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<PAGE> PAGE 2
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 19
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066 D000300 N
066 E000300 N
066 F000300 N
066 G000300 N
067 000300 N
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069 000300 N
070 A010300 Y
070 A020300 N
070 B010300 Y
070 B020300 N
070 C010300 N
070 C020300 N
070 D010300 Y
070 D020300 N
070 E010300 N
070 E020300 N
070 F010300 Y
070 F020300 N
070 G010300 N
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 N
070 J020300 N
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070 K020300 N
070 L010300 Y
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<PAGE> PAGE 21
070 O010300 Y
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070 P020300 N
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070 Q020300 N
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<PAGE> PAGE 22
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015 A000401 BANK OF NEW YORK
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<PAGE> PAGE 23
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<PAGE> PAGE 24
048 B010400 0
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048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 0
048 K020400 0.000
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050 000400 N
051 000400 N
052 000400 N
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053 B000400 N
053 C000400 N
054 A000400 N
054 B000400 N
054 C000400 N
054 D000400 Y
054 E000400 N
054 F000400 N
054 G000400 N
054 H000400 N
054 I000400 N
054 J000400 N
054 K000400 N
054 L000400 N
054 M000400 N
054 N000400 N
054 O000400 N
055 A000400 Y
055 B000400 N
056 000400 Y
057 000400 N
058 A000400 N
059 000400 Y
060 A000400 Y
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<PAGE> PAGE 25
062 A000400 N
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066 B000400 N
066 C000400 N
066 D000400 N
066 E000400 N
066 F000400 N
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067 000400 Y
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 N
070 B010400 Y
070 B020400 N
070 C010400 Y
070 C020400 N
070 D010400 Y
070 D020400 N
070 E010400 N
070 E020400 N
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 Y
070 H020400 N
070 I010400 N
070 I020400 N
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070 J020400 Y
<PAGE> PAGE 26
070 K010400 Y
070 K020400 N
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070 M010400 N
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070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
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<PAGE> PAGE 27
072DD020400 43
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015 A000501 BANK OF NEW YORK
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<PAGE> PAGE 28
024 000500 N
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<PAGE> PAGE 29
043 000500 4
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<PAGE> PAGE 30
055 B000500 N
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<PAGE> PAGE 31
070 I010500 N
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<PAGE> PAGE 32
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008 A000601 BANK OF AMERICA NAT'L TRUST & SAVINGS ASSOC.
008 B000601 A
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015 A000601 BANK OF NEW YORK
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
054 M000600 N
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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008 A000701 BANK OF AMERICA NAT'L TRUST & SAVINGS ASSOC.
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
054 I000700 N
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066 A000700 N
067 000700 N
068 A000700 N
068 B000700 N
069 000700 N
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070 A020700 N
070 B010700 N
070 B020700 N
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070 D010700 N
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<PAGE> PAGE 41
070 E010700 N
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070 F010700 N
070 F020700 N
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070 G020700 N
070 H010700 N
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070 I010700 N
070 I020700 N
070 J010700 N
070 J020700 N
070 K010700 N
070 K020700 N
070 L010700 N
070 L020700 N
070 M010700 N
070 M020700 N
070 N010700 Y
070 N020700 N
070 O010700 Y
070 O020700 N
070 P010700 N
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 N
070 R020700 N
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<PAGE> PAGE 42
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<PAGE> PAGE 43
008 A000801 BANK OF AMERICA NAT'L TRUST & SAVINGS ASSOC.
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015 A000801 BANK OF NEW YORK
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<PAGE> PAGE 44
042 A000800 0
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050 000800 N
051 000800 N
052 000800 N
053 A000800 N
054 A000800 N
054 B000800 N
054 C000800 N
054 D000800 Y
054 E000800 N
054 F000800 N
054 G000800 N
054 H000800 N
054 I000800 N
054 J000800 N
<PAGE> PAGE 45
054 K000800 N
054 L000800 N
054 M000800 N
054 N000800 N
054 O000800 N
055 A000800 Y
055 B000800 N
056 000800 Y
057 000800 N
058 A000800 N
059 000800 Y
060 A000800 Y
060 B000800 Y
061 000800 500
062 A000800 Y
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067 000800 N
068 A000800 N
068 B000800 N
069 000800 N
070 A010800 Y
070 A020800 N
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070 B020800 N
070 C010800 N
070 C020800 N
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070 D020800 N
070 E010800 N
070 E020800 N
<PAGE> PAGE 46
070 F010800 N
070 F020800 N
070 G010800 N
070 G020800 N
070 H010800 N
070 H020800 N
070 I010800 N
070 I020800 N
070 J010800 N
070 J020800 N
070 K010800 N
070 K020800 N
070 L010800 N
070 L020800 N
070 M010800 N
070 M020800 N
070 N010800 Y
070 N020800 N
070 O010800 Y
070 O020800 N
070 P010800 N
070 P020800 N
070 Q010800 N
070 Q020800 N
070 R010800 N
070 R020800 N
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<PAGE> PAGE 47
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<PAGE> PAGE 48
071 C000900 0
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<PAGE> PAGE 49
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008 A001001 BANK OF AMERICA NAT'L TRUST & SAVINGS ASSOC.
