AMENDED AND RESTATED
CUSTODIAN AGREEMENT
THIS AGREEMENT made on August 31, 1995, and amended December 15, 1997
among Skyline Funds, a Massachusetts business trust ("Skyline"), Skyline Asset
Management, L. P., a Delaware limited partnership (the "Manager"), and FIRSTAR
TRUST COMPANY, a corporation organized under the laws of the State of Wisconsin
(hereinafter called "Custodian"),
W I T N E S S E T H :
WHEREAS, Skyline is an open-end management investment company
registered under the Investment Company Act of 1940; and
WHEREAS, Skyline has three series, Skyline Special Equities Portfolio,
Skyline Special Equities II and Skyline Small Cap Contrarian (each a "Fund" and
together, the "Funds");
WHEREAS, Skyline desires that the securities and cash of each Fund
shall be hereafter held and administered by Custodian pursuant to the terms of
this Agreement;
WHEREAS, Skyline and the Manager have entered into investment advisory
agreements pursuant to which the Manager acts as investment adviser to each of
the Funds and has agreed to pay certain ordinary operating expenses of each
Fund, including the fees and expenses payable to the Custodian under this
Agreement; and
NOW, THEREFORE, in consideration of the mutual agreements herein made,
Skyline, the Manager and the Custodian agree as follows:
1. DEFINITIONS
The word "securities" as used herein includes stocks, shares, bonds,
debentures, notes, mortgages or other obligations, and any certificates,
receipts, warrants or other instruments representing rights to receive, purchase
or subscribe for the same, or evidencing or representing any other rights or
interests therein, or in any property or assets.
The words "officers' certificate" shall mean a request or direction or
certification in writing signed in the name of Skyline or a Fund by any two of
the President, a Vice President, the Secretary and the Treasurer of Skyline, or
any other persons duly authorized to sign by the Board of Trustees.
The word "Board" shall mean Board of Trustees of Skyline.
2. Skyline hereby employs Custodian as the custodian of its assets held in
each of the Funds. Skyline agrees to deliver to Custodian all securities and
cash owned by the Funds, and all payments of income, payments of principal or
capital distributions received by the Funds with respect to all securities owned
by the Funds from time to time, and the cash consideration
1
received by Skyline for such new or treasury shares of beneficial interest in
the Funds as may be issued or sold from time to time.
3. NAMES, TITLES, AND SIGNATURES OF SKYLINE'S OFFICERS
An officer of Skyline will certify to Custodian the names and
signatures of those persons authorized to sign the officers' certificates
described in Section 1 hereof, and the names of the members of the Board of
Trustees, together with any changes which may occur from time to time.
4. RECEIPT AND DISBURSEMENT OF MONEY
A. Custodian shall open and maintain a separate account or accounts
in the name of each Fund, subject only to draft or order by Custodian acting
pursuant to the terms of this Agreement. Custodian shall hold in such account
or accounts, subject to the provisions hereof, all cash received by it from or
for the account of such Fund. Upon receipt of proper instructions, which may by
their terms be continuing instructions when deemed appropriate by the parties,
Custodian shall make payments of cash to, or for the account of a Fund from such
cash only:
(a) for the purchase of securities for the portfolio of that Fund
against the delivery of such securities to Custodian, registered
in the name of the Fund or of the nominee of Custodian referred
to in Section 8 or in proper form for transfer; all securities
accepted by Custodian shall be accompanied by payment of, or a
"due xxxx" for, any dividends, interest, or other distributions
of the issuer, due the purchaser; (b) in the case of a purchase
effected through a clearing agency or book entry system, in
accordance with the conditions set forth in Section 15 hereof; or
(c) in the case of repurchase agreements entered into between a
Fund and Custodian, or another bank (i) against delivery of the
securities either in certificate form or through an entry
crediting Custodian's account at the Federal Reserve Bank with
such securities or (ii) against delivery of the receipt
evidencing purchase by the Fund of securities owned by Custodian
along with written evidence of the agreement by Custodian to
repurchase such securities from the Fund.
