Document:

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                                                                      Exhibit 4g

                             CO-MANAGEMENT AGREEMENT

CO-MANAGEMENT AGREEMENT, made as of the 10th day of November, 2000, by and among
PACIFIC GLOBAL FUND, INC., a Maryland corporation doing business as Pacific
Advisors Fund Inc. (the "Corporation"), PACIFIC GLOBAL INVESTMENT MANAGEMENT
COMPANY, a California corporation ("PGIMC") and BACHE CAPITAL MANAGEMENT, INC.,
a California corporation ("BCM").

                                   WITNESSETH

     WHEREAS, the Corporation is engaged in business as an open-end investment
management company and is registered as such under the Investment Company Act of
1940, as amended (the "1940 Act"); and

     WHEREAS, the Corporation is a series type investment company currently
consisting of five series, the Balanced Fund, the Income and Equity Fund, the
Government Securities Fund, the Growth Fund and the Small Cap Fund, each with
its own investment objectives, investment program, policies, and restrictions;
and

     WHEREAS, PGIMC is engaged principally in the business of rendering
investment management services and is registered as an investment adviser under
the Investment Advisers Act of 1940, as amended ("Advisers Act"); and

     WHEREAS, BCM is engaged principally in the business of rendering investment
advisory services and is registered as an investment adviser under the Advisers
Act; and

     WHEREAS, PGIMC and the Corporation on behalf of its separately designated
series, the Income and Equity Fund (the "Fund"), have entered into an Investment
Management Agreement dated as of October 16, 1992 (the "Investment Management
Agreement") pursuant to which PGIMC is authorized to act as sole investment
manager of the Corporation with respect to the Fund and, in its discretion, to
engage the services of a sub-adviser to provide investment advisory and other
services to the Fund; and

     WHEREAS, PGIMC shall continue to provide investment management services to
the Fund pursuant to the Investment Management Agreement in addition to its
duties under this Agreement; and

     WHEREAS, the Corporation proposes to engage BCM as co-manager
("Co-manager") of the Fund's assets and to authorize PGIMC to serve as
Co-manager along with BCM of the Fund's assets; and

     WHEREAS, BCM and PGIMC are willing to perform co-management services for
the Fund upon the terms and conditions and for the compensation hereinafter set
forth;

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     NOW, THEREFORE, in consideration of the premises and mutual covenants and
agreements hereinafter set forth, the parties hereto, intending to be legally
bound, hereby agree as follows:

     1.   The Corporation hereby employs BCM to serve as Co-manager and
authorizes PGIMC to serve as Co-manager with respect to the assets of the Fund
and to perform the services hereinafter set forth. BCM and PGIMC hereby accept
such employment and authorization and agree for the compensation herein provided
to assume all obligations herein set forth and to bear all expenses of their
performance of such obligations (but no other expenses).

     2.   Subject to the supervision and control of the Corporation's Board of
Directors, BCM and PGIMC shall co-manage the investment and reinvestment of the
Fund's assets in accordance with applicable law, including the Internal Revenue
Code of 1986, as amended, and the investment objectives, investment program,
policies, and restrictions set forth in the then-current Prospectus and
then-current Statement of Additional Information relating to the Fund contained
in the Corporation's Registration Statement under the 1940 Act, and the
Securities Act of 1933, as amended from time to time, and subject to such
further limitations as the Corporation may from time to time impose by written
notice to BCM and PGIMC. BCM and PGIMC shall jointly establish the overall
investment program for the management of the Fund's assets. BCM and PGIMC, shall
amend and update such investment program from time to time as financial and
other economic conditions warrant.

     3.   Subject to the supervision and control of the Corporation's Board of
Directors, BCM and PGIMC shall jointly have the authority to make determinations
with respect to the investment and reinvestment of the assets of the Fund and to
take such steps as may be necessary to implement the same. Consistent with their
duties hereunder, BCM and PGIMC shall advise the Corporation's Board of
Directors of the manner in which voting rights, rights to consent to corporate
action, and any other non-investment decisions pertaining to the Fund's
portfolio securities should be exercised.

     4.   BCM, shall regularly furnish such reports to PGIMC as it may request
for PGIMC's use in discharging its obligations under the Investment Management
Agreement, which reports may be distributed by PGIMC to the Corporation at
periodic meetings of the Corporation's Board of Directors and at such other
times as may be reasonably requested by the Corporation's Board of Directors.
Such reports shall include: BCM's economic outlook and investment research and
strategy of BCM; a discussion of the Fund's portfolio activity, including a
schedule of the Fund's investments and other assets and a statement of all
purchases and sales for the Fund during the period since the last preceding
report, and the Fund's performance since the last report and for such other
relevant periods as shall be mutually agreed upon; and any other information
about material developments affecting the Fund. Copies of all such reports shall
be furnished to PGIMC for examination and review within a reasonable time prior
to the presentation of such reports to the Corporation's Board of Directors.