008 B001001 A
008 C001001 801-84000
008 D011001 SAN FRANCISCO
008 D021001 CA
008 D031001 94104
015 A001001 BANK OF NEW YORK
015 B001001 C
015 C011001 NEW YORK
015 C021001 NY
015 C031001 10286
015 E011001 X
024 001000 Y
025 A001001 NOMURA SECURITIES, INC.
025 B001001 13-2642206
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025 B001002 22-2347336
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025 D001002 50000
025 A001003 NATIONSBANC MONTGOMERY SECURITIES
025 C001003 D
025 D001003 50000
025 A001004 SALOMON BROS
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<PAGE> PAGE 50
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040 001000 Y
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<PAGE> PAGE 51
043 001000 0
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054 H001000 N
054 I001000 N
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054 K001000 N
054 L001000 N
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<PAGE> PAGE 52
055 B001000 N
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068 A001000 N
068 B001000 N
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070 C011000 N
070 C021000 N
070 D011000 N
070 D021000 N
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070 F011000 N
070 F021000 N
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070 G021000 N
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<PAGE> PAGE 53
070 I011000 N
070 I021000 N
070 J011000 N
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070 K011000 N
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<PAGE> PAGE 54
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008 A001101 BANK OF AMERICA NAT'L TRUST & SAVINGS ASSOC.
008 B001101 A
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008 D011101 SAN FRANCISCO
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008 D031101 94104
015 A001101 BANK OF NEW YORK
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<PAGE> PAGE 55
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<PAGE> PAGE 56
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054 F001100 N
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054 H001100 N
054 I001100 N
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054 K001100 N
054 L001100 N
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<PAGE> PAGE 57
055 B001100 N
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070 H021100 N
<PAGE> PAGE 58
070 I011100 N
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<PAGE> PAGE 59
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008 A001201 BANK OF AMERICA NAT'L TRUST & SAVINGS ASSOC.
008 B001201 A
008 C001201 801-84000
008 D011201 SAN FRANCISCO
008 D021201 CA
008 D031201 94104
015 A001201 PNC BANK, N.A.
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<PAGE> PAGE 60
015 C011201 PHILADELPHIA
015 C021201 PA
015 C031201 19101
015 E011201 X
024 001200 Y
025 A001201 SALOMON SMITH BARNEY HOLDINGS
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025 D001201 1324
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025 B001202 13-2638166
025 C001202 D
025 D001202 1306
025 A001203 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP
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<PAGE> PAGE 61
028 G041200 23774
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039 001200 N
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<PAGE> PAGE 62
056 001200 Y
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<PAGE> PAGE 63
070 K011200 Y
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<PAGE> PAGE 64
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015 A001301 PNC BANK, N.A.
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<PAGE> PAGE 65
024 001300 N
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<PAGE> PAGE 66
043 001300 31
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<PAGE> PAGE 67
062 Q001300 0.0
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070 H011300 Y
070 H021300 N
070 I011300 N
070 I021300 N
070 J011300 N
070 J021300 N
070 K011300 Y
070 K021300 N
070 L011300 Y
070 L021300 N
070 M011300 N
070 M021300 N
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070 O011300 Y
070 O021300 N
070 P011300 N
070 P021300 N
070 Q011300 N
070 Q021300 N
070 R011300 N
070 R021300 N
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<PAGE> PAGE 68
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<PAGE> PAGE 69
074 R021300 0
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008 A001401 BANK OF AMERICA NAT'L TRUST & SAVINGS ASSOC.
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<PAGE> PAGE 70
028 F041400 1607
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<PAGE> PAGE 71
048 K011400 0
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<PAGE> PAGE 72
070 H021400 N
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<PAGE> PAGE 73
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<PAGE> PAGE 74
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<PAGE> PAGE 75
042 D001500 0
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<PAGE> PAGE 76
054 L001500 N
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<PAGE> PAGE 77
070 F021500 N
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<PAGE> PAGE 78
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<PAGE> PAGE 79
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<PAGE> PAGE 80
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<PAGE> PAGE 81
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<PAGE> PAGE 82
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<PAGE> PAGE 83
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<PAGE> PAGE 84
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<PAGE> PAGE 85
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<PAGE> PAGE 86
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<PAGE> PAGE 87
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<PAGE> PAGE 88
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<PAGE> PAGE 89
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<PAGE> PAGE 90
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<PAGE> PAGE 91
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<PAGE> PAGE 92
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<PAGE> PAGE 93
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<PAGE> PAGE 94
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SIGNATURE MARY JANE MALONEY
TITLE MANAGER
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PACIFIC HORIZON FUNDS, INC.
FORM N-SAR
Fiscal Period Ended August 31, 1998
EXHIBIT INDEX
EXHIBIT A:
Sub-Item 77C: Submission of matters to a vote of security holders.
EXHIBIT B:
Sub-Item 77D: Polices with respect to security investments.
EXHIBIT C:
Sub-Item 77I: Terms of new or amended securities.
EXHIBIT D:
Sub-Item 77Q1(e): Copies of any new or amended Registrant investment and
sub-investment advisory contracts.
- -------------------------------------------------------------------------
EXHIBIT A:
SUB-ITEM 77C: Submission of matters to a vote of security holders.
(a) An annual meeting ("Meeting") of shareholders of Pacific Horizon Funds,
Inc.(the "Company"), originally convened on June 19, 1998 and reconvened on
June 26, 1998, July 1, 1998 and July 20, 1998.
(b) At the annual meeting of shareholders, Edward S. Bottum, William P.
Carmichael, Thomas. M. Collins, Douglas B. Fletcher, Robert E. Greeley, and
Cornelius J. Pings were each elected to the Board of Directors. The
individual listed above constitute the entire board of directors.
(c) The voting results for all proposals addressed in the meeting are
incorporated herein by reference to Form N30D filed October 30, 1998.
EXHIBIT B:
SUB-ITEM 77D: Policies with respect to security investments.
