TRUST FOR ADVISOR SOLUTIONS and the UNDERLYING FUNDS TRUST FIRST AMENDMENT TO THE CUSTODY AGREEMENT
TRUST FOR ADVISOR SOLUTIONS and the UNDERLYING FUNDS TRUST
FIRST AMENDMENT TO THE
THIS FIRST AMENDMENT effective as of July 1, 2016, to the Custody Agreement, dated as of July 1, 2015 (the “Custody Agreement”), is entered into by and among TRUST FOR ADVISOR SOLUTIONS and the UNDERLYING FUNDS TRUST, each a Delaware statutory trust (each a “Trust” and collectively the “Trusts”), and U.S. BANK, N.A., a national banking association organized and existing under the laws of the United States of America (“Custodian”).
RECITALS
WHEREAS, the Trusts and the Custodian have entered into the Custody Agreement; and
WHEREAS, as of November 23, 2015, HCIM Trust ceased to be a registered investment company under the Investment Company Act of 1940; and
WHEREAS, Hatteras Alternative Mutual Funds Trust is now known as Trust for Advisor Solutions, and
WHEREAS, the Trust for Advisor Solutions and the Underlying Funds Trust desire to amend the fees of the Custody Agreement; and
WHEREAS, Article XV, Section 15.02 of the Custody Agreement allows for its amendment by a written instrument executed by both parties.
NOW THEREFORE, the parties agree that Exhibit B of the Custody Agreement is superseded and replaced in its entirety with Amended Exhibit B attached hereto.
Except to the extent amended hereby, the Agreement shall remain in full force and effect.
IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to be executed by a duly authorized officer on one or more counterparts as of the date and year first written above.
U.S. BANK, N.A.
|
|
|
|
By: /s/ Xxxxx Xxxxx
|
By: /s/ Xxxxxxx X. XxXxx
|
Name: Xxxxx Xxxxx
|
Name: Xxxxxxx X. XxXxx
|
Title: Treasurer
|
Title Senior Vice President
|
|
|
|
|
UNDERLYING FUNDS TRUST
|
|
By: /s/ Xxxxx Xxxxx | |
Name: Xxxxx Xxxxx | |
Title: Treasurer |
Amended Exhibit B
to the Trust for Advisor Solutions and the Underlying Funds Trust
Trust for Advisor Solutions and the Underlying Funds Trust
CUSTODY SERVICES
FEE SCHEDULE at July 1, 2016
|
Annual Fee Based Upon Market Value per Fund*
[ ] basis point on average daily market value of all long securities and cash held in the portfolio Note 1
Minimum annual fee per account - $[ ]
Plus portfolio transaction fees
Note 1: The market value will not include portfolio assets of affiliated mutual funds of the Trust which U.S. Bank provides custodial servicing.
Portfolio Transaction Fees
§
|
$[ ]– Book entry DTC transaction, Federal Reserve transaction, principal paydown
|
§
|
$[ ] – Repurchase agreement, reverse repurchase agreement, time deposit/CD or other non-depository transaction
|
§
|
$[ ] – Option/SWAPS/future contract written, exercised or expired
|
§
|
$[ ] – Mutual fund trade
|
§
|
$[ ] - Fed wire, margin variation Fed wire
|
§
|
$[ ] – Physical security transaction
|
§
|
$[ ] – Check disbursement (waived if U.S. Bancorp is Administrator)
|
A transaction is a purchase/sale of a security, free receipt/free delivery, maturity, tender or exchange.
Chief Compliance Officer Support Fee (Fund Complex)*
§
|
$[ ] per year
|
Miscellaneous Expenses
Including but not limited to expenses incurred in the safekeeping, delivery and receipt of securities, shipping, transfer fees, deposit withdrawals at custodian (DWAC) fees, negative interest charges, SWIFT charges and extraordinary expenses based upon complexity.
