EX-99 2 f1214_d2-SEC.htm EXPENSE CAP

  

  

  

PGIM Investments LLC 

655 Broad Street – 17th Floor
Newark, New Jersey 07102 

  

  

March 1, 2019 

The Board of Directors
Prudential Investment Portfolios, Inc.14
655 Broad Street—17th Floor
Newark, New Jersey 07102 

  

Re:  PGIM Government Income Fund  

To the Board of Directors: 

PGIM Investments LLC (PGIM Investments) has contractually agreed, through June 30, 2020 to limit transfer agency, shareholder servicing, sub-transfer agency, and blue sky fees, as applicable, to the extent that such fees cause the Total Annual Fund Operating Expenses to exceed 2.03% of average daily net assets for Class B shares. This contractual expense limitation excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales. Where applicable, PGIM Investments agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives similar expenses on any other share class. In addition, Total Annual Fund Operating Expenses for Class R6 shares will not exceed Total Annual Fund Operating Expenses for Class Z shares. Fees and/or expenses waived and/or reimbursed by PGIM Investments may be recouped by PGIM Investments within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year. This expense limitation may not be terminated prior to June 30, 2020 without the prior approval of the Fund's Board of Directors. 

Very truly yours, 


PGIM INVESTMENTS LLC
By:/s/ Scott E. Benjamin
Name:Scott E. Benjamin
Title:Executive Vice President