(a)
U.S. Government Securities Fund
At the March 18, 1998 meeting of the Board of Directors, the Directors
approved a non-fundamental investment policy change for the U.S. Government
Securities Fund to permit it to invest up to 35% of its total assets in fixed
income securities rated in the highest rating category by a nationally
recognized statistical rating organization.
Short-Term Government Fund
At the March 18, 1998 meeting of the Board of Directors, the Directors
approved a non-fundamental investment policy change for the Short-Term
Government Fund to permit it to invest in up to 35% of its total assets in
investment grade non-government/agency fixed income securities.
Flexible Income Fund (formerly, Corporate Bond Fund)
At the March 18, 1998 meeting of the Board of Directors, the Directors
approved a non-fundamental investment policy change for the Flexible Income
Fund to reduce the percentage of total assets invested in investment grade
corporate securities and securities issued by the U.S. Government, its
agencies and instrumentalities from at least 75% to at least 65%.
At the March 18, 1998 meeting of the Board of Directors, the Directors
approved a non-fundamental investment policy change for the Flexible Income
Fund to permit it to invest up to 35% in non-investment grade fixed income
securities and no more than 35% of its total assets in mortgage backed
securities.
National Municipal Bond Fund
At the March 18, 1998 meeting of the Board of Directors, the Directors
approved a non-fundamental investment policy change for the National
Municipal Bond Fund to reduce the percentage of total assets invested in
municipal securities from at least 80% to at least 65%.
At the March 18, 1998 meeting of the Board of Directors, the Directors
approved a non-fundamental investment policy change for the National Municipal
Bond Fund to reduce the percentage of total assets invested in investment
grade securities from at least 75% to at least 65%.
At the March 18, 1998 meeting of the Board of Directors, the Directors
approved a non-fundamental investment policy change for the National Municipal
Bond Fund to increase the percentage of total assets invested in
non-investment grade municipal securities from no more than 25% to no more
than
35%.
California Municipal Bond Fund (formerly, California Tax-Exempt Bond Fund)
At the March 18, 1998 meeting of the Board of Directors, the Directors
approved a non-fundamental investment policy change for the California
Municipal Bond Fund to reduce the percentage of total assets invested in
investment grade securities from at least 75% to at least 65%.
At the March 18, 1998 meeting of the Board of Directors, the Directors
approved a non-fundamental investment policy change for the California
Municipal Bond Fund to permit it to invest without limitation in industrial
development bonds.
At the March 18, 1998 meeting of the Board of Directors, the Directors
approved a non-fundamental investment policy change for the California
Municipal Bond Fund to increase the percentage of total assets invested in
non-investment grade municipal securities from no more than 25% to no more
than 35%.
Blue Chip Fund
At the March 18, 1998 meeting of the Board of Directors, the Directors
approved a non-fundamental investment policy change for the Blue Chip master
portfolio to require it to invest at least 85% of its total assets in stocks
included in either the Dow Jones Industrial Average or the Standard & Poor's
500 Index.
At the March 18, 1998 meeting of the Board of Directors, the Directors
approved a non-fundamental investment policy change for the Blue Chip master
portfolio to require it to invest under normal market conditions at least 65%
of its total assets in blue chip stocks.
Asset Allocation Fund
At the March 18, 1998 meeting of the Board of Directors, the Directors
approved a non-fundamental investment policy change for the Asset Allocation
Fund to require it to invest at least 85% of its total assets in stocks
included in either the Dow Jones Industrial Average or the Standard & Poor's
500 Index.
EXHIBIT C:
SUB ITEM 77I: Terms of new or amended securities.
(a) Articles Supplementary classifying shares filed October 30, 1995 are
incorporated by reference to exhibit 1(v) to Post-Effective Amendment No. 47
to the Registration Statement of the Registrant on Form N-1A (Nos.
2-81110/811-4293 filed April 30, 1996.
(b) (1) The Company issued shares of common stock classified as: Class D -
Special Series 3, Class F - Special Series 3, Class G - Special Series 3,
Class N - Special Series 3, Class O - Special Series 3, Class T - Special
Series 3 representing interests in B Shares of the Company's Aggressive
Growth, Asset Allocation, Blue Chip, Capital Income. International Equity and
California Municipal Bond Funds.
The information required by Sub-Item 77I (b) with respect to B Shares of the
Aggressive Growth, Asset Allocation, Blue Chip, Capital Income, International
Equity and California Municipal Bond Funds is incorporated herein by reference
to the Company's prospectuses and statement of additional information relating
to such Funds Shares, as filed with the Securities and Exchange Commission on
July 1, 1998 pursuant to Rule 485 (b) under the Securities Act of 1933.
EXHIBIT D:
SUB-ITEM 77Q1: Exhibits
(e) Copies of any new or amended Registrant investment advisory and
sub-advisory contracts.
Reference attached Investment Advisory Agreement dated as of June 26, 1998
with respect to the Company's money market and non-money market funds.
Reference attached Sub-Investment Advisory Agreement dated June 26, 1998 with
respect to the Company's International Equity Fund.
PACIFIC HORIZON FUNDS, INC.
INVESTMENT ADVISORY AGREEMENT
THIS AGREEMENT is made as of June 26, 1998 between PACIFIC HORIZON FUNDS,
INC., a Maryland corporation (herein called the "Company"), and BANK OF
AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION (the "Adviser").