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     5.   (a)  BCM and PGIMC shall select the brokers or dealers that will
execute the purchases and sales of portfolio securities for the Fund and place,
in the name of the Fund or its nominee, all such orders. Such brokers or dealers
may include brokers or dealers affiliated with BCM, PGIMC and the Corporation
("affiliated brokers or dealers"). All purchases and sales of portfolio
securities for the Fund placed with affiliated brokers or dealers shall be
executed in compliance with procedures established by the Corporation's Board of
Directors. When placing all orders, BCM and PGIMC shall use their best efforts
to obtain the best available price and most favorable execution for the Fund.
BCM and PGIMC shall use their best efforts to recapture all available tender and
exchange offer solicitation fees and similar payments in connection with tenders
or exchanges of the securities of the Fund. BCM or PGIMC shall send, by
facsimile or comparable means, copies of all portfolio transactions to the
Corporation's custodian on the date such portfolio transactions are executed.
BCM and PGIMC shall advise the Board of Directors of the Corporation of any fees
or payments of whatever type that may be possible for BCM or PGIMC or any of
their affiliates to receive in connection with the purchase or sale of
investment securities for the Fund.

          (b)  Subject to the appropriate policies, procedures, and/or
guidelines established by the Corporation's Board of Directors, BCM and PGIMC
may also effect individual securities transactions at commission rates in excess
of the minimum commission rates available, if BCM and PGIMC determine in good
faith that such amount of commission is reasonable in relation to the value of
the brokerage or research services provided by such broker or dealer, viewed in
terms of either that particular transaction or the overall responsibilities of
BCM and PGIMC with respect to the Fund and BCM's other advisory clients. The
execution of such transactions shall not be deemed to represent an unlawful act
or breach of any duty created by this Agreement or otherwise.

          (c)  BCM and PGIMC shall promptly communicate to the Corporation's
Board of Directors such information relating to portfolio transactions as the
Board of Directors may reasonably request.

          (d)  The parties understand that the Fund shall bear all brokerage
commissions in connection with purchases and sales of portfolio securities for
the Fund and all ordinary and reasonable transaction costs in connection with
purchases of such securities in private placements and subsequent sales thereof.

     6. BCM and PGIMC shall:

          (a)  provide, without charge, persons to render such reasonable
clerical, administrative, and other services (other than services described in
any other sub-paragraphs of this paragraph 6) to the Fund as the Corporation's
Board of Directors may from time to time reasonably request;

          (b)  furnish the Corporation, for the Fund, without charge, such
reasonable administrative and management supervision and office facilities,
which may be their own offices,

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as shall be appropriate or as the Corporation's Board of Directors may
reasonably request, subject to the requirements of any regulatory authority to
which BCM or PGIMC may be subject;

          (c)  generally  assist in all other  aspects of the Fund's  operations
as the Corporation's Board of Directors may reasonably request;

          (d)  provide,  as the  Corporation's  Board of Directors may
reasonably request and without charge, persons satisfactory to the Board of
Directors to serve as the Corporation's officers;

          (e)  provide, at a cost to the Fund to be agreed upon from time to
time by the Corporation, BCM and PGIMC, persons, who may be employees of BCM,
PGIMC or their respective affiliates, satisfactory to the Corporation's Board of
Directors, to provide other services for the Fund, and such facilities and
equipment as may be necessary for such persons to carry out their duties
hereunder, including without limitation office space and facilities, telephone
and CRT terminals and equipment (including telephone lines) necessary for access
to the Fund's records;

          (f)  provide data processing services, recordkeeping, and clerical
services, internal auditing and regulatory compliance services, internal
executive and administrative services, and stationery and office supplies;

          (g)  provide information to the Corporation as necessary to prepare
reports to shareholders, tax returns, and reports to and filings with the
Securities and Exchange Commission and any other regulatory and administrative
bodies that have jurisdiction over the operations of the Fund and shall submit
to all such regulatory and administrative bodies such information, reports, or
other material as necessary to comply with applicable laws or regulations; and

          (h)  maintain records relating to the services provided under this
Agreement, which records shall be the property of, and under control of, the
Corporation.

BCM may (at its cost except as contemplated by paragraph 5 and 6(e) of this
Agreement) employ, retain, or otherwise avail itself of the services and
facilities of persons and entities within its own organization or any other
organization for the purpose of providing PGIMC, the Corporation or the Fund
with such information, advice or assistance, including but not limited to advice
regarding economic factors and trends and advice as to transactions in specific
securities, as BCM may deem necessary, appropriate, or convenient for the
discharge of its obligations hereunder or otherwise helpful to PGIMC, the
Corporation or the Fund, or in the discharge of BCM's overall responsibilities
with respect to the other accounts which it serves as investment manager.

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     7.   BCM and PGIMC shall cooperate with and make available to the
Corporation and any agents engaged by the Corporation, their expertise relating
to matters affecting the Fund which involve markets, securities or individual
companies. Such matters shall include, but shall not be limited to, the pricing
of certain securities owned by the Fund for the purpose of pricing Fund shares
and the selection of agents engaged by the Corporation on behalf of the Fund.

     8.   (a)  As compensation for all services under the Investment Management
Agreement and this Agreement PGIMC shall receive a fee calculated at the annual
rate of .40% on the first $100 million of the average daily net asset value of
the Fund, .37% of the next $100 million, .34% of the next $100 million, .31% of
the next $100 million, .28% of the next $100 million, and .25% of average daily
net asset value in excess of $500 million.