(b) for the repurchase or redemption of shares of beneficial interest
of a Fund upon delivery thereof to Custodian;
(c) for the payment of interest, dividends, taxes, investment
adviser's fees or fees and expenses of Skyline's non-interested
trustees;
(d) for payments in connection with the conversion, exchange or
surrender of securities owned or subscribed to by a Fund provided
that the consideration therefor to be delivered to Custodian; or
2
(e) for other proper corporate purposes certified by resolution of
the Board.
Before making any such payment, Custodian shall receive (and may rely
upon) an officers' certificate requesting such payment and stating that it is
for a purpose permitted under the terms of items (a), (b), (c), or (d) of this
Subsection A, and also, in respect of item (e), upon receipt of an officers'
certificate specifying the amount of such payment, setting forth the purpose for
which such payment is to be made, declaring such purpose to be a proper
corporate purpose, and naming the person or persons to whom such payment is to
be made, provided, however, that an officers' certificate need not precede the
disbursement of cash for the purpose of purchasing a money market instrument, or
any other security with same or next-day settlement, if the President, a Vice
President, the Secretary or the Treasurer of Skyline's issues appropriate oral
or facsimile instructions to Custodian and an appropriate officers' certificate
is received by Custodian within two business days thereafter.
B. Custodian shall collect on a timely basis all income and other
payments with respect to registered securities held hereunder to which a Fund
shall be entitled either by law or pursuant to custom in the securities
business, and shall collect on a timely basis all income and other payments. In
furtherance of the foregoing, Custodian is hereby authorized to endorse all
checks, drafts or other orders for the payment of money received by Custodian
for the account of a Fund. Custodian shall collect on a timely basis all income
and other payments with respect to bearer of securities if, on the date of
payment by the issuer, such securities are held by Custodian and shall credit
such income, as collected, to the Fund's custodian account. In any case in
which Custodian does not receive any such due and unpaid income within a
reasonable time after it has made proper demands for the same (which shall be
presumed to consist of at least three demand letters and at least one telephonic
demand), it shall so notify the applicable Fund in writing, including copies of
all demand letters, any written responses thereto, and memoranda of all oral
responses thereto and to telephonic demands, and await proper instructions;
Custodian shall not be obliged to take legal action for collection unless and
until reasonably indemnified to its satisfaction. It shall also notify the
applicable Fund as soon as reasonably practicable whenever income due on
securities, in respect to which such Fund requests such notice, is not collected
in due course.
C. Custodian shall, upon receipt of proper instructions, make
federal funds available to a Fund as of specified times agreed upon from time to
time by Skyline and the Custodian in the amount of checks received in payment
for shares of that Fund which are deposited into that Fund's account.
D. In any and every case where payment for purchase of securities
for the account of a Fund is made by Custodian in advance of receipt of the
securities purchased, in the absence of specific written instructions from
Skyline on behalf of such Fund to so pay in advance, Custodian shall be
absolutely liable to such Fund for such securities to the same extent as if the
securities had been received by Custodian, except that in the case of repurchase
agreements entered into by the Fund with a bank which is a member of the Federal
Reserve System, Custodian may transfer funds to the account of such bank prior
to the receipt of written evidence that the securities subject to such
repurchase agreement have been transferred by book-
3
entry into a segregated non-proprietary account of Custodian maintained with a
Federal Reserve Bank or of the safe-keeping receipt, provided that such
securities have in fact been so transferred by book entry.
5. RECEIPT OF SECURITIES
Custodian shall hold in a separate account, and physically segregated
at all times from those of any other persons, firms, or corporations, pursuant
to the provisions of this Agreement, all non-cash property, including securities
received by it from or for the account of each Fund, provided that securities
may be maintained in a securities depository or book entry system in accordance
with the conditions set forth in Section 16 of this Agreement. All such
non-cash property, including securities, shall be held or disposed of by
Custodian for, and subject at all times to the instructions, of Skyline on
behalf of a Fund and pursuant to the terms of this Agreement. Custodian shall
have no power or authority to assign, hypothecate, pledge, or otherwise dispose
of any such securities and investments, except pursuant to the direction of
Skyline on behalf of a Fund and only for the account of such Fund as set forth
in paragraph 6 of this Agreement.
