AMENDMENT TO THE PROFESSIONALLY MANAGED PORTFOLIOS FUND ADMINISTRATION SERVICING AGREEMENT
AMENDMENT
TO THE
THIS AMENDMENT dated as of the
15th
day of June, 2009, to the Fund Administration Servicing Agreement, dated
as of June 22, 2006, as amended, (the “Agreement”), is entered into by and
between Professionally Managed
Portfolios, a Massachusetts business trust (the "Trust") on behalf of its
separate series, the DSM Large
Cap Growth Fund and U.S.
Bancorp Fund Services, LLC, a Wisconsin limited liability company
("USBFS").
RECITALS
WHEREAS, the parties have
entered into a Fund Administration Servicing Agreement; and
WHEREAS, the parties desire to
amend the series of the Trust to add a fund; and
WHEREAS, Section 10 of the
Agreement allows for its amendment by a written instrument executed by both
parties.
NOW, THEREFORE, the parties
agree as follows:
Exhibit T
to the Agreement is hereby added and 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 Amendment to be executed by a duly authorized
officer on one or more counterparts as of the date and year first written
above.
|
PROFESSIONALLY
MANAGED PORTFOLIOS
|
U.S.
BANCORP FUND SERVICES, LLC
|
|
By:
/s/Xxxxxx X.
Xxxxxx
|
By:
/s/Xxxxxxx X.
XxXxx
|
|
Name:
Xxxxxx X. Xxxxxx
|
Name:
Xxxxxxx X. XxXxx
|
|
Title:
President
|
Title:
Executive Vice President
|
1
Exhibit
T
to
the
|
Name of
Series
|
Date
Added
|
|
DSM
Large Cap Growth Fund
|
on
or after June 15, 2009
|
|
Multiple Series
Trust
FUND ADMINISTRATION &
COMPLIANCE SERVICES
FEE SCHEDULE at June,
2009
|
|
Domestic
Funds
Annual Fee Based Upon Market Value
Per Fund*
12 basis points on the first
$50 million
8 basis points on the next
$250 million
5 basis points on the
balance
Minimum annual
fee: $30,000 per fund
International
Funds
Annual Fee Based Upon Market Value
Per Fund*
20 basis points on the first
$100 million
15 basis points on the next
$100 million
10 basis points on the next
$100 million
6 basis points on the
balance
Minimum annual
fee: $40,000 per fund
Advisor Information Source Web
Portal
· $150 /fund/month
· $500 /fund/month for clients using an
external administration service
· Specialized projects will be
analyzed and an estimate will be provided prior to work being
performed.
Plus
Out-Of-Pocket Expenses – Including but not limited to
postage, stationery, programming, special reports, daily compliance
testing systems expenses, proxies, insurance, XXXXX filing, retention of
records, federal and state regulatory filing fees, certain insurance
premiums, expenses from board of directors meetings, third party auditing
and legal expenses, conversion expenses (if necessary), and all other
out-of-pocket expenses.
Additional
Services – Above
pricing is for standard services. Available but not included
above are the following services – multiple classes, legal administration,
SEC §15(c) reporting, Advisor Information Source data delivery, daily fund
compliance testing, daily pre- and post-performance
reporting.
Fees are billed
monthly.
* Subject to annual CPI increase,
Milwaukee MSA.
|
Advisor’s
Signature below acknowledges approval of the fee schedule above.
DSM
Capital Partners LLC
By: /s/X.X.
Xxxxxxxxx
Name: X.X.