Additional Services
§
|
Additional fees apply for global servicing.
|
§
|
$[ ] – Segregated account per year
|
§
|
No charge for the initial conversion free receipt.
|
§
|
Overdrafts – charged to the account at prime interest rate plus 2 unless a line of credit is in place.
|
*Subject to annual CPI increase - All Urban Consumers - U.S. City Average
Fees are calculated pro rata and billed monthly.
Exhibit B (continued) to the Custody Agreement - Additional Global Sub-Custodial Services Annual Fee Schedule at July 1, 2016
Country
|
Instrument
|
Safekeeping
(BPS)
|
Transaction
Fee
|
Country
|
Instrument
|
Safekeeping
(BPS)
|
Transaction
Fee
|
|
Argentina
|
All
|
____
|
$____
|
Lebanon
|
All
|
____
|
$____
|
|
Australia
|
All
|
____
|
$____
|
Lithuania
|
All
|
____
|
$____
|
|
Austria
|
All
|
____
|
$____
|
Luxembourg
|
All
|
____
|
$____
|
|
Bahrain
|
All
|
____
|
$____
|
Malaysia
|
All
|
____
|
$____
|
|
Bangladesh
|
All
|
____
|
$____
|
Mali
|
All
|
____
|
$____
|
|
Belgium
|
All
|
____
|
$____
|
Malta
|
All
|
____
|
$____
|
|
Benin
|
All
|
____
|
$____
|
Mauritius
|
All
|
____
|
$____
|
|
Bermuda
|
All
|
____
|
$____
|
Mexico
|
All
|
____
|
$____
|
|
Botswana
|
All
|
____
|
$____
|
Morocco
|
All
|
____
|
$____
|
|
Brazil
|
All
|
____
|
$____
|
Namibia
|
All
|
____
|
$____
|
|
Bulgaria
|
All
|
____
|
$____
|
Netherlands
|
All
|
____
|
$____
|
|
Burkina Faso
|
All
|
____
|
$____
|
New Zealand
|
All
|
____
|
$____
|
|
Canada
|
All
|
____
|
$____
|
Niger
|
All
|
____
|
$____
|
|
Cayman Islands*
|
All
|
____
|
$____
|
Nigeria
|
All
|
____
|
$____
|
|
Channel Islands*
|
All
|
____
|
$____
|
Norway
|
All
|
____
|
$____
|
|
Chile
|
All
|
____
|
$____
|
Oman
|
All
|
____
|
$____
|
|
China
|
All
|
____
|
$____
|
Pakistan
|
All
|
____
|
$____
|
|
Columbia
|
All
|
____
|
$____
|
Peru
|
All
|
____
|
$____
|
|
Costa Rica
|
All
|
____
|
$____
|
Phillipines
|
All
|
____
|
$____
|
|
Croatia
|
All
|
____
|
$____
|
Poland
|
All
|
____
|
$____
|
|
Cyprus
|
All
|
____
|
$____
|
Portugal
|
All
|
____
|
$____
|
|
Czech Republic
|
All
|
____
|
$____
|
Qatar
|
All
|
____
|
$____
|
|
Denmark
|
All
|
____
|
$____
|
Romania
|
All
|
____
|
$____
|
|
Ecuador
|
All
|
____
|
$____
|
Russia
|
Equities
|
____
|
$____
|
|
Egypt
|
All
|
____
|
$____
|
Senegal
|
All
|
____
|
$____
|
|
Estonia
|
All
|
____
|
$____
|
Singapore
|
All
|
____
|
$____
|
|
Euromarkets**
|
All
|
____
|
$____
|
Slovak Republic
|
All
|
____
|
$____
|
|
Finland
|
All
|
____
|
$____
|
Slovenia
|
All
|
____
|
$____
|
|
France
|
All
|
____
|
$____
|
South Africa
|
All
|
____
|
$____
|
|
Germany
|
All
|
____
|
$____
|
South Korea
|
All
|
____
|
$____
|
|
Ghana
|
All
|
____
|
$____
|
Spain
|
All
|
____
|
$____
|
|
Greece
|
All
|
____
|
$____
|
Sri Lanka
|
All
|
____
|
$____
|
|
Guinea Bissau
|
All
|
____
|
$____
|
Swaziland
|
All
|
____
|
$____
|
|
Hong Kong
|
All
|
____
|
$____
|
Sweden
|
All
|
____
|
$____
|
|
Hungary
|
All
|
____
|
$____
|
Switzerland
|
All
|
____
|
$____
|
|
Iceland
|
All
|
____
|
$____
|
Taiwan
|
All
|
____
|
$____
|
|
India
|
All
|
____
|
$____
|
Thailand