6. SEGREGATED ACCOUNTS
Upon receipt of proper instructions, the Custodian shall establish and
maintain a segregated account(s) for and on behalf of each Fund, into which
account(s) may be transferred cash and/or securities.
7. TRANSFER, EXCHANGE, REDELIVERY, ETC. OF SECURITIES
Custodian shall have sole power to release or deliver any securities
of a Fund held by it pursuant to this Agreement. Custodian agrees to transfer,
exchange or deliver securities held by it hereunder only upon receipt of proper
instructions, which may by their terms be continuing instructions when deemed
appropriate by the parties, and only:
(a) upon sales of such securities for the account of the Fund and
receipt by Custodian of payment therefor;
(b) when such securities are called, redeemed or retired or otherwise
become payable, provided that the cash or other consideration
therefor is to be delivered to Custodian;
(c) for examination by any broker selling any such securities in
accordance with "street delivery" custom;
(d) in exchange for, or upon conversion into, other securities alone
or other securities and cash whether pursuant to any plan of
merger, consolidation, reorganization, recapitalization or
readjustment, or otherwise;
4
(e) upon conversion of such securities pursuant to their terms into
other securities, provided that the securities and cash, if any,
are to be delivered to Custodian;
(f) upon exercise of subscription, purchase or other similar rights
represented by such securities, provided that the securities and
cash, if any, are to be delivered to Custodian;
(g) for the purpose of exchanging interim receipts or temporary
securities for definitive securities, provided that the
definitive securities are to be delivered to Custodian;
(h) for the purpose of redeeming in kind shares of beneficial
interest of a Fund upon delivery thereof to Custodian;
(i) upon the receipt of payment in connection with any repurchase
agreement related to such securities entered into by a Fund; or
(j) for other proper corporate purposes.
Before making any such transfer, exchange or delivery, Custodian shall
receive (and may rely upon) an officers' certificate requesting such transfer,
exchange or delivery, and stating that it is for a purpose permitted under the
terms of items (a), (b), (c), (d), (e), (f), (g), (h), or (i) of this Section 6
and also, in respect of item (j), upon receipt of an officers' certificate
specifying the securities to be delivered, setting forth the purpose for which
such delivery is to be made, declaring such purpose to be a proper corporate
purpose, and naming the person or persons to whom delivery of such securities
shall be made, provided, however, that an officers' certificate need not precede
any such transfer, exchange or delivery of a money market instrument, or any
other security with same or next-day settlement, if the President, a Vice
President, the Secretary or the Treasurer of Skyline's issues appropriate oral
or facsimile instructions to Custodian and an appropriate officers' certificate
is received by Custodian within two business days thereafter.
8. CUSTODIAN'S ACTS WITHOUT INSTRUCTIONS
Unless and until Custodian receives an officers' certificate to the
contrary, Custodian shall: (a) present for payment all coupons and other income
items held by it for the account of a Fund, which call for payment upon
presentation and hold the cash received by it upon such payment for the account
of that Fund; (b) collect interest and cash dividends received, with notice to
the Fund, for the account of a Fund; (c) hold for the account of a Fund
hereunder all stock dividends, rights and similar securities issued with respect
to any securities held by it hereunder; and (d) execute, as agent on behalf of a
Fund, all necessary ownership certificates required by the Internal Revenue Code
or the Income Tax Regulations of the United States Treasury Department or under
the laws of any state now or hereafter in effect, inserting the Fund's name on
such certificates as the owner of the securities covered thereby, to the extent
it may lawfully do so.
5
9. REGISTRATION OF SECURITIES
Except as otherwise directed by an officers' certificate, Custodian
shall register all securities, except such as are in bearer form, in the name of
the applicable Fund or of any nominee for the applicable Fund or of any
registered nominee of Custodian assigned exclusively to the applicable Fund (as
defined in the Internal Revenue Code and any Regulations of the Treasury
Department issued hereunder or in any provision of any subsequent federal tax
law exempting such transaction from liability for stock transfer taxes), and
shall execute and deliver all such certificates in connection therewith as may
be required by such laws or regulations or under the laws of any state.
