EXPENSE LIMITATION AGREEMENT BETWEEN PPM FUNDS AND PPM AMERICA, INC.
Ex. 99.28(h)(3)(ii)
BETWEEN PPM FUNDS AND
PPM AMERICA, INC.
This Amendment is made as of November 20, 2019 (the “Effective Date”) and amends Schedule A to the Expense Limitation Agreement dated February 15, 2018 (the “Agreement”) between PPM Funds, a Massachusetts business trust
(the “Trust”) and PPM America, Inc. (the “Adviser”). All terms not otherwise defined herein shall have the same meanings ascribed in the Agreement.
Whereas, the Trust is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end
management investment company and has established several separate series of shares (each, a “Fund”), with each Fund having its own assets and investment policies;
Whereas, the Adviser agrees to waive a portion of its management fees and/or reimburse certain expenses of the
Fund as described in the Expense Limitation Agreement for each respective class of shares of each Fund listed on Schedule A;
Whereas, the Board of Trustees of the Trust has approved the liquidation of two Funds of the Trust:
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1)
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PPM Credit Fund
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2)
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PPM Strategic Income Fund; and
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Whereas, the Board of Trustees of the Trust has approved the addition of two Funds to the Trust:
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1)
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PPM Core Fixed Income Fund
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2)
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PPM Investment Grade Credit Fund.
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Now, therefore, it
is hereby agreed as follows:
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1.
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Schedule A to the Agreement shall be deleted and replaced with the Amended and Restated Schedule A attached hereto.
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2.
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The expense limits set forth on the Amended and Restated Schedule A shall continue to be effective for a term ending April 30th
of the following year, with the initial term of PPM Core Fixed Income Fund and PPM Investment Grade Credit Fund effective through April 30, 2021.
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3.
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Except as expressly amended herein, the Agreement shall continue to be and shall remain in full force and effect in accordance with its terms.
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4.
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The Amended and Restated Schedule A shall become effective as of the date first written above.
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In Witness Whereof,
the parties hereto have caused this Agreement to be signed by their respective officers thereunto duly authorized and their respective seals to be hereunto affixed, as of the day and year first above written.
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By:
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/s/ Xxxx Xxxxxxx
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Name:
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Xxxx Xxxxxxx
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Title:
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Assistant Secretary
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PPM America, Inc.
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By:
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/s/ Xxxx Xxxxxxx
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Name:
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Xxxx Xxxxxxx
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Title:
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President and CEO
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Amended and Restated
Schedule A
Maximum Operating Expense Limits
Effective November 20, 2019
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Fund
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Expense Cap*
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PPM Core Fixed Income Fund
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0.45%
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PPM Core Plus Fixed Income Fund
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0.50%
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PPM Floating Rate Income Fund
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0.70%
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PPM High Yield Core Fund
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0.70%
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PPM Investment Grade Credit Fund
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0.50%
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PPM Long Short Credit Fund
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0.70%
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PPM Large Cap Value Fund
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0.75%
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PPM Mid Cap Value Fund
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0.90%
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PPM Small Cap Value Fund
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1.00%
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| * Expressed as an annual percentage of the Fund's average daily net assets. |