WHEREAS, the Company is registered as an open-end management investment
company under the Investment Company Act of 1940, as amended ("1940 Act"); and
WHEREAS, the Company desires to retain the Adviser to furnish investment
advisory services to the investment portfolios of the Company listed on
Schedule A and any other investment portfolios which may be organized in the
future and listed on Schedule A (the "Funds");
NOW, THEREFORE, in consideration of the premises and mutual covenants herein
contained, it is agreed between the parties hereto as follows:
A. Appointment.
(1) The Company hereby appoints the Adviser to act as investment adviser to
each Fund for the period and on the terms set forth in this Agreement. The
Adviser accepts such appointment and agrees to furnish the services herein set
forth for the compensation herein provided. The Adviser may, in its
discretion, provide such services through its own employees or the employees
of one or more affiliated companies that are qualified to act as investment
adviser to the Company under applicable law and are under the common control
of BankAmerica Corporation provided (i) that all persons, when providing
services hereunder, are functioning as part of an organized group of persons,
and (ii) that such organized group of persons is managed at all times by
authorized officers of the Adviser.
(2) In the event that the Company establishes one or more investment
portfolios other than the Funds with respect to which it desires to retain the
Adviser to act as investment adviser hereunder, it shall notify the Adviser in
writing. If the Adviser is willing to render such services under this
Agreement it shall so notify the Company in writing whereupon such investment
portfolio shall become a "Fund" hereunder and shall be subject to the
provisions of this Agreement to the same extent as the Funds except to the
extent that said provisions (including those relating to the compensation
payable by the Funds to the Adviser) are modified with respect to such Fund in
writing by the Company and the Adviser at the time. The Funds and any
additional investment portfolios established hereunder in accordance with this
paragraph are sometimes collectively referred to herein as the "Funds" and
individually as a "Fund."
B. Services. Subject to the supervision of the Company's Board of Directors
(the "Board"), the Adviser, in consultation with any Sub-Adviser appointed
pursuant to Section 3 hereof with respect to a particular Fund, will provide a
continuous investment program for each of the Funds, including investment
research and management with respect to all securities and investments and
cash equivalents in the Funds. The Adviser will determine from time to time
what securities and other investments will be purchased, retained or sold by
the Company with respect to each Fund. The Adviser will provide the services
under this Agreement in accordance with each Fund's investment objective,
policies and restrictions as stated in the Company's registration statement,
as from time to time amended, and resolutions of the Board. The Adviser
further agrees that it:
(1)Will conform with all applicable rules and regulations of the Securities
and Exchange Commission and will in addition conduct its activities under this
Agreement in accordance with other applicable law, including but not limited
to banking law.
(2) Will review, monitor and report to the Board of Directors regarding the
performance and investment procedures of any Sub-Adviser (as defined in
Section 3 of this Agreement).
(3) Will assist and consult with any Sub-Adviser appointed with respect to a
particular Fund in connection with that Fund's continuous investment program
(as defined in Section 3 of this Agreement).
(4) Will place all orders for the purchase and sale of portfolio securities
for the account of each Fund with brokers or dealers selected by the Adviser.
In executing portfolio transactions and selecting brokers or dealers, the
Adviser will use its best efforts to seek on behalf of the Company and each
Fund the best overall terms available. In assessing the best overall terms
available for any transaction the Adviser shall consider all factors it deems
relevant, including the breadth of the market in the security, the price of
the security, the financial condition and execution capability of the broker
or dealer, and the reasonableness of the commission, if any, both for the
specific transaction and on a continuing basis. In evaluating the best
overall terms available, and in selecting the broker or dealer to execute a
particular transaction, the Adviser may also consider the brokerage and
research services (as those terms are defined in Section 28(e) of the
Securities Exchange Act of 1934, as amended) provided to any Fund and/or other
accounts over which the Adviser or any affiliate of the Adviser exercises
investment discretion. The Adviser is authorized, subject to the prior
approval of the Board, to negotiate and pay to a broker or dealer who provides
such brokerage and research services a commission for executing a portfolio
transaction for any Fund which is in excess of the amount of commission
another broker or dealer would have charged for effecting that transaction if,
but only if, the Adviser determines in good faith that such commission was
reasonable in relation to the value of the brokerage and research services
provided by such broker or dealer viewed in terms of that particular
transaction or in terms of the overall responsibilities of the Adviser to the
particular Fund and to the Company. No prior approval by the Board, however,
shall be required so long as the broker or dealer selected by the Adviser
obtains best price and execution on a particular transaction. In no instance
will portfolio secrities be purchased from or sold to the Adviser, any
Sub-Adviser, any administrator, sub-administrator or distributor of the
Company,
or an affiliated person of any of them acting as principal or as broker,
except as permitted by law. In executing portfolio transactions for any Fund,
the Adviser may, but shall not be obligated to, to the extent permitted by
applicable laws and regulations, aggregate the securities to be sold or
purchased with those of other Funds and its other clients where such
aggregation is not inconsistent with the policies set forth in the Company's
registration statement. In such event, the Adviser will allocate the
securities so purchased or sold, and the expenses incurred in the transaction,
pursuant to any applicable law or regulation and in the manner it considers to
be the most equitable and consistent with its fiduciary obligations to the
Funds and such other clients.
In performing the investment advisory services hereunder, the Adviser is
authorized to purchase, sell or otherwise deal with securities or other
instruments for which (a) the Adviser, (b) any affiliate of the Adviser, (c)
an entity in which the Adviser or an affiliate of the Adviser has a direct or
indirect interest, or (d) another member of a syndicate or other intermediary
(where an entity referred to in (a), (b) or (c) above was a member of the
syndicate), has acted, now acts or in the future will act as an underwriter,
syndicate member, market-maker, dealer, broker or in any other similar
capacity, whether the purchase, sale or other dealing occurs during the life
of the syndicate or after the close of the syndicate, provided such purchase,
sale or dealing is permitted under the 1940 Act and the rules thereunder.