Skyline shall from time to time furnish to Custodian appropriate
instruments to enable Custodian to hold or deliver in proper form for transfer,
or to register in the name of the applicable registered nominee, any securities
which it may hold for the account of a Fund and which may from time to time be
registered in the name of a Fund. All securities accepted by Custodian on
behalf of a Fund hereunder shall be in "street" or other good delivery form.
10. VOTING AND OTHER ACTION
Neither Custodian nor any nominee of Custodian shall vote any of the
securities held hereunder by or for the account of a Fund, except in accordance
with the instructions contained in an officers' certificate. Custodian shall
deliver, or cause to be executed and delivered, to Skyline all notices, proxies
and proxy soliciting materials with relation to such securities, such proxies to
be executed by the registered holder of such securities (if registered otherwise
than in the name of the Fund), but without indicating the manner in which such
proxies are to be voted.
Custodian shall transmit promptly to the applicable Fund all written
information (including, without limitation, pendency of calls and maturities of
securities and expirations of rights in connection therewith) received by
Custodian from issuers of the securities being held for such Fund. With respect
to tender or exchange offers, Custodian shall transmit promptly to the Fund all
written information received by Custodian from issuers of the securities whose
tender or exchange is sought and from the party (or his agents) making the
tender or exchange offer. If a Fund desires to take action with respect to any
tender offer, exchange offer or any other similar transaction, the Fund shall
notify Custodian at least two business days prior to the date on which Custodian
is to take action.
11. TRANSFER TAX AND OTHER DISBURSEMENTS
Each Fund shall pay or reimburse Custodian from time to time for any
transfer taxes payable upon transfers of securities of that Fund made hereunder.
The Manager shall pay or reimburse Custodian from time to time for all other
necessary and proper disbursements and expenses made or incurred by Custodian in
the performance of this Agreement.
Custodian shall execute and deliver such certificates in connection
with securities delivered to it or by it under this Agreement as may be required
under the provisions of the
6
Internal Revenue Code and any Regulations of the Treasury Department issued
thereunder, or under the laws of any state, to exempt from taxation any
exemptable transfers and/or deliveries of any such securities.
12. CONCERNING CUSTODIAN
Custodian shall be paid by the Manager as compensation for its
services pursuant to this Agreement such compensation as may from time to time
be agreed upon in writing among the parties. Until modified in writing, such
compensation shall be as set forth in Exhibit A attached hereto.
So long as and to the extent that it exercises reasonable care,
Custodian shall not be liable for any action taken in good faith upon any
certificate herein described or certified copy of any resolution of the Board of
Trustees of Skyline, and may rely on the genuineness of any such document which
it may in good faith believe to have been validly executed.
Skyline agrees on behalf of each Fund to indemnify and hold harmless
Custodian and its nominee from all taxes, charges, expenses, assessments, claims
and liabilities (including counsel fees) incurred or assessed against it or by
its nominee in connection with the performance of this Agreement as to that
Fund, except such as may arise from its or its nominee's own negligent action,
negligent failure to act or willful misconduct. Custodian is authorized to
charge any account of the Funds for such items. In the event of any advance of
cash for any purpose made by Custodian resulting from orders or instructions of
Skyline, on behalf of a Fund, or in the event that Custodian or its nominee
shall incur or be assessed any taxes, charges, expenses, assessments, claims or
liabilities in connection with the performance of this Agreement, except such as
may arise from its or its nominee's own negligent action, negligent failure to
act or willful misconduct, any property at any time held for the account of that
Fund shall be security therefore.