          (b)  As compensation for all services rendered by BCM under this
Agreement, the Corporation shall pay to BCM a co-management fee calculated at
the annual rate of .35% on the first $100 million of the average daily net asset
value of the Fund, .33% of the next $100 million, .31% of the next $100 million,
..29% of the next $100 million, .27% of the next $100 million, and .25% of
average daily net assess value in excess of $500 million.

The co-management fee shall accrue on each calendar day, and the sum of the
daily fee accruals shall be paid monthly to BCM on the first business day of the
next succeeding calendar month. The daily fee accruals shall be computed by
multiplying the fraction of one over the number of calendar days in the year by
the applicable annual co-management fee rate described above, and multiplying
this product by the net assets of the Fund as determined in accordance with the
Fund's then-current Prospectus as of the close of business on the previous
business day on which the Fund's net asset value was determined. The
co-management fee shall be payable through the date of termination of this
Agreement.

BCM shall promptly reduce its co-management fee by the amount of any
commissions, tender and exchange offer solicitation fees, other fees, or similar
payments received by BCM, or any affiliated person of BCM, in connection with
the Fund's portfolio transactions, less the amount of any direct expenses
incurred by BCM, or any affiliated persons of BCM, in obtaining such
commissions, fees, or payments. Such "commissions" or "other fees" shall exclude
those charged by brokers or dealers affiliated with BCM, PGIMC and the
Corporation as referred to in paragraph 5(a). Such "tender and exchange offer
solicitation fees" shall exclude those received by BCM acting in the capacity of
manager for any such offer.

          (c)  BCM and PGIMC shall bear all expenses in connection with the
performance of their services under this Agreement, except as otherwise provided
herein. Expenses incurred in connection with the investment operations of the
Fund, including brokers' commissions, transfer and capital gains or other income
taxes, and fees relating to

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purchases, sales, or loans of investments, shall be paid out of the assets of
the Fund. Other expenses incurred in the operation of the Fund shall also be
paid by the Fund, as described in the then-current Prospectus and Statement of
Additional Information and as provided in the Investment Management Agreement
between the Corporation, on behalf of the Fund, and PGIMC.

     9.   BCM and PGIMC shall not be liable for any loss or losses sustained by
reason of any investment including the purchase, holding or sale of any security
as long as BCM and PGIMC shall have acted in good faith and with due care; and,
in any event, BCM and PGIMC shall be liable for their willful misfeasance, bad
faith, or negligence in the performance of their investment management duties or
for failure to exercise due care in rendering other services under this
Agreement. A good faith mistake in judgment shall not be deemed to be the
absence of due care.

     10.  (a)  This Agreement shall become effective when it shall have been
approved by vote of the Fund's shareholders in accordance with the provision of
Section 15 of the 1940 Act and applicable state law. Unless sooner terminated as
hereinafter provided, this Agreement shall continue in effect through December
31, 2002. Thereafter, this Agreement shall continue in effect from year to year,
so long as its continuance is approved in the manner required by the 1940 Act.

          (b)  This Agreement shall be effective on a temporary interim
basis from the day and year first written above until the earlier of 150 days
after such date or until it shall have been approved or rejected by the Fund's
shareholders in accordance with the provisions of Section 15 of the 1940 Act and
applicable state law (the "temporary agreement period"). During the temporary
agreement period, BCM shall not be entitled to any compensation under this
Agreement prior to January 1, 2001. From and including January 1, 2001 until the
end of the temporary agreement period, any compensation earned by BCM shall be
held in an interest bearing escrow account by the Fund's custodian. If this
Agreement is approved by the Fund's shareholders as provided above before the
end of the interim agreement period, then the amount in the escrow account
including interest shall be paid to BCM. Otherwise, this Agreement shall
terminate and BCM shall be paid the lesser of the amount in the escrow account
including interest or any costs incurred in performing the interim agreement
plus interest earned on that amount while in escrow.

          (c)  This Agreement may be terminated at any time without the payment
of any penalty, (a) by the Board of Directors of the Corporation, including the
vote or written consent of a majority of the directors of the Corporation who
are not parties to this Agreement or the Investment Management Agreement or
interested persons of any such party, (b) by the vote of a majority of the
outstanding voting securities of the Fund, (c) by PGIMC on sixty (60) days'
prior written notice to the Fund, or (d) by BCM on sixty (60) days' prior
written notice to the Fund. This Agreement shall terminate automatically in the

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event of its assignment, or upon termination of the Investment Management
Agreement between the Corporation and PGIMC.

          (d)  As used in this Agreement, the terms "assignment", "interested
person", and "vote of a majority of the outstanding voting securities" of the
Fund shall have the meanings set forth for such terms in the 1940 Act.

          (e)  In the event of termination of this Agreement, BCM shall promptly
return to the Corporation all records maintained by BCM with respect to the Fund
and BCM shall be free from any claim or retention of rights therein. BCM may
retain copies of such records that it maintains pursuant to the requirements of
the 1940 Act. BCM and PGIMC shall not disclose or use any records or information
obtained pursuant to this Agreement in any manner whatsoever except as expressly
authorized by this Agreement and applicable law. BCM and PGIMC shall keep
confidential any information obtained in connection with their duties hereunder
and shall disclose such information only if the Corporation, on behalf of the
Fund, has authorized such disclosure or if such disclosure is expressly required
by applicable law or federal or state regulatory authorities. BCM, PGIMC, and
the Corporation shall furnish to the other parties any documents and other
materials prepared for distribution which refer to the other party prior to use,
and each party shall have the right to limit use of such documents to which it
reasonably objects.

