Contract
I CLASS EXPENSE LIMITATION AGREEMENT
THIS EXPENSE LIMITATION AGREEMENT (the “Agreement”), effective as of _______, 2015, is entered into between X. Xxxx Price Associates, Inc., a corporation organized and existing under the laws of the State of Maryland (the “Manager”), and each of the funds listed on Exhibit A, each of which is a corporation organized and existing under the laws of the State of Maryland or a business trust organized under the laws of the Commonwealth of Massachusetts (each a “Fund” and collectively, the “Funds”).
WHEREAS, the Manager is an investment adviser registered with the U.S. Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940, as amended;
WHEREAS, each Fund is an open-end management investment company registered as such with the SEC under the Investment Company Act of 1940, as amended (the “1940 Act”);
WHEREAS, each Fund’s Articles of Incorporation or Master Trust Agreement, as appropriate, authorizes the issuance of new classes of shares upon approval by the Fund’s Board of Directors/Trustees;
WHEREAS, pursuant to each Fund’s Investment Management Agreement with the Manager (each, a “Management Agreement”), the Fund pays the Manager a management fee for investment management services and bears the costs of its operating expenses with certain exceptions; and
WHEREAS, the Board of Directors/Trustees of each Fund listed on Exhibit A has approved issuing a separate class of shares known as the I Class and the Manager has agreed to limit the operating expenses (excluding management fees; interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses) of each Fund’s I Class to 0.05% of the Class’s average daily net assets.
NOW, THEREFORE, the Manager and each Fund hereby agree as follows:
1. Operating Expenses Limitation
(a) The Manager agrees to pay all of the I Class’s operating expenses excluding management fees; interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses (collectively, “I Class Operating Expenses”) or reimburse the I Class for I Class Operating Expenses to the extent such I Class Operating Expenses exceed 0.05%, on an annualized basis, of the Class’s average daily net assets for the period commencing on the inception date of each Fund’s respective I Class.
(b) Each Fund’s management fee, and any expense limitation with respect to the total expense ratio of any other classes, shall continue to be computed in accordance with the Fund’s Management Agreement and any such class’ expense limitation agreement; provided, that in the event that the payment or reimbursement with respect to I Class Operating Expenses of a Fund pursuant to paragraph (a) above results in the payment or reimbursement of Fundwide Expenses (as such term is defined in Rule 18f-3
under the 0000 Xxx) that have been allocated to the I Class, the Manager shall also pay or reimburse such Fundwide Expenses that have been allocated to the other classes of the Fund.
2. Amendment and Termination of Agreement
This Agreement will continue with respect to each Fund until the termination date set forth in Exhibit A (the “Initial Termination Date”). Thereafter, this Agreement may continue with respect to a Fund for such period of time beyond the Initial Termination Date and for such limit on I Class Operating Expenses as the Manager may agree, provided that the Board of Directors/Trustees of the Fund, including a majority of the directors/trustees who are not interested persons of the Fund or the Manager, approves such continuation and new I Class Operating Expenses expense limitation with respect to the Fund. This Agreement may be terminated at any time beyond the Initial Termination Date with respect to a Fund with approval by the Fund’s Board of Directors/Trustees, including a majority of the directors/trustees who are not interested persons of the Fund or the Manager. This Agreement will terminate automatically with respect to a Fund upon termination of its Management Agreement. Amendment or termination of this Agreement does not require approval by shareholders of the Fund or its I Class of shares.
3. Reimbursement of Expenses
(b) Any I Class Operating Expenses paid by the Manager pursuant to this Agreement are subject to reimbursement to the Manager by the Fund or Class whenever a Fund’s I Class Operating Expenses are below 0.05%. However, no reimbursement will be made more than three years after the payment of I Class Operating Expenses by the Manager or if such reimbursement would result in the I Class Operating Expenses exceeding 0.05%.
4. Separate Agreement
This Agreement shall be deemed to constitute a separate agreement between the Manager and each Fund.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement, as of date stated in the preamble.