13. SUBCUSTODIANS
Custodian is hereby authorized to engage another bank or trust company
as a Subcustodian for all or any part of a Fund's assets, provided that such
bank or trust company is a bank or trust company organized under the laws of any
state of the United States, having an aggregate capital, surplus and undivided
profit, as shown by its last published report, of not less than Two Million
Dollars ($2,000,000); and provided further that if the Custodian utilizes the
services of a Subcustodian, the Custodian shall remain fully liable and
responsible to each Fund on account of actions or omissions of the Subcustodian
as fully as if the Custodian was directly responsible for any such losses under
the terms of the Custodian Agreement.
Notwithstanding anything contained herein, if Skyline on behalf of a
Fund requires the Custodian to engage specific Subcustodians for the safekeeping
and/or clearing of assets, Skyline on behalf of that Fund agrees to indemnify
and hold harmless Custodian from all claims, expenses and liabilities incurred
or assessed against it in connection with the use of such Subcustodian in regard
to the Fund's assets, except as may arise from its own negligent action,
negligent failure to act or willful misconduct.
7
14. REPORTS BY CUSTODIAN
Custodian shall furnish each Fund periodically as agreed upon with a
statement summarizing all transactions and entries for the account of that Fund.
Custodian shall furnish to each Fund, at the end of every month, a list of the
portfolio securities showing the aggregate cost of each issue and a list of all
securities transactions that remain unsettled at such time. The books and
records of Custodian pertaining to its actions under this Agreement shall be
open to inspection and audit at reasonable times by officers of, and of auditors
employed by, Skyline.
15. TERMINATION OR ASSIGNMENT
This Agreement may be terminated by Skyline, or by Custodian, on
ninety (90) days notice, given in writing and sent by registered mail to
Custodian at X.X. Xxx 00X0, Xxxxxxxxx, Xxxxxxxxx 00000, or to Skyline at 000
Xxxxx Xxxxxx Xxxxx, Xxxxxxx, Xxxxxxxx 00000-0000, as the case may be. Upon any
termination of this Agreement, Custodian shall deliver to the successor
custodian appointed by Skyline's Board of Trustees (as evidenced by a certified
vote) at the office of the Custodian, all securities and other property held by
it hereunder, with such securities duly endorsed for transfer. If no such
successor custodian shall be appointed, Custodian shall, in like manner, upon
receipt of a certified copy of a vote of the Board of Trustees of Skyline,
deliver at the office of Custodian such securities, funds and other properties
in accordance with such vote. In the event that no written order designating a
successor custodian or certified copy of a vote of the Board of Trustees shall
have been delivered to Custodian on or before the date when such termination
shall become effective, then Custodian shall have the right to deliver to a bank
or trust company, which is a "bank" as defined in the Investment Company Act of
1940, of its own selection, having an aggregate capital, surplus, and undivided
profits, as shown by its last published report, of not less than $25,000,000,
all securities, funds and other properties held by Custodian and all instruments
held by Custodian relative thereto and all other property held by it under this
Agreement. Thereafter, such bank or trust company shall be the successor of
Custodian under this Agreement. Notwithstanding the foregoing, custodian shall
not be required to make any such delivery or payment until full payment shall
have been made of all liabilities constituting a charge on or against the
properties then held by custodian or on or against custodian, and until full
payment shall have been made to custodian of all its fees, compensation costs
and expenses, subject to the provisions of Section 12 of this Agreement. In the
event that securities, funds and other properties remain in the possession of
Custodian after the date of termination hereof owning to failure of Skyline to
procure the certified copy of vote referred to or of the Board of Trustees to
appoint a successor custodian, Custodian shall be entitled to compensation for
its services during such period as Custodian retains possession of such
securities, funds and other properties in accordance with the fee schedule most
recently in effect and the provisions of this Agreement relating to the duties
and obligations of Custodian shall remain in full force and effect.
This Agreement may not be assigned by Custodian without the consent of
the Funds, authorized or approved by a resolution of its Board of Trustees.
This Agreement supersedes and terminates, as of the close of business on the
date hereof, all prior contracts between Custodian and Skyline relating to
custody of the assets of the Funds.