Insofar as permitted by law any rules of or under applicable law prohibiting
or restricting in any way an agent or fiduciary from dealing with itself or
from dealing with respect to any matter in which it may or does have a
personal interest shall not apply to the Adviser, to the extent its actions
are authorized under this paragraph.
(5) Will maintain all books and records with respect to the securities
transactions for the Funds, keep books of account with respect to such Funds
and furnish the Board such periodic special reports as the Board may request.
(6) Will maintain a policy and practice of conducting its investment advisory
operations independently of its commercial banking operations. When the
Adviser makes investment recommendations for a Fund, its investment advisory
personnel will not inquire or take into consideration whether the issuer of
securities proposed for purchase or sale for the Fund's account are customers
of its commercial department. In dealing with commercial customers, the
Adviser's commercial department will not inquire or take into consideration
whether securities of those customers are held by the Funds.
(7) Will treat confidentially and as proprietary information of the Company
all records and other information relative to the Company and prior or present
Company shareholders or those persons or entities who respond to inquiries
concerning investment in the Company, and will not use such records and
information for any purpose other than performance of its responsibilities and
duties hereunder or under any other agreement with the Company except after
prior notification to and approval in writing by the Company, which approval
shall not be unreasonably withheld and may not be withheld where the Adviser
may be exposed to civil or criminal contempt proceedings for failure to
comply, when requested to divulge such information by duly constituted
authorities, or when so requested by the Company. Nothing contained herein,
however, shall prohibit the Adviser from advertising to or soliciting the
public generally with respect to other products or services, including, but
not limited to, any advertising or marketing via radio, television,
newspapers, magazines or direct mail solicitation, regardless of whether such
advertisement or solicitation may coincidentally include prior or present
Company shareholders or those persons or entities who have responded to
inquiries regarding the Company.
C. Sub-Adviser. It is understood that the Adviser may from time to time
employ or associate with itself such person or persons as the Adviser believes
to be fitted to assist it in the performance of this Agreement (each a
"Sub-Adviser"); provided, however, that the compensation of such person or
persons
shall be paid by the Adviser and that the Adviser shall be as fully
responsible to the Company for the acts and omissions of any such person as it
is for its own acts and omissions; and provided further, that the retention of
any Sub-Adviser shall be approved as may be required by the 1940 Act.
Notwithstanding any such employment or association, the Adviser with respect
to the International Equity Fund, shall itself (a) establish and monitor
general investment criteria and policies for the Fund, (b) review and analyze
on a periodic basis such Fund's portfolio holdings and transactions in order
to determine their appropriateness in light of the Fund's shareholder base,
and (c) review and analyze on a periodic basis the policies established by any
Sub-Adviser for such Fund with respect to the placement of orders for the
purchase and sale of portfolio securities. In the event that any Sub-Adviser
appointed hereunder is terminated, the Adviser may provide investment advisory
services pursuant to this Agreement to the Funds without further shareholder
approval.
D. Services Not Exclusive. The Adviser will for all purposes herein be deemed
to be an independent contractor and will, unless otherwise expressly provided
herein or authorized by the Board from time to time, have no authority to act
for or represent the Company in any way or otherwise be deemed its agent. The
investment management services furnished by the Adviser hereunder are not
deemed exclusive, and the Adviser will be free to furnish similar services to
others so long as its services under this Agreement are not impaired thereby.
E. Books and Records. In compliance with the requirements of Rule 31a-3 under
the 1940 Act, the Adviser hereby agrees that all records which it maintains
for the Company are the property of the Company and further agrees to
surrender promptly to the Company any such records upon the Company's request.
The Adviser further agrees to preserve for the periods prescribed by Rule
31a-2 under the 1940 Act the records required to be maintained by Rule 31-1
under
the 1940 Act.
F. Expenses. During the term of this Agreement, the Adviser will pay all
expenses incurred by it in connection with its activities under the Agreement
other than the cost of securities (including brokerage commissions, if any)
purchased for the Company.
G. Compensation. For the services provided and the expenses assumed pursuant
to this Agreement, the Company will pay the Adviser and the Adviser will
accept as full compensation therefor a fee, computed daily and paid monthly
(in arrears) for the Funds and at the annual rates set forth on Schedule B.
Such fee as is attributable to a Fund will be a separate charge to each such
Fund and will be the several (and not joint or joint and several) obligation
of each such Fund.
H. Limitation of Liability. Subject to the provisions of Section 3 hereof
concerning the Adviser's responsibility for the acts and omissions of persons
employed by or associated with the Adviser, the Adviser will not be liable for
any error of judgment or mistake of law or for any loss suffered by the
Company in connection with the performance of this Agreement, except a loss
resulting from a breach of fiduciary duty with respect to the receipt of
compensation for services or a loss resulting from willful misfeasance, bad
faith or negligence on the part of the Adviser in the performance of its
duties or from reckless disregard by it of its obligations and duties under
this Agreement.
I. Duration and Termination. This Agreement will become effective with
respect to each Fund as of the date first above written, provided that the
shareholders of each such Fund have previously approved the Agreement in
accordance with the requirements of the 1940 Act. This Agreement will become
effective with respect to any additional Fund on the date of receipt by the
Company of notice from the Adviser in accordance with Section 1(b) hereof that
the Adviser is willing to serve as investment adviser with respect to such
Fund, provided that this Agreement (as supplemented by the terms specified in
any notice and agreement pursuant to Section 1(b) hereof) shall have been
approved by the shareholders of such Fund in accordance with the requirements
of the 1940 Act.