          (f)  Any notice under this Agreement shall be given in writing,
addressed and delivered, or mailed postpaid (a) if to BCM, to Bache Capital
Management, Inc., 3 Berkshire Place, La Canada, CA 91011; (b) if to PGIMC, to
Pacific Global Investment Management Company, 206 North Jackson Street, Suite
301, Glendale, CA 91206; and (c) if to the Corporation, at the foregoing office
of PGIMC.

     11.  Nothing in this Agreement shall limit or restrict the right of any
director, officer, or employee of BCM to engage in any other business or to
devote his or her time and attention in part to the management or other aspects
of any other business, whether of a similar nature or a dissimilar nature, nor
to limit or restrict the right of BCM to engage in any other business or to
render services of any kind to any other corporation, firm, individual, or
association.

     12.  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.

     13.  Except insofar as the 1940 Act or other federal laws and regulations
may be controlling, this Agreement shall be governed by, and construed and
enforce in accordance with, the laws of the State of California.

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     14.  This Agreement contains the entire agreement among the parties hereto,
and shall, as of the effective date hereof, supersede all prior agreements, oral
or written, among the parties.

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     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed as of the day and Year first above written.

                                      PACIFIC GLOBAL
ATTEST:                               INVESTMENT MANAGEMENT
                                      COMPANY

/s/Dalia Munoz                        /s/George A. Henning
-----------------------------         ------------------------------

ATTEST:                               BACHE CAPITAL MANAGEMENT, INC.

/s/Catherine L. Henning               /s/Stephen K. Bache
-----------------------------         ------------------------------

                                      PACIFIC GLOBAL FUND, INC. d/b/a
ATTEST:                               PACIFIC ADVISORS FUND INC. ON
                                      BEHALF OF THE INCOME AND EQUITY FUND

/s/Dalia Munoz                        /s/George A. Henning
-----------------------------         ------------------------------<Page>

                                                                      Exhibit 4i

                         INVESTMENT MANAGEMENT AGREEMENT

       INVESTMENT MANAGEMENT AGREEMENT made as of the 29th day of March, 2002 by
and between Pacific Global Fund, Inc., a Maryland corporation doing business as
Pacific Advisors Fund Inc. (the "Corporation"), on behalf of the Multi-Cap Value
Fund (the "Fund"), and Pacific Global Investment Management Company, a
California corporation (the "Investment Manager").

                              W I T N E S S E T H:

       WHEREAS, the Corporation intends to engage in business as an open-end
management investment company and register as such under the Investment Company
Act of 1940, as amended (the "1940 Act"); and

       WHEREAS, the Fund is a separately designated series of shares of Common
Stock of the Corporation; and

       WHEREAS, the Investment Manager is engaged principally in the business of
rendering investment management and investment advisory services and is
registered as an investment adviser under the Investment Advisers Act of 1940,
as amended; and

       WHEREAS, the Corporation desires to retain the Investment Manager to
render investment supervisory and administrative services to the Fund in the
manner and on the terms and conditions hereinafter set forth;

       NOW THEREFORE, in consideration of the premises and the mutual covenants
and agreements hereinafter set forth, the parties hereto, intending to be
legally bound, do hereby agree as follows:

1.     DUTIES AND RESPONSIBILITIES OF THE INVESTMENT MANAGER.

       1.1    INVESTMENT SUPERVISORY SERVICES. The Investment Manager shall,
subject to the supervision of the Board of Directors of the Corporation, act as
investment manager of the Corporation with respect to the Fund and, as such,
shall:

              1.1.1  INVESTMENT OF FUND'S ASSETS. Supervise and direct the
       investment of the Fund's assets in accordance with applicable law, and
       the investment objectives, investment program, policies, and restrictions
       set forth in the then-current prospectus ("Prospectus") and the
       then-current Statement of Additional Information ("SAI") relating to the
       Fund contained in the Corporation's Registration Statement under the 1940
       Act and the Securities Act of 1933, as amended ("1933 Act"), and subject
       to such further limitations as the Board of Directors of the Corporation
       may, from time to time, impose by written notice to the Investment
       Manager.

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              1.1.2  INVESTMENT PROGRAM. Formulate and implement a continuing
       program for the management of the Fund's assets and resources.

              In furtherance of these duties and responsibilities, the
       Investment Manager is authorized, in its discretion and without prior
       consultation with the Corporation to: (i) buy, sell, exchange, convert,
       lend, and otherwise trade in any stocks, bonds, and other securities or
       assets for the Fund; and (ii) place orders and negotiate the commissions
       (if any) for the execution of transactions in securities with or through
       such brokers, dealers, underwriters, or issuers as the Investment Manager
       may select for the Fund.

       1.2    RELATED SERVICES. The Investment Manager shall supervise the
Transfer Agent's performance of the administration of all aspects of the
Corporation's business and affairs with respect to the Fund as performed by the
transfer agent pursuant to an Administrative Services Agreement.

