EXHIBIT h.6
EXPENSE LIMITATION AGREEMENT
PHOENIX OPPORTUNITIES TRUST
ON BEHALF OF ITS SERIES
PHOENIX GROWTH OPPORTUNITIES FUND
EXPENSE LIMITATION AGREEMENT
PHOENIX OPPORTUNITIES TRUST
ON BEHALF OF ITS SERIES
PHOENIX GROWTH OPPORTUNITIES FUND
This Expense Limitation Agreement (the "Agreement") is effective as of
June 8, 2006 by and between Phoenix Opportunities Trust, a Delaware Statutory
Trust (the "Registrant"), on behalf of its series Phoenix Growth Opportunities
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 May 31, 2008, 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 Delaware 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 OPPORTUNITIES TRUST PHOENIX INVESTMENT COUNSEL, INC.
By: /s/ Xxxxxxx X. Xxxxxxx By: /s/ Xxxx X. Xxxxx
-------------------------------- --------------------------------
Xxxxxxx X. Xxxxxxx Xxxx X. Xxxxx
Senior Vice President Vice President and Clerk
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APPENDIX A
PHOENIX FUND TOTAL FUND OPERATING EXPENSE LIMIT
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Class A Class C
Phoenix Growth Opportunities Fund 1.25% 2.00%
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