TWENTY-NINTH AMENDMENT to MASTER SERVICES Agreement between CAPITOL SERIES Trust and Ultimus FUND SOLUTIONS, LLC
TWENTY-NINTH AMENDMENT
to
between
CAPITOL SERIES Trust
and
Ultimus FUND SOLUTIONS, LLC
This twenty-ninth amendment (the “Amendment”) revises the Master Services Agreement, dated December 21, 2016, between Capitol Series Trust (the “Trust”), and Ultimus Fund Solutions, LLC (“Ultimus”), an Ohio limited liability company, and revises the Fund Accounting Fee Letter, Fund Administration Fee Letter and Transfer Agent and Shareholder Services Fee Letter, each dated October 1, 2020, between the Trust and Ultimus (collectively, the “Parties”) on behalf of the Xxxxxx & Xxxxxx Behavioral Small-Cap Equity Fund, the Xxxxxx & Xxxxxx Behavioral Small-Cap Growth Fund, the Xxxxxx & Xxxxxx Behavioral Mid-Cap Value Fund, the Xxxxxx & Xxxxxx Behavioral Unconstrained Equity Fund, the Xxxxxx & Xxxxxx Behavioral Small-Mid Core Equity Fund, the Xxxxxx & Xxxxxx Behavioral Micro-Cap Equity Fund, and the Xxxxxx & Xxxxxx Behavioral Mid-Cap Equity Fund (the “Xxxxxx & Xxxxxx Funds”) (together referred to as the “Agreement”).
1. The Parties agree to amend the Fund Accounting Fee Letter, Fund Administration Fee Letter and Transfer Agent and Shareholder Services Fee Letter (the “Fee Letters”) to the Agreement to revise the fees paid to Xxxxxxx on behalf of the Xxxxxx & Xxxxxx Funds as described in the revised Fee Letters incorporated herein. No other provisions of the Agreement or its accompanying Addendums shall be modified, except as stated herein. The Fee Letters incorporated herein replace all prior fee letters to the Agreement and any amendments thereto.
Except as set forth is this Amendment, the Agreement is unaffected and shall continue in full force and effect in accordance with its terms. If there is a conflict between this Amendment and the Agreement, the terms of this Amendment will prevail.
Signatures are located on the next page.
Xxxxxx &Thaler - Capitol Series
Trust
Amendment to Master Services Agreement
October 1,
2023 Page
1 of 12
The Parties have duly executed this Amendment as of October 1, 2023.
|
On behalf of all Xxxxxx & Xxxxxx Funds listed on Schedule A to the Master Services Agreement |
Ultimus Fund Solutions, LLC | |||
|
By: |
/s/ Xxxxxxx X. Xxxxxx |
By: |
/s/ Xxxx Xxxxxxx | |
| Name: | Xxxxxxx X. Xxxxxx | Name: | Xxxx Xxxxxxx | |
| Title: | President | Title: | Chief Executive Officer |
| Xxxxxx & Xxxxxx Asset Management, Inc. | ||
|
By: |
/s/ Xx Xxxxxxxx |
|
| Name: | Xx Xxxxxxxx | |
| Title: | Partner |
Xxxxxx &Thaler - Capitol Series
Trust
Amendment to Master Services Agreement
October 1,
2023 Page
2 of 12
Fund Accounting Fee Letter
for
This Fee Letter dated October 1, 2023, applies to the Services provided by Ultimus Fund Solutions, LLC (“Ultimus”) to Capitol Series Trust (the “Trust”), on behalf of the Xxxxxx & Xxxxxx Funds listed on Schedule A to the Master Services Agreement (the “Funds”), dated December 21, 2016, as amended, and the Fund Accounting Addendum dated October 1, 2017, as amended.