              1.2.1  AGENTS. Assist the Corporation and transfer agent in
       selecting, coordinating the activities of, supervising, and acting as
       liaison with any other persons and agents engaged by the Corporation,
       including the Corporation's custodian, accounting services agent,
       transfer agent, dividend disbursing agent, shareholder servicing agent,
       independent auditors, and independent legal counsel.

              1.2.2  DIRECTORS AND OFFICERS. Authorize and permit the Investment
       Manager's directors, officers and employees who may be elected or
       appointed as directors or officers of the Corporation to serve in such
       capacities, without remuneration from or additional cost to the
       Corporation.

              1.2.3  REPORTS TO THE CORPORATION. Furnish to or place at the
       disposal of the Corporation such information, reports, evaluations,
       analyses, and opinions relating to its functions as the Corporation may,
       at any time or from time to time, reasonably request or as the Investment
       Manager may deem helpful to the Corporation.

2.     ALLOCATION OF EXPENSES.

       2.1    EXPENSES PAID BY THE INVESTMENT MANAGER.

              2.1.1  SALARIES AND FEES OF DIRECTORS AND OFFICERS. As between the
       Corporation, with respect to the Fund, and the Investment Manager, the
       Investment Manager shall pay all salaries, expenses, and fees, if any, of
       the directors, officers, and employees of the Investment Manager who are
       directors, or employees of the Corporation.

              2.1.2  WAIVER OR ASSUMPTION AND REIMBURSEMENT OF CORPORATION
       EXPENSES BY THE INVESTMENT MANAGER. The waiver or assumption and
       reimbursement by the Investment Manager of any expense of the Corporation
       that the Investment Manager is not required by

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       this Agreement to waive, or assume and reimburse, shall not obligate the
       Investment Manager to waive, or assume or reimburse, the same or any
       similar expense of the Corporation on any subsequent occasion, unless so
       required pursuant to a separate agreement between the Corporation and the
       Investment Manager.

       2.2    EXPENSES PAID BY THE CORPORATION. The Corporation, with respect to
the Fund, shall bear all expenses of its organization, operations, and business
not specifically waived, assumed, or agreed to be paid by the Investment Manager
as provided in this Agreement or any other agreement between the Corporation and
the Investment Manager. In particular, the expenses that the Corporation, with
respect to the Fund, shall bear include, but are not limited to:

              2.2.1  CUSTODY AND ACCOUNTING SERVICES. All fees and expenses of
       depositories, custodians, accounting service agents, and other agents for
       the transfer, receipt, safekeeping, servicing of, and accounting for the
       Fund's cash, securities, and other property, including, among other
       things, fees and expenses for the calculation of standardized effective
       and compound yield quotations for the Fund, maintenance of ledgers,
       position and income reports, and settlement of Fund purchases and sales.

              2.2.2  DISTRIBUTION EXPENSES. Distribution expenses of the Fund
       paid pursuant to any plan of distribution adopted in accordance with the
       provision of Rule 12b-1 under the 1940 Act ("Rule 12b-1 Plan").

              2.2.3  TRANSFER AGENCY, SHAREHOLDER SERVICING, AND DIVIDED
       DISBURSEMENT. All costs of establishing, maintaining, and servicing
       accounts of shareholders of the Fund, including the Fund's proportionate
       share of all fees and expenses of the Corporation's transfer agent,
       administrative services agent, shareholder services agent, dividend
       disbursing agent, and any other agents engaged by the Corporation to
       service such Fund accounts. In addition, the Corporation shall reimburse
       the Investment Manager and charge to the Fund the Fund's proportionate
       share of all expenses incurred by the Investment Manager in responding to
       telephonic and written inquiries from, and in mailing information to Fund
       shareholders and others requesting information on behalf of Fund
       shareholders, regarding matters such as shareholder account or
       transaction status, net asset value of Fund shares, Fund performance and
       general information about the Fund.

              2.2.4  SHAREHOLDER REPORTS AND OTHER COMMUNICATIONS. All costs of
       preparing, setting in type, printing, and distributing reports and other
       communications to shareholders of the Fund.

              2.2.5  PROSPECTUSES. All cost of preparing, setting in type,
       printing, and mailing to shareholders of the Fund annual or more frequent
       revisions of the Corporation's Prospectus and SAI and any supplements
       thereto.

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              2.2.6  SHAREHOLDER MEETINGS. All costs incidental to holding
       meetings of shareholders of the Fund, including the printing of notices
       and proxy materials, and proxy solicitations therefor.

              2.2.7  PRICING AND PORTFOLIO VALUATION. All costs of daily
       valuation of the individual portfolio securities of the Fund and daily
       computation of the net asset value per share of the Fund, including a
       proportionate share of the cost of any equipment obtained by the
       Corporation, the Investment Manager, or agents of the Corporation, or
       proportionate share of the cost of any equipment currently owned by the
       Investment Manager, that will be used to price the Fund's shares or value
       the Fund's assets or the cost of the services of any agents engaged by
       the Corporation for the purpose of pricing Fund shares or valuing the
       assets of the Fund.

