AMENDMENT TO INVESTMENT MANAGEMENT AGREEMENTS (the "Agreements") Between Each of the T. Rowe Price Funds (collectively "the Funds") set forth on Schedule A hereto, severally and not jointly and
AMENDMENT TO
INVESTMENT MANAGEMENT AGREEMENTS
(the "Agreements")
Between
Each of the X. Xxxx Price Funds (collectively "the Funds")
set forth on Schedule A hereto, severally and not jointly
and
X. XXXX PRICE ASSOCIATES, INC. ("U.S. Manager") or
X. XXXX PRICE INTERNATIONAL, INC. ("International Manager"),
as the case may be (collectively "the Managers")
This is an Amendment to each of the Agreements, made as of the 1st day of August, 2004, by and between each of the Funds, separately and not jointly, and the U.S. Manager or International Manager, as the case may be.
W I T N E S S E T H:
WHEREAS, as set forth in each Agreement, the Funds pay the Managers a fee ("Fee") which consists of two components: a Group Management Fee ("Group Fee") and an Individual Fund Fee ("Fund Fee");
WHEREAS, as set forth in each Agreement, the Group Fee is calculated using the aggregate net assets of the Price Funds, excluding the assets of any X. Xxxx Price institutional fund;
WHEREAS, at their meeting on July 21, 2004, the Directors/Trustees of the Funds determined that it would be in the best interests of the Funds and their shareholders to include the assets of the X. Xxxx Price institutional funds for the purpose of calculating the Group Fee;
WHEREAS, inclusion of the X. Xxxx Price institutional funds` assets will in all cases increase the assets included in the Group Fee calculation and thereby reduce the Group Fee for the Funds;
WHEREAS, the Managers and the Funds desire to continue each Agreement on the same terms and conditions other than as described immediately above and below;
NOW, THEREFORE, in consideration of the premises and the mutual promises hereinafter set forth, the parties hereto agree as follows:
1.Subparagraph A. of Paragraph 3 of each Agreement is amended to read as follows:
0.Xxxxxxxxxx Fee. The Fund shall pay the Manager a fee ("Fee") which will consist of two components: a Group Management Fee ("Group Fee") and an Individual Fund Fee ("Fund Fee"). The Fee shall be paid monthly to the Manager on the first business day of the next succeeding calendar month and shall be calculated as follows:
X.Xxxxx Fee. The monthly Group Fee ("Monthly Group Fee") shall be the sum of the daily Group Fee accruals ("Daily Group Fee Accruals") for each month. The Daily Group Fee Accrual for any particular day will be computed by multiplying the Price Funds` group fee accrual as determined below ("Daily Price Funds` Group Fee Accrual") by the ratio of the Fund`s net assets for that day to the sum of the aggregate net assets of the Price Funds for that day. The Daily Price Funds` Group Fee Accrual for any particular day shall be calculated by multiplying the fraction of one (1) over the number of calendar days in the year by the annualized Daily Price Funds` Group Fee Accrual for that day as determined in accordance with the following schedule:
Price Funds Annual Group
Base Fee Rate for Each Level of Assets
______________________________________
0.480%First $1 billion
0.450%Next $1 billion
0.420%Next $1 billion
0.390%Next $1 billion
0.370%Next $1 billion
0.360%Next $2 billion
0.350%Next $2 billion
0.340%Next $5 billion
0.330%Next $10 billion
0.320%Next $10 billion
0.310%Next $16 billion
0.305%Next $30 billion
0.300%Next $40 billion
0.295%Thereafter
The Price Funds shall include all the mutual funds distributed by X. Xxxx Price Investment Services, Inc., (other than "private label" funds, Index Trust, Spectrum Funds, Retirement Funds, and Reserve Investment Funds). For the purposes of calculating the Daily Price Funds` Group Fee Accrual for any particular day, the net assets of each Price Fund shall be determined in accordance with the Fund`s prospectus, as of the close of business on the previous business day on which the Fund was open for business.
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2.All other terms and conditions of each Agreement remain in full force and effect until April 30, 2005, unless terminated on an earlier date pursuant the applicable provisions of the Agreements.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment 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.