Xxxxxxxxx
Title: Managing Member Date: 8/7/09
2
Exhibit
T (continued) to the
|
Multiple Series
Trust
CHIEF COMPLIANCE OFFICER
SERVICES
FEE SCHEDULE at June, 2009
|
|
Chief Compliance Officer
Services
U.S. Bancorp provides the Chief
Compliance Officer (CCO) for each fund serviced within the Multiple Series
Trust. Compliance functions performed by USBFS provided CCO
include, but are not limited to:
• Designation as the Trust’s Chief
Compliance Officer
• Periodic and Annual Reporting to
MST Fund Board
• Board Meeting Presentation and
Board Support
• MST Fund Board Liaison For All
Compliance Matters
• Daily Resource to Advisor CCO and
Fund Board
• Review of Advisor Compliance
Policies, Procedures and Controls
• Review of USBFS/USB Critical
Procedures & Compliance Controls
• Due Diligence Review of Advisor
and USBFS Service Facilities
• Testing, Documentation and
Reporting of Advisor and USBFS/USB Compliance Policies, Procedures and
Controls
Compliance functions performed by
USBFS Risk Management Team include, but are not limited
to:
• Quarterly USBFS Certification to
Trust CCO
• Business Line Functions
Supported
• Fund Administration and
Compliance
• Transfer Agent and Shareholder
Services
• Fund
Accounting
• Custody
Services
• Distribution
Services
• CCO Portal – Web On-line Access to
Fund CCO Documents
• Periodic CCO Conference
Calls
• Dissemination of
Industry/Regulatory Information
• Client & Business Line
Compliance Education & Training
Chief Compliance Officer
(CCO)*
· $8,000 per year per domestic
fund
· $12,000 per year per load fund or
international fund
· $6,000 per year per sub-advisor per fund
(in addition to Fund CCO fee)
Plus
Out-Of-Pocket Expenses – including but not limited to
CCO team travel related costs to perform due diligence reviews at Advisor
or sub-advisor facilities
Fees are billed
monthly.
*Subject to annual CPI increase,
Milwaukee MSA.
|
Advisor’s
Signature below acknowledges approval of the fee schedule above.
DSM
Capital Partners LLC
By: /s/X.X.
Xxxxxxxxx
Name: X.X.
Xxxxxxxxx
Title: Managing Member Date: 8/7/09
3
Exhibit
T (continued) to the
|
FUND ADMINISTRATION &
COMPLIANCE SERVICES
SUPPLEMENTAL
SERVICES
FEE SCHEDULE at June ,
2009
|
|
Multiple
Classes – Add the
following for each class beyond the first class:
· 1 basis point at each
level
· $15,000 per class
minimum
Daily Pre- and Post-Tax
Performance Reporting
· Performance Service –
$300 /CUSIP/month
· Setup – $100 /CUSIP
· Conversion – quoted
separately
· FTP Delivery – $2,500 setup per FTP
site
Daily
Compliance Services (Xxxxxxx
River)
· Base fee – $15,000 /fund/year
· Setup – $2,000 /fund group
Advisor Information Source Web
Portal
· $150 /fund/month
· $500 /fund/month for clients using an
external administration service
· $200 /hour custom development – quoted
based upon client requirements
SEC
§15(c)
Reporting
· $1,800 per fund per report – first
class
· $600 per additional class
report
Electronic Board
Materials
· USBFS will establish a unique
client board URL and load/maintain all fund board book data for the main
fund board meetings and meetings for up to two separate
committees
· Up to 10 non-USBFS users including
advisor, legal, audit, etc.
· Complete application, data and
user security – data encryption and password protected
· On-line customized board materials
preparation workflow
· Includes web-based and
local/off-line versions
· Includes complete initial and
ongoing user training
· Includes 24/7/365 access via toll
free number
· Includes remote diagnostics for
each user, including firewall and network issues
· Triple server backup /
failover
Annual Fee
· $24,000 per year (includes 10 external
users)
· $800 per year per additional
user
· $4,000 implementation / setup
fee
|
Advisor’s
Signature below acknowledges approval of the fee schedule above.
DSM
Capital Partners LLC
By: /s/X.X.
Xxxxxxxxx
Name: X.X.
Xxxxxxxxx
Title: Managing Member Date: 8/7/09
4