X. XXXX PRICE ASSOCIATES, INC. | |
Date:________________ |
By:___________________________________ Vice President, X. Xxxx Price Associates, Inc. |
EACH FUND LISTED ON EXHIBIT A | |
Date:________________ |
By:___________________________________ Vice President, X. Xxxx Price Funds |
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EXHIBIT A
Fund | Termination Date |
X. Xxxx Price Balanced Fund | April 30, 2018 |
X. Xxxx Price Blue Chip Growth Fund | April 30, 2018 |
X. Xxxx Price Capital Appreciation Fund | April 30, 2018 |
X. Xxxx Price Corporate Income Fund | September 30, 2018 |
X. Xxxx Price Dividend Growth Fund | April 30, 2018 |
X. Xxxx Price Emerging Markets Bond Fund | April 30, 2018 |
X. Xxxx Price Emerging Markets Corporate Bond Fund | April 30, 2018 |
X. Xxxx Price Emerging Markets Local Currency Bond Fund | April 30, 2018 |
X. Xxxx Price Emerging Markets Stock Fund | February 28, 2018 |
X. Xxxx Price Equity Income Fund | April 30, 2018 |
X. Xxxx Price Equity Index 500 Fund | April 30, 2018 |
X. Xxxx Price Global Allocation Fund | February 28, 2018 |
X. Xxxx Price Global High Income Fund | April 30, 2018 |
X. Xxxx Price Global Unconstrained Bond Fund | April 30, 2018 |
X. Xxxx Price Growth Stock Fund | April 30, 2018 |
X. Xxxx Price Health Sciences Fund | April 30, 2018 |
X. Xxxx Price High Yield Fund | September 30, 2017 |
X. Xxxx Price Inflation Focused Bond Fund | September 30, 2017 |
X. Xxxx Price Inflation Protected Bond Fund | September 30, 2018 |
X. Xxxx Price International Bond Fund | April 30, 2018 |
X. Xxxx Price International Discovery Fund | February 28, 2018 |
X. Xxxx Price International Growth & Income Fund | February 28, 2018 |
X. Xxxx Price International Stock Fund | February 28, 2018 |
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X. Xxxx Price Media & Telecommunications Fund | April 30, 2018 |
X. Xxxx Price Mid-Cap Growth Fund | April 30, 2018 |
X. Xxxx Price Mid-Cap Value Fund | April 30, 0000 |
X. Xxxx Xxxxx Xxx Xxxxxxx Growth Fund | April 30, 2018 |
X. Xxxx Price New Asia Fund | February 28, 2018 |
X. Xxxx Price New Income Fund | September 30, 2017 |
X. Xxxx Price New Era Fund | April 30, 2018 |
X. Xxxx Price New Horizons Fund | April 30, 2018 |
X. Xxxx Price Overseas Stock Fund | February 28, 2018 |
X. Xxxx Price Personal Strategy Balanced Fund | September 30, 2018 |
X. Xxxx Price Personal Strategy Growth Fund | September 30, 2018 |
X. Xxxx Price Personal Strategy Income Fund | September 30, 2018 |
X. Xxxx Price Real Assets Fund | April 30, 2018 |
X. Xxxx Price Real Estate Fund | April 30, 2018 |
X. Xxxx Price Science & Technology Fund | April 30, 2018 |
X. Xxxx Price Short-Term Bond Fund | September 30, 2018 |
X. Xxxx Price Small-Cap Stock Fund | April 30, 2018 |
X. Xxxx Price Small-Cap Value Fund | April 30, 2018 |
X. Xxxx Price Spectrum Growth Fund | April 30, 2018 |
X. Xxxx Price Spectrum Income Fund | April 30, 2018 |
X. Xxxx Price Strategic Income Fund | September 30, 2018 |
X. Xxxx Price Ultra Short-Term Bond Fund | September 30, 2018 |
X. Xxxx Price Value Fund | April 30, 2018 |
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