| 1. | Fees |
For the Fund Accounting Services provided under the Fund Accounting Addendum, Xxxxxxx shall be entitled to receive a fee from the Trust on the first business day following the end of each month, or at such time(s) as Xxxxxxx shall request and the parties hereto shall agree, a fee computed with respect to each Fund as follows:
| 1.1. | Asset based fee of*: |
| Average Daily Net Assets | Asset Based Fee* | ||||
| 3 Funds | 4 Funds | 5 Funds | 6 Funds | 7 Funds | |
| Up to $100 million | [REDACTED]% | [REDACTED]% | [REDACTED]% | [REDACTED]% | [REDACTED]% |
| $100 million to $250 million | [REDACTED]% | [REDACTED]% | [REDACTED]% | [REDACTED]% | [REDACTED]% |
| $250 million to $500 million | [REDACTED]% | [REDACTED]% | [REDACTED]% | [REDACTED]% | [REDACTED]% |
| $500 million to $2 billion | [REDACTED]% | [REDACTED]% | [REDACTED]% | [REDACTED]% | [REDACTED]% |
| $2 billion to $3 billion | [REDACTED]% | [REDACTED]% | [REDACTED]% | [REDACTED]% | [REDACTED]% |
| $3 billion to $5 billion | [REDACTED]% | [REDACTED]% | [REDACTED]% | [REDACTED]% | [REDACTED]% |
| In Excess of $5 billion | [REDACTED]% | [REDACTED]% | [REDACTED]% | [REDACTED]% | [REDACTED]% |
*Asset based fee is calculated using the average daily net assets for all fund portfolios included in Schedule A to the Master Services Agreement.
Annual basis point fees for fund accounting, fund administration and transfer agent services as stated in each respective fee letter are subject to the following annual complex minimum for up to four share classes by fund:
$[REDACTED]
| 1.2. | Multi-Manager: For Multi-Manager funds, Xxxxxxx charges a fee of $500 per month per manager. |
1.3. Forms N-CEN and N-PORT.
The Trust or Xxxxxx & Xxxxxx Funds agree to pay Ultimus an annual fee (based on the schedule below) for preparing Forms N-CEN and N-PORT and to meet the requirements of Rules 30a-1 and 30b1-9 under the 1940 Act, beginning on the compliance date for Form N-PORT, as follows:
Xxxxxx &Thaler - Capitol Series
Trust
Amendment to Master Services Agreement
October 1,
2023 Page
3 of 12
|
Number of Securities |
Annual Fee per fund | |
| Equity Funds** |
Less than 11 11 to 500 |
$[REDACTED] plus out of pocket charges $[REDACTED] plus out of pocket charges |
| 501 to 2,000 | $[REDACTED] plus out of pocket charges | |
| Over 2,000 | TBD | |
| Fixed Income Funds | Less than 500 | $[REDACTED] plus out of pocket charges |
| 501 to 1,000 | $[REDACTED] plus out of pocket charges | |
| Over 1,000 | TBD |
** Equity Fund is defined as any fund that has less than 25% debt exposure over the previous three-month period.
| 1.4. | Price Quotes. The charges for securities/commodity price quotes are determined by Xxxxxxx’ cost of obtaining such quotes and, therefore, are subject to change. Current charges (presented as per security/per day unless otherwise noted) are as follows: |
| Canadian and Domestic Equities | $0.08 |
| International Equity (Non-Fair Value) | $0.40 |
| International Equity (Fair Value) | $0.70 |
| Options | $0.10 |
| Futures (Listed) | $0.27 |
| Corporate Bonds, MBS Bonds, MBS ARMs, & Money Markets | $0.60 |
| Government/Agency | $0.58 |
| Floating Rate MTN | $0.62 |
| Municipal Bonds | $0.66 |
| High Yield Corporate Bonds & High Yield Municipal Bonds | $0.82 |
| International Bond | $1.08 |
| ABS & ABS Home Equity | $1.09 |
| CMO Non-Agency Whole Loan ARMs, CMOs, & CMO Other ARMs | $1.09 |
| CMBS | $1.42 |
| CDO & CLO | $3.75 |
| Leverage Loans/Bank loans [monthly] | $16.00 |
| Exchange Rates - Spot and Forwards | $0.66 |
| Other Securities/Complex, Hard-to-Value | Market |
| Manual Pricing Inputs/Advisor Provided | $[REDACTED] per month up to 10 manual inputs |
| Controlled Foreign Corporation (CFC) | $[REDACTED]/month/CFC |
| 1.5. | The Fees are computed daily and payable monthly, along with any out-of-pocket expenses. The Trust agrees to pay all fees within 30 days of receipt of each invoice. Xxxxxxx retains the right to charge interest of 1.5% on any amounts that remain unpaid beyond such 30-day period. Acceptance |
Xxxxxx &Thaler - Capitol Series
Trust
Amendment to Master Services Agreement
October 1,
2023 Page
4 of 12
of such late charge shall in no event constitute a waiver by Xxxxxxx of the Trust’s default or prevent Xxxxxxx from exercising any other rights and remedies available to it.