              2.2.8  COMMUNICATIONS. All charges for equipment or services used
       for communications with respect to the Fund between the Investment
       Manager or the Corporation and the custodian, accounting services agent,
       transfer agent, shareholder servicing agent, dividend disbursing agent,
       or any other agent engaged by the Corporation to provide services to the
       Fund.

              2.2.9  INDEPENDENT LEGAL AND ACCOUNTING FEES. The Fund's
       proportionate share of all charges for services and expenses of the
       Corporation's independent legal counsel and independent auditors.

              2.2.10 DIRECTORS' FEES AND EXPENSES. The Fund's proportionate
       share of all compensation of Directors (other than those directors
       affiliated with the Investment Manager), all expenses incurred in
       connection with their services as directors, and all expenses of meetings
       of the Board of Directors of the Corporation and committees of the Board
       of Directors.

              2.2.11 FEDERAL REGISTRATION FEES. The Fund's proportionate share
       of all fees and expenses of maintaining the registration of the
       Corporation under the 1940 Act and maintaining the registration of the
       Fund's shares or registering additional shares of the Fund under the 1933
       Act, including all fees and expenses incurred in connection with the
       preparation, setting in type, printing, and filing of any post-effective
       amendments or supplements to the Registration Statement, Prospectus, and
       SAI for the Corporation under the 1933 Act or the 1940 Act that may be
       prepared from time to time.

              2.2.12 STATE REGISTRATION FEES. The Fund's proportionate share of
       all fees and expenses of (i) maintaining the registration and
       qualification of the Corporation or the Fund, as appropriate, and of the
       Fund's shares for sale under the securities laws of various states and
       jurisdictions, (ii) of registering and qualifying additional shares of
       the Fund, and (iii) of maintaining the registration and qualification of
       the Corporation or the Fund, as appropriate,

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       under all other laws applicable to the Corporation or the Fund, as
       appropriate, or its business activities.

              2.2.13 ISSUE, REDEMPTION, AND TRANSFER OF THE FUND'S SHARES. All
       expenses incurred in connection with the issue, redemption, and transfer
       of the Fund's shares, including the expenses of confirming all share
       transactions and of transmitting any share certificates for the Fund.

              2.2.14 BONDING AND INSURANCE. All expenses of bond, liability, and
       other insurance coverage required by law or regulation or deemed
       advisable by the Board of Directors of the Corporation, including,
       without limitation, such bond, liability, and other insurance expense
       that may from time to time be allocated to the Fund in a manner approved
       by the Board of Directors of the Corporation.

              2.2.15 BROKERAGE COMMISSIONS. All brokers' commissions, if any,
       and other charges incident to the purchase, sale, or lending of the
       Fund's portfolio securities.

              2.2.16 TAXES. The Fund's proportionate share of all taxes or
       governmental fees payable to federal, state, or other governmental
       agencies, domestic or foreign, including issue, stamp, or transfer taxes.

              2.2.17 TRADE ASSOCIATION FEES. The Fund's proportionate share of
       all fees, dues, costs of attendance at meeting and conferences, and other
       expenses incurred in connection with the Corporation's membership in any
       trade association or other investment organization.

              2.2.18 PERFORMANCE INFORMATION. Industry performance reporting
       services fees reasonably necessary for Board of Directors of the
       Corporation to keep current regarding industry and regulatory
       requirements.

              2.2.19 NONRECURRING AND EXTRAORDINARY EXPENSES. The Fund's
       proportionate share of such nonrecurring and extraordinary expenses as
       may arise, including the costs of actions, suits, or proceedings to which
       the Corporation is a party and the expenses the Corporation may incur as
       a result of its legal obligation to provide indemnification to its
       directors, officers, and employees, and agents.

              2.2.20 ORGANIZATIONAL EXPENSES. The Fund shall pay or assume all
       its organizational expenses, subject to such expense limitation or
       reimbursement arrangements as may be separately agreed to by the
       Investment Manager and specified in the Registration Statement pursuant
       to which the Fund makes the initial public offering of its shares.

                                        5
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3.     MANAGEMENT FEES.

       3.1    COMPENSATION. The Corporation, with respect to the Fund, shall pay
the Investment Manager, as compensation for all services rendered, facilities
provided, and expenses waived or assumed and reimbursed by the Investment
Manager, investment management fees at the annual rate of 1.00% of the first
$500 million of average daily net assets of the Fund; and .90% of average daily
net assets of the Fund in excess of $500 million.

       3.2    METHOD OF COMPUTATION. The investment management fee shall accrue
on each calendar day and the sum of the daily fee accruals for the Fund shall be
paid monthly to the Investment Manager on the first business day of the next
calendar month. The daily fee accruals shall be computed by multiplying the
fraction of one over the number of calendar days in the year by the applicable
annual rates for the Fund, described in subparagraph 3.1. above, and multiplying
the product by the net assets of the Fund as determined in accordance with the
current Prospectus of the Corporation as of the close of business on the last
preceding business day on which the Corporation was open for business.

       3.3    PRORATION OF FEE. If this Agreement becomes effective or
terminates before the end of any month, the fee for the period from the
effective date to the end of such month or from the beginning of such month to
the date of termination, as the case may be, shall be prorated according to the
proportion which such period bears to the full month in which such effectiveness
or termination occurs.

4.     BROKERAGE.

       Subject to seeking best execution, and subject to any policies or
procedures as then approved by the Board of Directors of the Corporation, the
Investment Manager, in carrying out its duties under Paragraph 1.1, may cause
the Corporation, on behalf of the Fund, to pay a broker-dealer that furnishes
brokerage or research services (as such services are defined under Section 28(e)
of the Securities Exchange Act of 1934, as amended (the "1934 Act")) a higher
commission than that which might be charged by another broker-dealer that does
not furnish brokerage or research services or that furnishes brokerage or
research services deemed to be of lesser value, if the Investment Manager
determines in good faith that the amount of such commission is reasonable in
relation to the value of the brokerage and research services provided by the
broker-dealer viewed in terms of either that particular transaction or the
overall responsibilities of the Investment Manager with respect to the other
accounts, if any, as to which it exercises investment discretion (as such term
is defined under Section 3(a)(35) of the 1934 Act).

5.     INVESTMENT MANAGER'S USE OF THE SERVICES OF OTHERS.

                                        6
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       The Investment Manager may at its own cost (except as contemplated by
Paragraph 4 of this Agreement) employ, retain, or otherwise avail itself of the
services or facilities of other persons or organizations for the purpose of
providing the Investment Manager, the Corporation, or the Fund with (i) such
statistical and other factual information; (ii) such advice regarding economic
factors and trends; (iii) such advice as to occasional transactions in specific
securities; (iv) or such other information, advice, or assistance as the
Investment Manager may deem necessary, appropriate, or convenient for the
discharge of its obligations hereunder or otherwise helpful to the Investment
Manager, the Corporation, or the Fund, or in the discharge of the Investment
Manager's overall responsibilities with respect to the other accounts which it
serves as an investment manager.

6.     OWNERSHIP OF RECORDS.

       All records required to be maintained and preserved by the Corporation,
with respect to the Fund, pursuant to the provisions of rules and regulations of
the Securities and Exchange Commission under Section 31(a) of the 1940 Act and
maintained and preserved by the Investment Manager on behalf of the Corporation,
with respect to the Fund, are the property of the Corporation and shall be
surrendered by the Investment Manager promptly on request by the Corporation.

7.     REPORTS TO THE INVESTMENT MANAGER.

       The Corporation shall furnish or otherwise make available to the
Investment Manager such Prospectuses, Statements of Additional Information,
financial statements, proxy statements, reports, and other information relating
to the business and affairs of the Corporation, with respect to the Fund, as the
Investment Manager may, at any time or from time to time, reasonably require in
order to discharge its obligations under this Agreement.

8.     REPORTS TO THE CORPORATION.

       The Investment Manager shall furnish to or place at the disposal of the
Corporation such information, reports, evaluations, analyses, and opinions as
the Corporation may, at any time or from time to time, reasonably request with
respect to the Fund or as the Investment Manager may deem helpful to the Fund.

9.     SERVICES TO OTHER CLIENTS.

       Nothing herein contained shall limit the freedom of the Investment
Manager or any affiliated person of the Investment Manager to render investment
supervisory and corporate administrative services to other investment companies
(including but not limited to one or more series of the Corporation), to act as
investment adviser or investment counselor to other persons, firms, or
corporations, or to engage in other business activities; however, so long as
this Agreement or any extension, renewal, or amendment hereof shall remain in
effect or until the Investment Manager shall otherwise consent, the Investment
Manager shall be the only investment manager to the Corporation.

                                        7
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10.    LIMITATION OF LIABILITY OF THE INVESTMENT MANAGER.

       Neither the Investment Manager nor any of its directors, officers, or
employees performing services for the Corporation, with respect to the Fund, at
the direction or request of the Investment Manager in connection with the
Investment Manager's discharge of its obligations undertaken or reasonably
assumed with respect to this Agreement, shall be liable for any error of
judgment or mistake of law or for any loss suffered by the Corporation, with
respect to the Fund, in connection with the matters to which this Agreement
relates; PROVIDED, that nothing herein contained shall be construed to protect
the Investment Manager or any such persons against any liability to the
Corporation or its shareholders to which the Investment Manager or such persons
would otherwise be subject by reason of willful misfeasance, bad faith, or gross
negligence in the performance of its or their duties on behalf of the
Corporation or for failure by the Investment Manager or any such persons to
exercise due care in rendering other services to the Corporation.

11.    RETENTION OF SUB-ADVISER.

       Subject to the Fund's obtaining the initial and periodic approvals
required under Section 15 of the 1940 Act, the Investment Manager may retain a
Sub-Adviser to perform investment advisory and other services to the Fund. The
retention of a Sub-Adviser shall be at the risk, cost, and expense of the
Investment Manager. The retention of a Sub-Adviser shall in no way reduce the
responsibilities or obligations of the Investment Manager under this Agreement
and the Investment Manager shall be responsible to the Corporation for all acts
or omissions of the Sub-Adviser in connection with the performance of the
Investment Manager's duties hereunder. The Investment Manager shall pay and
shall be solely responsible for the payment of the fees of the Sub-Adviser for
the performance of its services for the Fund.

