Common use of Corporate Action Services Clause in Contracts

Corporate Action Services. $____ per Foreign Equity Security per Month § $____ per Domestic Equity Security per Month * 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 Manager Directed Portfolios – Fund Accounting Servicing Agreement - Fund Accounting, Fund Administration & Portfolio Compliance Services Fee Schedule at July, 2016 Factor Services (security paydown factor data) § $____ per CMOs, Asset Backed, Mortgage Backed Security per Month Third Party Administrative Data Charges (descriptive data for each security) § $____ per security per month for fund administrative Prices above are based on using U.S. Bancorp standard data pricing services and are subject to change.

Corporate Action Services. $____ per Foreign Equity Security per Month § $____ per Domestic Equity Security per Month * Subject to annual CPI increase - All Urban Consumers - U.S. City Average. Fees are calculated pro rata and billed monthly. Exhibit B A (continued) to the Manager Directed Portfolios – Fund Accounting Servicing Agreement - Fund Accounting, Fund Administration & Portfolio Compliance Services Fee Schedule at July, 2016 Factor Services (security paydown factor data) § $____ per CMOs, Asset Backed, Mortgage Backed Security per Month Third Party Administrative Data Charges (descriptive data for each security) § $____ per security per month for fund administrative Prices above are based on using U.S. Bancorp standard data pricing services and are subject to change.

Corporate Action Services. $____ per Foreign Equity Security per Month § $____ per Domestic Equity Security per Month * 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 Manager Directed Portfolios – Fund Accounting Administration Servicing Agreement - Fund Accounting, Fund Administration & Portfolio Compliance Services Fee Schedule at July, 2016 Factor Services (security paydown factor data) § $____ per CMOs, Asset Backed, Mortgage Backed Security per Month Third Party Administrative Data Charges (descriptive data for each security) § $____ per security per month for fund administrative Prices above are based on using U.S. Bancorp standard data pricing services and are subject to change.

Corporate Action Services. $____ per Foreign Equity Security per Month § $____ per Domestic Equity Security per Month * Subject to annual CPI increase - All Urban Consumers - U.S. City Average. Fees are calculated pro rata and billed monthly. Exhibit B C (continued) to the Manager Directed Portfolios – Fund Accounting Administration Servicing Agreement - Fund Accounting, Fund Administration & Portfolio Compliance Services Fee Schedule at July, 2016 Factor Services (security paydown factor data) § $____ per CMOs, Asset Backed, Mortgage Backed Security per Month Third Party Administrative Data Charges (descriptive data for each security) § $____ per security per month for fund administrative Prices above are based on using U.S. Bancorp standard data pricing services and are subject to change.