Attest:Each of the Funds set forth on Schedule A
hereto, severally and not jointly
/s/Xxxxxxxx X. LippertBy: /s/Xxxxx X. Xxxxx
Xxxxxxxx X. LippertJames X. Xxxxx
SecretaryChairman of the Board
Attest:X. XXXX PRICE ASSOCIATES, INC.
/s/Xxxxxxx X. Xxx XxxxXx: /s/Xxxxx X. Xxxxxxx
Xxxxxxx X. Van HornHenry X. Xxxxxxx
SecretaryVice President
Attest:X. XXXX PRICE INTERNATIONAL, INC.
/s/Xxxxxxx X. Xxx XxxxXx: /s/Xxxxx X.X. Xxxxxx
Xxxxxxx X. Van HornDavid X.X. Xxxxxx
SecretaryChief Executive Officer
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L:TRPPRODEDGAgreementsInvestment Mgmt XxxxxxxxxxXxXxxXxxxxXxxXxx.xx
Schedule A
X. XXXX PRICE BALANCED FUND, INC.
X. XXXX PRICE BLUE CHIP GROWTH FUND, INC.
X. XXXX PRICE CALIFORNIA TAX-FREE INCOME TRUST
X. XXXX PRICE CAPITAL APPRECIATION FUND
X. XXXX PRICE CAPITAL OPPORTUNITY FUND, INC.
X. XXXX PRICE CORPORATE INCOME FUND, INC.
X. XXXX PRICE DEVELOPING TECHNOLOGIES FUND, INC.
X. XXXX PRICE DIVERSIFIED MID-CAP GROWTH FUND, INC.
X. XXXX PRICE DIVERSIFIED SMALL-CAP GROWTH FUND, INC.
X. XXXX PRICE DIVIDEND GROWTH FUND, INC.
X. XXXX PRICE EQUITY INCOME FUND
X. XXXX PRICE FINANCIAL SERVICES FUND, INC.
X. XXXX PRICE GLOBAL TECHNOLOGY FUND, INC.
X. XXXX PRICE GNMA FUND
X. XXXX PRICE GROWTH & INCOME FUND, INC.
X. XXXX PRICE GROWTH STOCK FUND, INC.
X. XXXX PRICE HEALTH SCIENCES FUND, INC.
X. XXXX PRICE HIGH YIELD FUND, INC.
X. XXXX PRICE INFLATION PROTECTED BOND FUND, INC.
X. XXXX PRICE INTERNATIONAL FUNDS, INC.
X. XXXX PRICE MEDIA & TELECOMMUNICATIONS FUND, INC.
X. XXXX PRICE MID-CAP GROWTH FUND, INC.
X. XXXX PRICE MID-CAP VALUE FUND, INC.
X. XXXX PRICE NEW AMERICA GROWTH FUND
X. XXXX PRICE NEW ERA FUND, INC.
X. XXXX PRICE NEW HORIZONS FUND, INC.
X. XXXX PRICE NEW INCOME FUND, INC.
X. XXXX PRICE PERSONAL STRATEGY FUNDS, INC.
X. XXXX PRICE PRIME RESERVE FUND, INC.
X. XXXX PRICE REAL ESTATE FUND, INC.
X. XXXX PRICE SCIENCE & TECHNOLOGY FUND, INC.
X. XXXX PRICE SHORT-TERM BOND FUND, INC.
X. XXXX PRICE SMALL-CAP STOCK FUND, INC.
X. XXXX PRICE SMALL-CAP VALUE FUND, INC.
X. XXXX PRICE STATE TAX-FREE INCOME TRUST
X. XXXX PRICE TAX-EFFICIENT FUNDS, INC.
X. XXXX PRICE TAX-EXEMPT MONEY FUND, INC.
X. XXXX PRICE TAX-FREE HIGH YIELD FUND, INC.
X. XXXX PRICE TAX-FREE INCOME FUND, INC.
X. XXXX PRICE TAX-FREE INTERMEDIATE BOND FUND, INC.
X. XXXX PRICE TAX-FREE SHORT-INTERMEDIATE FUND, INC.
X. XXXX PRICE U.S. TREASURY FUNDS, INC.
X. XXXX PRICE VALUE FUND, INC.
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