Unless sooner terminated as provided herein, this Agreement will continue in
effect until October 31, 1999. Thereafter, if not terminated, this Agreement
shall continue in effect as to a particular Fund for successive annual
periods, provided such continuance is specifically approved at least annually
(a) by the vote of a majority of those members of the Board who are not
interested persons of any party to this Agreement, cast in person at a meeting
called for the purpose of voting on such approval, and (b) by the Board or by
vote of a majority of the outstanding voting securities of such Fund.
Notwithstanding the foregoing, this Agreement may be terminated as to any Fund
at any time, without the payment of any penalty, by the Company (by vote of
the Board or by vote of a majority of the outstanding voting securities of
such Fund), or by the Adviser, on sixty days' written notice. This Agreement
will immediately terminate in the event of its assignment. (As used in this
Agreement, the terms "majority of the outstanding voting securities,"
"interested persons" and "assignment" shall have the same meaning as the
meaning of such terms in the 1940 Act.)
J. Amendment of this Agreement. No provision of this Agreement may be
changed, waived, discharged or terminated orally, but only by an instrument in
writing signed by the party against which enforcement of the change, waiver,
discharge or termination is sought. No amendment of this Agreement will be
effective as to a particular Fund until approved by vote of a majority of the
outstanding voting securities of such Fund.
K. Notices. Notices of any kind to be given to the Adviser hereunder by the
Company will be in writing and will be duly given if mailed or delivered to
the Adviser at 555 California Street, San Francisco, California 94104, or at
such other address or to such individuals as will be so specified by the
Adviser to the Company. Notices of any kind to be given to the Company
hereunder by the Adviser will be in writing and will be duly given if mailed
or delivered to the Company at 400 Bellevue Parkway, Suite 108, Wilmington,
Delaware 19809 (with a copy to Dr. Cornelius J. Pings, 480 South Orange Grove
Boulevard, #6, Pasadena, California 91105), or at such other address or to
such individual as will be so specified by the Company to the Adviser.
L. Miscellaneous. The captions in this Agreement are included for convenience
of reference only and in no way define or limit any of the provisions hereof
or otherwise affect their construction or effect. If any provision of this
Agreement shall be held or made invalid by a court decision, statute, rule or
otherwise, the remainder of this Agreement will not be affected thereby. This
Agreement will be binding upon and will inure to the benefit of the parties
hereto and their respective successors and will be governed by the internal
laws, and not the law of conflicts, of the State of Maryland; provided that
nothing herein will be construed in a manner inconsistent with the 1940 Act,
the Investment Advisers Act of 1940, as amended, or any rule or regulation of
the Securities and Exchange Commission thereunder. This Agreement may be
executed in two or more parts which together shall constitute a single
Agreement.
IN WITNESS WHEREOF, the parties hereto have caused this instrument to be
executed by their officers designated below as of the day and year first above
written.
PACIFIC HORIZON FUNDS, INC.
By:
Name:
Title:
BANK OF AMERICA NATIONAL
TRUST AND SAVINGS ASSOCIATION
By:
Name:
Title:
Schedule A
FUNDS:
Prime
Treasury
Treasury Only
Government
Tax-Exempt Money
California Tax-Exempt Money Market
Aggressive Growth
U.S. Government Securities
Capital Income
California Municipal Bond
Asset Allocation
National Municipal Bond
International Equity
Short-Term Government
Flexible Income
Dated as of July 20, 1998
Schedule B
FEE AS A PERCENTAGE
FUND OF EACH FUND'S NET ASSETS
Prime, Treasury, Treasury Only, .10% of the first $3 billion;
Government, Tax-Exempt Money and .09% of the next $2 billion;
California Tax-Exempt Money plus .08% of the amount over $5 billion
Market Funds
Short-Term Government Fund .25%
California Municipal Bond Fund .30%
U.S. Government Securities Fund .35%
National Municipal Bond Fund .35%
Asset Allocation Fund .40%
Capital Income Fund .45%
Flexible Income Fund .45%
Aggressive Growth Fund .60%
International Equity Fund .75%
Dated as of July 20, 1998
SUB-ADVISORY AGREEMENT
AGREEMENT made as of June 26, 1998 between Bank of America National Trust and
Savings Association, a national banking association (herein called the
"Adviser"), and Wellington Management Company, LLP, a Massachusetts limited
liability partnership (herein called the "Sub-Adviser").
WHEREAS, Pacific Horizon Funds, Inc., a Maryland corporation (hereinafter
called the "Company"), is registered as an open-end, management investment
company under the Investment Company Act of 1940, as amended (the "1940 Act");
and
WHEREAS, pursuant to an Investment Advisory Agreement dated as of June 26,
1998 (hereinafter called the "Investment Advisory Agreement"), by and between
the Company and the Adviser, the Adviser has agreed to furnish investment
advisory services to the Company with respect to its International Equity Fund
(the "Fund"); and
WHEREAS, the Investment Advisory Agreement specifically authorizes the Adviser
to sub-contract investment advisory services on behalf of the Fund to a
sub-adviser pursuant to a sub-advisory agreement agreeable to the Company and
approved in accordance with the provisions of the 1940 Act; and
WHEREAS, the Board of Directors of the Company and the shareholders of the
Fund approved this Agreement, and the Sub-Adviser is willing to furnish such
services upon the terms and conditions herein set forth;
NOW, THEREFORE, in consideration of the premises and mutual covenants herein
contained and intending to be legally bound hereby, it is agreed between the
parties hereto as follows:
1. Appointment.
The Adviser hereby appoints the Sub-Adviser to act as sub-investment adviser
with respect to the Fund, for the period and on the terms set forth in this
Agreement. The Sub-Adviser accepts such appointment and agrees to furnish the
services herein set forth for the compensation herein provided.