| 2. | Performance Reporting |
The Funds will reimburse Ultimus for the costs of Performance Reporting (including After-Tax Performance Reporting).
| 3. | Monthly Per Trade Fee |
The fees, as described above, allow the Fund to execute up to 1000 portfolio trades (i.e., purchases and sales) per month without additional fees. Portfolio trades related to investor investments and redemptions do not count toward the 1000 threshold. For portfolio trades in excess of this amount, Xxxxxxx will charge the Fund $[REDACTED] for each such portfolio trade.
| 4. | Out-Of-Pocket Expenses |
In addition to the above fees, the Trust or each Fund will reimburse Ultimus for out-of-pocket expenses as follows:
| 4.1. | The costs of obtaining secondary security market quotes and other securities data utilized by each Fund; and |
| 4.2. | Effective on June 1, 2018, the Trust or the Xxxxxx & Xxxxxx Funds agree to reimburse Ultimus for any out-of-pocket expenses related to the preparation and filing of Forms N-PORT and N-CEN and to meet the requirements of Rules 30a-1 and 30b1-9 under the 1940 Act. |
| 5. | Term |
| 5.1. | Initial Term. This Fee Letter shall continue in effect until October 1, 2022 from the date of this Fee Letter (the “Initial Term”). |
| 5.2. | Renewal Terms. Immediately following the Initial Term, this Fee Letter shall automatically renew for successive one-year periods (each a “Renewal Term”). |
| 6. | Renewal Term Fee Increases |
After the Initial Term, Ultimus may annually increase the fees listed above by an amount not to exceed the average annual change for the prior calendar year in the Consumer Price Index for All Urban Consumers - All Items (seasonally unadjusted) (collectively the “CPI-U”)1; provided that Ultimus gives 30-day notice of such increase to the Trust by March 1 of the then-current calendar year. The fee increase will take effect on April 1 of the then-current calendar year. The maximum fee increase shall not be greater than 3% per year. For the avoidance of doubt, the first potential fee increase can take effect on April 1, 2023.
| 7. | Amendment |
The parties may only amend this Fee Letter by written amendment signed by both parties.
1 Using 1982-84=100 as a base, unless otherwise noted in reports by the Bureau of Labor Statistics.
Xxxxxx &Thaler - Capitol Series
Trust
Amendment to Master Services Agreement
October 1,
2023 Page
5 of 12
The parties duly executed this Fund Accounting Fee Letter as of October 1, 2023.
|
On behalf of all Xxxxxx & Xxxxxx Funds listed on Schedule A to the Master Services Agreement |
Ultimus Fund Solutions, LLC | |||
|
By: |
/s/ Xxxxxxx X. Xxxxxx |
By: |
/s/ Xxxx Xxxxxxx | |
| Name: | Xxxxxxx X. Xxxxxx | Name: | Xxxx Xxxxxxx | |
| Title: | President | Title: | Chief Executive Officer |
| Xxxxxx & Xxxxxx Asset Management, Inc. | ||
|
By: |
/s/ Xx Xxxxxxxx |
|
| Name: | Xx Xxxxxxxx | |
| Title: | Partner |
Xxxxxx &Thaler - Capitol Series
Trust
Amendment to Master Services Agreement
October 1,
2023 Page
6 of 12
Fund Administration Fee Letter
for
Capitol Series Trust
This Fee Letter dated October 1, 2023, applies to the Services provided by Ultimus Fund Solutions, LLC (“Ultimus”) Capitol Series Trust (the “Trust”), on behalf of the Xxxxxx & Xxxxxx Funds listed in Schedule A to the Master Services Agreement (the “Funds”) dated December 21, 2016, as amended, and the Fund Administration Addendum dated October 1, 2017, as amended.