|
All
|
____
|
$____
|
|
Indonesia
|
All
|
____
|
$____
|
Togo
|
All
|
____
|
$____
|
|
Ireland
|
All
|
____
|
$____
|
Tunisia
|
All
|
____
|
$____
|
|
Israel
|
All
|
____
|
$____
|
Turkey
|
All
|
____
|
$____
|
|
Italy
|
All
|
____
|
$____
|
UAE
|
All
|
____
|
$____
|
|
Ivory Coast
|
All
|
____
|
$____
|
United Kingdom
|
All
|
____
|
$____
|
|
Japan
|
All
|
____
|
$____
|
Ukraine
|
All
|
____
|
$____
|
|
Jordan
|
All
|
____
|
$____
|
Uruguay
|
All
|
____
|
$____
|
|
Kazakhstan
|
All
|
____
|
$____
|
Venezuela
|
All
|
____
|
$____
|
|
Kenya
|
All
|
____
|
$____
|
Vietnam
|
All
|
____
|
$____
|
|
Kuwait
|
All
|
____
|
$____
|
Zambia
|
All
|
____
|
$____
|
|
Latvia
|
Equities
|
____
|
$____
|
Zimbabwe
|
All
|
________
|
$____
|
*Additional customer documentation and indemnification will be required prior to establishing accounts in these markets.
**Tiered by market value: <$[ ]: [ ], >$[ ] and <$[ ]: [ ]; >$[ ]: [ ].
**Euromarkets – Non-Eurobonds: Surcharges vary by local market.
*Safekeeping and transaction fees are assessed on security and currency transactions.
Exhibit B (continued) to the Custody Agreement – Additional Global Sub-Custodial Services Annual Fee Schedule at July 1, 2016
A monthly base fee per account (fund) will apply based on the number of foreign securities held. If no global assets are held within a given month, the monthly base charge will not apply for that month.
§
|
1–25 foreign securities: $[ ]; 26–50 foreign securities: $[ ]; Over 50 foreign securities: $[ ]
|
§
|
Euroclear – Eurobonds only. Eurobonds are held in Euroclear at a standard rate, but other types of securities (including but not limited to equities, domestic market debt and mutual funds) will be subject to a surcharge. In addition, certain transactions that are delivered within Euroclear or from a Euroclear account to a third party depository or settlement system, will be subject to a surcharge.
|
§
|
For all other markets specified in above grid, surcharges may apply if a security is held outside of the local market.
|
Miscellaneous Expenses
§
|
Tax reclaims that have been outstanding for more than 6 (six) months with the client will be charged $[ ] per claim.
|
§
|
Charges incurred by U.S. Bank, N.A. directly or through sub-custodians for account opening fees, local taxes, stamp duties or other local duties and assessments, stock exchange fees, foreign exchange transactions, postage and insurance for shipping, facsimile reporting, extraordinary telecommunications fees, proxy services and other shareholder communications, recurring administration fees, negative interest charges, overdraft charges or other expenses which are unique to a country in which the client or its clients is investing will be passed along as incurred.
|
§
|
A surcharge may be added to certain miscellaneous expenses listed herein to cover handling, servicing and other administrative costs associated with the activities giving rise to such expenses. Also, certain expenses are charged at a predetermined flat rate.
|
§
|
SWIFT reporting and message fees.
|