2. Services of Sub-Adviser.
Subject to the oversight and supervision of the Adviser and the Company's
Board of Directors, the Sub-Adviser will provide a continuous investment
program for the Fund, including investment research and management with
respect to all securities and investments and cash equivalents in the Fund.
The Sub-Adviser will determine from time to time what securities and other
investments will be purchased, retained or sold by the Fund. The Sub-Adviser
will provide the services rendered by it under this Agreement in accordance
with the investment criteria and policies established from time to time for
the Fund by the Adviser, the investment objective, policies and restrictions
as stated in the Company's currently effective Registration Statement with
respect to the Fund, and resolutions of the Company's Board of Directors.
Without limiting the generality of the foregoing, the Sub-Adviser further
agrees that it will maintain such books and records regarding the securities
transactions with respect to the Fund as may be required or otherwise
requested by the Company and its Board of Directors and the Sub-Adviser will
also supply the Company and its Board of Directors with reports, statistical
data and economic information as requested.
3. Other Covenants.
The Sub-Adviser agrees that it:
(a) will conform with all applicable Rules and Regulations of the Securities
and Exchange Commission and will in addition conduct its activities under this
Agreement in accordance with other applicable law;
(b) will use the same skill and care in providing services under this
Agreement as it uses in providing services to fiduciary accounts for which it
has investment responsibilities;
(c) will place orders pursuant to its investment determinations with respect
to the Fund with brokers or dealers in accordance with the policy set forth in
the Fund's Registration Statement or as the Adviser or Board of Directors may
direct from time to time. In executing portfolio transactions and selecting
brokers or dealers, the Sub-Adviser will use its best efforts to seek on
behalf of the Fund the best overall terms available. In assessing the best
overall terms available for any transaction, the Sub-Adviser shall consider
all factors that it deems relevant, including the breadth of the market in the
security, the price of the security, the financial condition and execution
capability of the broker or dealer, and the reasonableness of the commission,
if any, both for specific transactions and on a continuing basis. In
evaluating the best overall terms available, and in selecting the
broker-dealer to execute a particular transaction, the Sub-Adviser may also
consider
the brokerage and research services (as those terms are defined in Section
28(e) of the Securities Exchange Act of 1934, as amended) provided with
respect to the Fund, other investment portfolios or other accounts over which
the Sub-Adviser or an affiliate of the Sub-Adviser exercises investment
discretion. The Sub-Adviser is authorized, subject to the prior approval of
the Adviser and the Company's Board of Directors, to pay to a broker or dealer
who provides such brokerage and research services a commission for executing a
portfolio transaction with respect to the Fund that is in excess of the amount
of commission another broker or dealer would have charged for effecting that
transaction if, but only if, the Sub-Adviser determines in good faith that
such commission was reasonable in relation to the value of the brokerage and
research services provided by such broker or dealer -- viewed in terms of that
particular transaction or in terms of the overall responsibilities of the
Sub-Adviser to the Fund and to the Company. No prior approval by the Adviser
or
the Company's Board of Directors, however, shall be required so long as the
broker or dealer selected by the Sub-Adviser obtains best price and execution
on a particular transaction. In no instance will portfolio securities be
purchased from or sold to the Adviser, the Sub-Adviser, or any administrator,
sub-administrator or distributor of the Company, or any affiliated person of
any of them acting as principal or broker, except as permitted by law. In
executing portfolio transactions with respect to the Fund, the Sub-Adviser
may, but is not obligated to, to the extent permitted by applicable laws and
regulations, aggregate the securities to be sold or purchased with those of
its other clients where such aggregation is not inconsistent with the policies
set forth in the Company's currently effective Registration Statement. In
such event the Sub-Adviser will allocate the securities so purchased or sold,
and the expenses incurred in the transaction, in the manner it considers to be
most equitable and consistent with its fiduciary obligations to the Fund, such
other portfolios and such other clients.
(d) will treat confidentially and as proprietary information of the Company
all records and other information relative to the Company and prior or present
Company shareholders ("Investors") or those persons or entities who respond to
inquiries concerning investment in the Company, and will not use such records
and information for any purpose other than performance of its responsibilities
and duties hereunder or under any other agreement with the Company except
after prior notification to and approval in writing by the Company, which
approval shall not be unreasonably withheld and may not be withheld where the
Sub-Adviser may be exposed to civil or criminal contempt proceedings for
failure to comply, when requested to divulge such information by duly
constituted authorities, or when so requested by the Company. Nothing
contained herein, however, shall prohibit the Sub-Adviser from advertising to
or soliciting the public generally with respect to other procedures or
services, including but not limited to, any advertising or marketing via
radio, television, newspapers, magazines or direct mail solicitation,
regardless of whether such advertisement or solicitation may coincidentally
include prior or present Investors or those persons or entities who have
responded to inquiries regarding the Company.
(e) will not purchase any securities from or sell any securities to the
Adviser, the Company's administrator or either of their affiliates on behalf
of the Fund except as permitted by law. Nothing in this subsection shall in
any way prohibit the Sub-Adviser or any of its affiliates from purchasing
securities from, selling securities to or engaging in any other financial
transactions with the Adviser or any of its affiliates on behalf of any other
accounts managed by the Sub-Adviser.
(f) will provide the Fund's Custodian on each business day with information
relating to all transactions concerning the Fund's assets and shall provide
the Adviser with such information upon request.
(g) on a monthly basis, will provide information regarding investment strategy
to be employed by the Sub-Adviser on behalf of the Fund and information
regarding the Fund's performance against its benchmark and will provide such
other information as the Adviser may reasonably request from time to time.
4. Services Not Exclusive.
The services furnished by the Sub-Adviser hereunder are deemed not to be
exclusive, and the Sub-Adviser shall be free to furnish similar services to
others so long as its services under this Agreement are not impaired thereby.