| 1. | Fees |
For the Fund Administration Services provided under the Fund Administration Addendum, Xxxxxxx shall be entitled to receive a fee from the Trust on the first business day following the end of each month, or at such time(s) as Xxxxxxx shall request and the parties hereto shall agree, a fee computed with respect to each Fund as follows:
1.1. Asset based fee of*:
| Average Daily Net Assets | Asset Based Fee* | ||||
| 3 Funds | 4 Funds | 5 Funds | 6 Funds | 7 Funds | |
| Up to $100 million | [REDACTED]% | [REDACTED]% | [REDACTED]% | [REDACTED]% | [REDACTED]% |
| $100 million to $250 million | [REDACTED]% | [REDACTED]% | [REDACTED]% | [REDACTED]% | [REDACTED]% |
| $250 million to $1 billion | [REDACTED]% | [REDACTED]% | [REDACTED]% | [REDACTED]% | [REDACTED]% |
| $1 billion to $2 billion | [REDACTED]% | [REDACTED]% | [REDACTED]% | [REDACTED]% | [REDACTED]% |
| $2 billion to $3 billion | [REDACTED]% | [REDACTED]% | [REDACTED]% | [REDACTED]% | [REDACTED]% |
| $3 billion to $5 billion | [REDACTED]% | [REDACTED]% | [REDACTED]% | [REDACTED]% | [REDACTED]% |
| In Excess of $5 billion | [REDACTED]% | [REDACTED]% | [REDACTED]% | [REDACTED]% | [REDACTED]% |
*Asset based fee is calculated using the average daily net assets for all fund portfolios included in Schedule A to the Master Services Agreement.
Annual basis point fees for fund accounting, fund administration and transfer agent services as stated in each respective fee letter are subject to the following annual complex minimum for up to four share classes by fund:
$[REDACTED]
| 1.2. | Liquidity Risk Management Program. |
The Trust or Xxxxxx & Xxxxxx Funds agree to pay Xxxxxxx: (i) a one-time implementation fee (payable in six equal installments) of $[REDACTED] per investment adviser, commencing with the initial compliance date, for providing assistance in connection with the adoption of the Trust’s Liquidity Risk Management Program (“LRMP”) which meets the requirements of Rule 22e-4; (ii) an annual fee, based on the schedule below, for providing assistance in connection with the maintenance of the Trust’s LRMP; and (iii) other related fees.
Xxxxxx &Thaler - Capitol Series
Trust
Amendment to Master Services Agreement
October 1,
2023 Page
7 of 12
Annual Fee
Base Fee per investment adviser $[REDACTED] per year
Other Related Fees
Form N-LIQUID preparation and
related Board Notification $[REDACTED] per event
Optional ICE Vantage Liquidity
Indicator Module Out of Pocket Charges
| 1.3. | The Fees are computed daily and payable monthly, along with any out-of-pocket expenses. The Trust or Fund agrees to pay all fees within 30 days of receipt of each invoice. Xxxxxxx retains the right to charge interest of 1.5% on any amounts that remain unpaid beyond such 30-day period. Acceptance of such late charge shall in no event constitute a waiver by Xxxxxxx of the Trust’s default or prevent Xxxxxxx from exercising any other rights and remedies available to it. |
| 2. | Out-Of-Pocket Expenses |
In addition to the above fees, the Trust will reimburse Ultimus for certain out-of-pocket expenses incurred on the Trust’s behalf, including but not limited to, travel expenses to attend Board meetings and any other expenses approved by the Trust (or, with respect to a Fund, its investment adviser). The Trust will be responsible for its normal operating expenses, such as federal and state filing fees, EDGARizing fees, insurance premiums, typesetting and printing of the Trust’s public documents, and fees and expenses of the Trust’s other vendors and providers.
| 3. | Term |
| 3.1. | Initial Term. This Fee Letter shall continue in effect until October 1, 2022 from the date of this Fee Letter (the “Initial Term”). |
| 3.2. | Renewal Terms. Immediately following the Initial Term, this Fee Letter shall automatically renew for successive one-year periods (each a “Renewal Term”). |
| 4. | Fee Increases |
After the Initial Term, Ultimus may annually increase the fees listed above by an amount not to exceed the average annual change for the prior calendar year in the Consumer Price Index for All Urban Consumers - All Items (seasonally unadjusted) (collectively the “CPI-U”)2; provided that Xxxxxxx gives 30-day notice of such increase to the Trust by March 1 of the then-current calendar year. The fee increase will take effect on April 1 of the then-current calendar year. The maximum fee increase shall not be greater than 3% per year. For the avoidance of doubt, the first potential fee increase can take effect on April 1, 2023.
| 5. | Amendment |
The parties may only amend this Fee Letter by written amendment signed by both parties.
2 Using 1982-84=100 as a base, unless otherwise noted in reports by the Bureau of Labor Statistics.
Xxxxxx &Thaler - Capitol Series
Trust
Amendment to Master Services Agreement
October 1,
2023 Page
8 of 12
The parties duly executed this Fund Administration Fee Letter dated October 1, 2023.
|
Capitol Series Trust On behalf of all Xxxxxx & Xxxxxx Funds listed on Schedule A to the Master Services Agreement |
Ultimus Fund Solutions, LLC | |||
|
By: |
/s/ Xxxxxxx X. Xxxxxx |
By: |
/s/ Xxxx Xxxxxxx | |
| Name: | Xxxxxxx X. Xxxxxx | Name: | Xxxx Xxxxxxx | |
| Title: | President | Title: | Chief Executive Officer |
| Xxxxxx & Xxxxxx Asset Management, Inc. | ||
|
By: |
/s/ Xx Xxxxxxxx |
|
| Name: | Xx Xxxxxxxx | |
| Title: | Partner |
Xxxxxx &Thaler - Capitol Series
Trust
Amendment to Master Services Agreement
October 1,
2023 Page
9 of 12
Transfer Agent and Shareholder Services Fee Letter
for
Capitol Series Trust
This Fee Letter dated October 1, 2023, applies to the Services provided by Ultimus Fund Solutions, LLC (“Ultimus”) to Capitol Series Trust (the “Trust”), on behalf of the Xxxxxx & Xxxxxx Funds listed on Schedule A to the Master Services Agreement (the “Fund”) dated December 21, 2016, as amended, and the Transfer Agent and Shareholder Services Addendum dated October 1, 2017, as amended.
| 1. | Fees |
| 1.1. | For the Transfer Agent and Shareholder Services provided under the Transfer Agent and Shareholder Services Addendum, Xxxxxxx shall be entitled to receive a fee from the Trust on the first business day following the end of each month, or at such time(s) as Xxxxxxx shall request and the parties hereto shall agree, a fee computed with respect to each Fund as follows: |
Asset based fee of*:
| Average Daily Net Assets | Asset Based Fee* | ||||
| 3 Funds | 4 Funds | 5 Funds | 6 Funds | 7 Funds | |
| Up to $1 billion | [REDACTED]% | [REDACTED]% | [REDACTED]% | [REDACTED]% | [REDACTED]% |
| $1 billion to $2.5 billion | [REDACTED]% | [REDACTED]% | [REDACTED]% | [REDACTED]% | [REDACTED]% |
| $2.5 billion to $3 billion | [REDACTED]% | [REDACTED]% | [REDACTED]% | [REDACTED]% | [REDACTED]% |
| $3 billion to $5 billion | [REDACTED]% | [REDACTED]% | [REDACTED]% | [REDACTED]% | [REDACTED]% |
| In Excess of $5 billion | [REDACTED]% | [REDACTED]% | [REDACTED]% | [REDACTED]% | [REDACTED]% |
*Asset based fee is calculated using the average daily net assets for all fund portfolios included in Schedule A to the Master Services Agreement.
|
Web Inquiry and Transaction Access: (if applicable) |
|
| Initial Set-up | $[REDACTED] per fund |
| Annual Fee (for Web Inquiry and Transaction Access) | $[REDACTED] per fund with a $[REDACTED] fund family minimum |
| Annual Fee (for Web Inquiry Access Only) | $[REDACTED] fund family minimum |
Xxxxxx &Thaler - Capitol Series
Trust
Amendment to Master Services Agreement
October 1,
2023 Page
10 of 12
The Transfer Agent and Shareholder Services per account fees stated above are subject to the following annual complex minimum for up to four share class by fund:
$[REDACTED]
| 1.2. | The Fees are computed daily and payable monthly, along with any out-of-pocket expenses. The Fund agrees to pay all fees within 30 days of receipt of each invoice. Xxxxxxx retains the right to charge interest of 1.5% on any amounts that remain unpaid beyond such 30-day period. Acceptance of such late charge shall in no event constitute a waiver by Xxxxxxx of the Trust’s default or prevent Xxxxxxx from exercising any other rights and remedies available to it. |
| 2. | Out-Of-Pocket Expenses |
In addition to the above fees, each Fund will reimburse Ultimus or pay directly certain out-of-pocket expenses incurred on the Fund’s behalf, including but not limited to, postage, confirmations, statements, printing, telephone lines, Internet access fees, bank service charges, fund specific Fund/Serv and Networking costs, and other industry standard transfer agent expenses.
| 3. | Term |
| 1.3. | Initial Term. This Fee Letter shall continue in effect until October 1, 2022 from the date of this Fee Letter (the “Initial Term”). |
| 1.4. | Renewal Terms. Immediately following the Initial Term, this Fee Letter shall automatically renew for successive one-year periods (each a “Renewal Term”). |
| 4. | Fee Increases |
After the Initial Term, Ultimus may annually increase the fees listed above by an amount not to exceed the average annual change for the prior calendar year in the Consumer Price Index for All Urban Consumers - All Items (seasonally unadjusted) (collectively the “CPI-U”)3; provided that Xxxxxxx gives 30-day notice of such increase to the Trust by March 1 of the then-current calendar year. The fee increase will take effect on April 1 of the then-current calendar year. The maximum fee increase shall not be greater than 3% per year. For the avoidance of doubt, the first potential fee increase can take effect on April 1, 2023.
| 5. | Amendment |
The parties may only amend this Fee Letter by written amendment signed by both parties.
Signatures are located on the next page.
3 Using 1982-84=100 as a base, unless otherwise noted in reports by the Bureau of Labor Statistics.
Xxxxxx &Thaler - Capitol Series
Trust
Amendment to Master Services Agreement
October 1,
2023 Page
11 of 12
The parties duly executed this Transfer Agent and Shareholder Services Fee Letter dated October 1, 2023.
|
Capitol Series Trust On behalf of all Xxxxxx & Xxxxxx Funds listed on Schedule A to the Master Services Agreement |
Ultimus Fund Solutions, LLC | |||
|
By: |
/s/ Xxxxxxx X. Xxxxxx |
By: |
/s/ Xxxx Xxxxxxx | |
| Name: | Xxxxxxx X. Xxxxxx | Name: | Xxxx Xxxxxxx | |
| Title: | President | Title: | Chief Executive Officer |
| Xxxxxx & Xxxxxx Asset Management, Inc. | ||
|
By: |
/s/ Xx Xxxxxxxx |
|
| Name: | Xx Xxxxxxxx | |
| Title: | Partner |
Xxxxxx &Thaler - Capitol Series
Trust
Amendment to Master Services Agreement
October 1,
2023 Page
12 of 12
