PRICE CAPITAL APPRECIATION FUND Sample Clauses

PRICE CAPITAL APPRECIATION FUND. T. XXXX PRICE INSTITUTIONAL TRUST Tax-Exempt Reserve Portfolio T. XXXX PRICE STATE TAX-FREE INCOME TRUST Maryland Tax-Free Bond Fund New York Tax-Free Bond Fund New York Tax-Free Money Fund

PRICE CAPITAL APPRECIATION FUND. Average Daily Net Assets* Rate First $250 million 0.50% Over $250 million 0.40% First $1.0 billion 0.40% Over $1.0 billion 0.35% First $500 million 0.40% Over $500 million 0.35% All Assets** 0.35% *When average daily net assets exceed the first breakpoint, multiple rates will apply, resulting in a blended rate, e.g. if average daily net assets are $500 million, a rate of 50 bps would apply to $250 million, and a rate of 40 bps would apply to the remaining $250 million. **A transitional credit is applied to the fee schedule as assets approach or fall below this breakpoint. The rates set forth above apply to average daily net assets that are subject to Subadviser's investment discretion in the Fund. For the AZL T. Xxxx Price Capital Appreciation Fund, Subadviser will provide Manager a transitional credit to eliminate any discontinuity between the tiered fee schedule and the flat fee once assets exceed $3 billion. The credit will apply at asset levels between approximately $2.93 billion and $3 billion. To accommodate circumstances where a Fund’s assets fall beneath $3 billion and to prevent a decline in a Fund’s assets from causing an increase in the absolute dollar fee, Subadviser will provide a transitional credit to cushion the impact of reverting to the original tiered fee schedule. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until assets either (a) exceed $3 billion, when the flat fee would be triggered, or (b) fall below a threshold of approximately $2.93 billion, where the tiered fee schedule would be fully re-applied. The credit is determined by multiplying the difference between the tiered fee schedule and the flat 0.35% fee schedule by the difference between the current portfolio size for billing purposes and the $2.93 billion threshold, divided by the difference between $3 billion and the $2.93 billion threshold. The credit would approach $250,000 annually