The Sub-Adviser will for all purposes herein be deemed to be an independent
contractor and will, unless otherwise expressly authorized by the Board from
time to time, have no authority to act for or represent the Company or the
Adviser in any way or otherwise be deemed their agent.
5. Books and Records.
In compliance with the requirements of Rule 31a-3 under the 1940 Act, the
Sub-Adviser hereby agrees that all records that it maintains with respect to
the
Fund are the property of the Company and further agrees to surrender promptly
to the Company any of such records upon the Company's request; provided
however that the Sub-Adviser may retain a copy of such records. The
Sub-Adviser further agrees to preserve for the periods prescribed by Rule
31a-2
under the 1940 Act the records required to be maintained by Rule 31a-1 under
the 1940 Act.
6.Expenses.
During the term of this Agreement, the Sub-Adviser will pay all expenses
incurred by it in connection with its activities under this Agreement other
than the cost of securities (including brokerage commissions and other
transaction costs, if any) purchased or sold with respect to the Fund.
7. Compensation.
For the services provided and the expenses assumed pursuant to this Agreement,
the Adviser will pay the Sub-Adviser, and the Sub-Adviser will accept as full
compensation therefor, a fee, payable quarterly (in arrears), at the following
annual rates based on the average month-end net assets of the Fund as follows:
Fund Assets Rate of Sub-Advisory Fee
First $50 million 0.40%
Next $100 million 0.30%
Next $350 million 0.25%
Over $500 million 0.20%
The Sub-Adviser acknowledges that it shall not be entitled to any further
compensation from the Adviser in respect of the services provided and expenses
assumed by it under this Agreement. The Sub-Adviser understands and agrees
that the Company and the Fund shall have no liability for payment of the
Sub-Adviser's fees hereunder, and that the Sub-Adviser's sole recourse for
payment
of such fees shall be to the Adviser.
8. Limitation of Liability.
The Sub-Adviser shall not be liable for any error of judgment or mistake of
law or for any loss suffered by the Company in connection with the performance
of this Agreement, except that the Sub-Adviser shall be liable to the Company
and the Adviser for any loss resulting from a breach of fiduciary duty with
respect to the receipt of compensation for services or any loss resulting from
willful misfeasance, bad faith or negligence on the part of the Sub-Adviser in
the performance of its duties or from reckless disregard by it of its
obligations and duties under this Agreement. The Sub-Adviser acknowledges and
agrees that the performance of this Agreement is for the benefit of the
Company, that the Sub-Adviser is therefore directly liable and responsible to
the Company for the performance of its obligations hereunder, and that the
Company may enforce in its own name and for itself such liability and
responsibility.
9. Duration and Termination.
This Agreement will become effective as of the date hereof and, unless sooner
terminated as provided herein, shall continue in effect until October 31,
1999. Thereafter, if not terminated, this Agreement shall continue in effect
for successive annual periods ending on October 31, provided such continuance
is specifically approved at least annually (a) by the vote of a majority of
those members of the Company's Board of Directors who are not interested
persons of any party to this Agreement, cast in person at a meeting called for
the purpose of voting on such approval, and (b) by the Company's Board of
Directors or by vote of a majority of the outstanding voting securities of the
Fund. Notwithstanding the foregoing, this Agreement may be terminated at any
time, without the payment of any penalty, by the Adviser or by the Company (in
the case of the Company, by vote of the Company's Board of Directors or by
vote of a majority of the outstanding voting securities of the Fund) on sixty
days' written notice to the Sub-Adviser, or by the Sub-Adviser, on sixty days'
written notice to the Company, provided that in each such case, notice shall
be given simultaneously to the Adviser. In addition, notwithstanding anything
herein to the contrary, in the event of the termination of the Investment
Advisory Agreement with respect to the Fund for any reason (whether by the
Company, by the Adviser or by operation of law) this Agreement shall terminate
upon the effective date of such termination of the Investment Advisory
Agreement. This Agreement will immediately terminate in the event of its
assignment. (As used in this Agreement, the terms "majority of the
outstanding voting securities," "interested persons" and "assignment" shall
have the same meanings as such terms have in the 1940 Act.)
10. Amendment of this Agreement.
No provision of this Agreement may be changed, waived, discharged or
terminated orally, but only by an instrument in writing signed by the party
against which enforcement of the change, waiver, discharge or termination is
sought. No amendment of this Agreement shall be effective until approved by
vote of a majority of the outstanding voting securities of the Fund.
11. Miscellaneous.
The captions in the Agreement are included for convenience of reference only
and in no way define or limit any of the provisions hereof or otherwise affect
their construction or effect. If any provision of this Agreement shall be
held or made invalid by a court decision, statute, rule or otherwise, the
remainder of this Agreement shall not be affected thereby. This Agreement
shall be binding upon and shall inure to the benefit of the parties hereto and
their respective successors and shall be governed by the internal laws, and
not the law of conflicts, of the State of Maryland; provided that nothing
herein will be construed in a manner inconsistent with the 1940 Act, the
Investment Advisers Act of 1940, as amended, or any rule or regulation of the
Securities and Exchange Commission thereunder.
This Agreement may be executed in two or more parts which together shall
constitute a single Agreement.
IN WITNESS WHEREOF, the parties hereto have caused this instrument to be
executed by their officers designated below as of the day and year first above
written.
BANK OF AMERICA NATIONAL TRUST
AND SAVINGS ASSOCIATION
By:
Name:
Title:
WELLINGTON MANAGEMENT COMPANY, LLP
By:
Name:
Title:
