EXHIBIT h.11
EXPENSE LIMITATION AGREEMENT
PHOENIX MULTI-PORTFOLIO FUND
ON BEHALF OF ITS SERIES
PHOENIX TAX-EXEMPT BOND FUND
EXPENSE LIMITATION AGREEMENT
PHOENIX MULTI-PORTFOLIO FUND
ON BEHALF OF ITS SERIES
PHOENIX TAX-EXEMPT BOND FUND
This Expense Limitation Agreement (the "Agreement") is effective as of July
1, 2005 by and between Phoenix Multi-Portfolio Fund, a Delaware Statutory Trust
(the "Registrant"), on behalf of its series Phoenix Tax-Exempt Bond Fund (the
"Fund"), and the Adviser of the Fund, Phoenix Investment Counsel, Inc., a
Massachusetts Corporation (the "Adviser").
WHEREAS, the Adviser renders advice and services to the Fund pursuant to the
terms and provisions of the Investment Advisory Agreement, as may be amended
from time to time, entered into between the Registrant and the Adviser (the
"Advisory Agreement"); and
WHEREAS, the Adviser desires to maintain the expenses of the Fund at a level
below the level to which such Fund might otherwise be subject; and
WHEREAS, the Adviser understands and intends that the Registrant will rely
on this Agreement in preparing post-effective amendments to the Registrant's
registration statement on Form N-1A and in accruing the expenses of the
Registrant for purposes of calculating net asset value and for other purposes,
and expressly permits the Registrant to do so.
NOW, THEREFORE, the parties hereto agree as follows:
1. Limit on Fund Expenses. The Adviser hereby agrees to limit the Fund's
Expenses to the respective rate of Total Fund Operating Expenses
("Expense Limit") specified for that Fund in Appendix A of this
Agreement.
2. Definition. For purposes of this Agreement, the term "Total Fund
Operating Expenses" with respect to the Fund is defined to include all
expenses necessary or appropriate for the operation of the Fund
including the Adviser's investment advisory or management fee under the
Advisory Agreement and other expenses described in the Advisory
Agreement that the Fund is responsible for and have not been assumed by
the Adviser, but does not include front-end or contingent deferred
loads, taxes, interest, brokerage commissions, expenses incurred in
connection with any merger or reorganization or extraordinary expenses,
such as litigation.
3. Recoupment of Fees and Expenses. The Adviser agrees that it shall not be
entitled to be reimbursed by the Fund for any expenses that it has
waived or limited.
4. Term, Termination and Modification. This Agreement shall become
effective on the date specified herein and shall remain in effect until
March 31, 2006, unless sooner terminated as provided below in this
Paragraph. Thereafter, this Agreement shall automatically renew for
one-year terms with respect to the Fund
unless the Adviser provides written notice to the Fund of the
termination of this Agreement, or the modification to the Expense Limit
specified for the Fund in Appendix A of this Agreement, within thirty
(30) days of the end of the then current term for that Fund. This
Agreement may be terminated by the Registrant on behalf of the Fund at
any time without payment of any penalty or by the Board of Trustees of
the Registrant upon thirty (30) days' written notice to the Adviser. In
addition, this Agreement shall terminate with respect to the Fund upon
termination of the Advisory Agreement with respect to such Fund.
5. Assignment. This Agreement and all rights and obligations hereunder may
not be assigned without the written consent of the other party.
6. Severability. If any provision of this Agreement shall be held or made
invalid by a court decision, statute or rule, or shall otherwise be
rendered invalid, the remainder of this Agreement shall not be affected
thereby.
7. Captions. 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.
8. Governing Law. This Agreement shall be governed by, and construed in
accordance with, the laws of Connecticut without giving effect to the
conflict of laws principles thereof; provided that nothing herein shall
be construed to preempt, or to be inconsistent with, any Federal
securities law, regulation or rule, including the Investment Company Act
of 1940, as amended and the Investment Advisers Act of 1940, as amended
and any rules and regulations promulgated thereunder.
9. Computation. If the fiscal year to date Total Fund Operating Expenses of
the Fund at the end of any month during which this Agreement is in
effect exceed the Expense Limit for that Fund (the "Excess Amount"), the
Adviser shall waive or reduce its fee under the Advisory Agreement or
remit to that Fund an amount that is sufficient to pay the Excess Amount
computed on the last day of the month.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed and attested by their duly authorized officers.
PHOENIX MULTI-PORTFOLIO FUND PHOENIX INVESTMENT COUNSEL,
INC.
By: Xxxxxxx X. Xxxxxxx By: Xxxx X. Xxxxx
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Xxxxxxx X. Xxxxxxx Xxxx X. Xxxxx
Senior Vice President Vice President and Clerk
2
APPENDIX A
PHOENIX FUND TOTAL FUND OPERATING EXPENSE LIMIT
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Class A Class B
Phoenix Tax-Exempt Bond Fund 1.00% 1.75%