12.    TERM OF AGREEMENT.

       The term of this Agreement shall begin on the day and year first above
written, and unless sooner terminated as hereinafter provided, shall continue in
effect through_____________________ ,____________ . Thereafter, this Agreement
shall continue in effect from year to year, subject to the termination
provisions and all other terms and conditions hereof; PROVIDED, that such
continuance is specifically approved at least annually by the Board of Directors
of the Corporation or by vote of a majority of the outstanding voting securities
of the Fund in accordance with the requirements of the 1940 Act; and PROVIDED
FURTHER, that in either event such continuance also is approved annually by
vote, cast in person at a meeting called for the purpose of voting on such
approval of a majority of the Board of Directors of the Corporation who are not
parties to this Agreement or "interested persons" (as defined in the 1940 Act
and rules thereunder) of any such party (hereinafter "non-interested
Directors").

                                        8
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       Any approval of this Agreement by the holders of a majority of the
outstanding voting securities (as defined in the 1940 Act and rules thereunder)
of the Fund shall be effective to continue this Agreement, notwithstanding (i)
that a comparable agreement has not been approved by the holders of a majority
of the outstanding shares of any other series of the Corporation and (ii) that
this Agreement has not been approved by the vote of a majority of the
outstanding shares of the Corporation, unless such approval shall be required by
any other applicable law or otherwise. The Investment Manager shall furnish to
the Corporation, promptly upon its request, such information as may be
reasonably necessary to evaluate the terms of this Agreement or any extension,
renewal or amendment thereof.

13.    AMENDMENT AND ASSIGNMENT OF AGREEMENT.

       Any amendment to this Agreement shall be in writing and signed by the
parties hereto; PROVIDED, that no such material amendment shall be effective
unless authorized on behalf of the Corporation (i) by resolution of the Board of
Directors of the Corporation, including a majority of the non-interested
Directors and (ii) if required by law, by vote of a majority of the outstanding
voting securities of the Fund. This Agreement shall automatically and
immediately terminate in the event of its assignment.

14.    TERMINATION OF AGREEMENT.

       This Agreement may be terminated by either party hereto, without the
payment of any penalty, upon 60 days' prior written notice to the other party;
PROVIDED, that in the case of termination by the Corporation such action shall
have been authorized (i) by resolution of the Board of Directors of the
Corporation, including a majority of the non-interested Directors, or (ii) by
vote of a majority of the outstanding voting securities of the Fund; PROVIDED
FURTHER, that in the case of termination by the Investment Manager, such
termination shall not be effective until the Corporation shall have contracted
with one or more persons to serve as successor investment manager for the Fund
and such person(s) shall have assumed such position.

15.    MISCELLANEOUS.

       15.1   NOTICES. Any notice under this Agreement shall be given in
writing, addressed and delivered, or mailed postpaid, (a) if to the Investment
Manager, to Pacific Global Investment Management Company, 206 North Jackson
Street, Glendale, CA 91206, and (b) if to the Corporation, at the foregoing
office of the Investment Manager.

       15.2   CAPTIONS. The captions contained in this Agreement are included
for convenience of reference only and in no way define or delineate any of the
provisions hereof or otherwise affect their construction or effect.

       15.3   INTERPRETATION. Nothing herein contained shall be deemed to
require the Corporation to take any action contrary to its Articles of
Incorporation or By-Laws, or any applicable statutory or

                                        9
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regulatory requirement to which it is subject or by which it is bound, or to
relieve or deprive the Board of Directors of its responsibility for and control
of the conduct of the affairs of the Corporation.

       15.4   DEFINITIONS. Any question of interpretation of any term or
provision of this Agreement having a counterpart in or otherwise derived from a
term or provision of the 1940 Act shall be resolved by reference to such term or
provision of the 1940 Act and to interpretations thereof, if any, by the United
States courts or, in the absence of any controlling decision of any such court,
by rules, regulations, or orders of the Securities and Exchange Commission
validly issued pursuant to the 1940 Act. Specifically, the terms "vote of a
majority of the outstanding voting securities," "interested person,"
"assignment," and "affiliated person," shall have the meanings assigned to them
by Section 2(a) of the 1940 Act. In addition, where the effect of a requirement
of the 1940 Act reflected in any provision of this Agreement is relaxed by a
rule, regulation, or order of the Securities and Exchange Commission, whether of
special or of general application, such provision shall be deemed to incorporate
the effect of such rule, regulation, or order.

       15.5   GOVERNING LAW. Except insofar as the 1940 Act or other federal
laws and regulations may be controlling, this Agreement shall be governed by,
and construed and enforced in accordance with the laws of the State of Maryland.

       IN WITNESS WHEREOF, the parties have caused this Agreement to be signed
by their respective officers thereunto duly authorized and their respective
corporate seals to be hereunto affixed, as of the day and year first above
written.

ATTEST:                                   PACIFIC GLOBAL FUND, INC.
                                          d/b/a PACIFIC ADVISORS FUND INC.
                                          ON BEHALF OF THE MULTI-CAP VALUE FUND

/s/Catherine L. Henning                   By: /s/Barbara A. Kelley
------------------------------                ----------------------------

ATTEST:                                   PACIFIC GLOBAL INVESTMENT
                                          MANAGEMENT COMPANY

/s/Dalia Munoz                            By: /s/George A. Henning
------------------------------                ----------------------------

                                       10

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