year of the Fund's operations. Any such reimbursement is also
contingent upon the Board of Trustees' review and approval at the time the
reimbursement is made. Such reimbursement may not be paid prior to the
Fund's payment of current ordinary operating expenses."
2. No Other Modifications
Except as set forth in this Amendment, the Advisory Agreement remains
unmodified and in full force and effect.
<PAGE>
IN WITNESS WHEREOF, the parties hereto have executed this Amendment on the
date first specified above.
THE BJURMAN FUNDS
By /s/ G. Andrew Bjurman
-----------------------------
Title Co-President
--------------------------
By /s/ O. Thomas Barry III
-----------------------------
Title Co-President
--------------------------
GEORGE D. BJURMAN AND ASSOCIATES
By /s/ G. Andrew Bjurman
-----------------------------
Title President
--------------------------
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