8
16. DEPOSITS OF SECURITIES IN SECURITIES DEPOSITORIES
Custodian may deposit and/or maintain securities owned by the Funds in
a clearing agency registered with the Securities and Exchange Commission under
Section 17A of the Securities Exchange Act of 1934, which acts as a securities
depository, or in the book-entry system authorized by the U.S. Department of the
Treasury and certain federal agencies, each of which is referred to herein as "a
Securities System," in accordance with applicable Federal Reserve Board and
Securities and Exchange Commission rules and regulations, if any, and subject to
the following provisions:
1. Custodian may keep securities of a Fund in a Securities System
provided that such securities are represented in an account
("Account") of Custodian in the Securities System which shall not
include any assets of Custodian other than assets held as a fiduciary,
custodian or otherwise for customers;
2. The records of Custodian with respect to securities of each Fund which
are maintained in the Securities System shall identify by book-entry
those securities belonging to the Fund;
3. Custodian shall pay for securities purchased for the account of a Fund
upon (i) receipt of advice from the Securities System that such
securities have been transferred to the Account, and (ii) the making
of an entry on the records of Custodian to reflect such payment and
transfer for the account of the Fund. Custodian shall transfer
securities sold or loaned for the account of a Fund upon (i) receipt
of advice from the Securities System that payment or collateral for
such securities has been transferred to the Account, and (ii) the
making of an entry on the records of Custodian to reflect such
transfer and payment for the account of the Fund. Copies of all
advices from the Securities System of transfers of securities for the
account of a Fund shall identify the Fund, be maintained for the Fund
by Custodian and be provided to the Fund at its request.
4. Custodian shall promptly provide Skyline with any report obtained by
Custodian on the Securities System's accounting system, internal
accounting control and procedures for safeguarding securities
deposited in the Securities System;
5. Anything to the contrary herein notwithstanding, Custodian shall be
liable to a Fund for any loss or damage to such Fund resulting from
use of the Securities System by reason of any negligence, misfeasance
or misconduct of Custodian or any of its agents or of any of its or
their employees or from failure of Custodian or any such agent to
enforce effectively such rights as it may have against the Securities
System; at the election of the Fund, it shall be entitled to be
subrogated to the rights of Custodian with respect to any claim
against the Securities System or any other person which Custodian may
have as a consequence of any such loss or damage if and to the extent
that the Fund has not been made whole for any such loss or damage;
9
6. Custodian shall not be authorized to act under this Section in the
absence of an appropriate certificate of Skyline that the Board of
Trustees has approved the use of a particular Securities Systems and
any changes to arrangements in connection therewith.
17. INDEPENDENT ACCOUNTANTS. Custodian shall provide the Funds, at such times
as Skyline may reasonably require, with reports by independent public
accountants on the accounting system, internal accounting control and procedures
for safeguarding securities, including securities deposited and/or maintained in
a Securities System, relating to the services provided by Custodian under this
Agreement; such reports, which shall be of sufficient scope and in sufficient
detail, as may reasonably be required by Skyline, to provide reasonable
assurance that any material inadequacies would be disclosed by such examination,
and, if there are no such inadequacies, shall so state.
18. RECORDS
Custodian shall prepare and maintain any records relating to its
activities hereunder in such manner as will meet the obligations of Skyline
pursuant to the provisions of the Investment Company Act of 1940, as amended, or
the rules and regulations promulgated thereunder, and applicable federal and
state tax laws and regulations. All such records shall be the property of
Skyline and Custodian agrees to make any such records available to Skyline its
dependent auditors and the Securities and Exchange Commission upon request and
to preserve such records for the periods prescribed in Rule 31a-2 under the
Investment Company Act of 1940, as amended and applicable federal and state tax
laws and regulations.
19. DISCLAIMER OF LIABILITY
This agreement is executed on behalf of Skyline by its officers in
their capacities as officers and not individually. The obligations of Skyline
under this agreement are not binding upon Skyline's trustees, officers, or
shareholders individually but are binding only upon the assets and property of
Skyline, or of the Fund to which the services performed pursuant to this
Agreement relate. Skyline's Declaration of Trust is on file with the Secretary
of the Commonwealth of Massachusetts.
20. ADDITIONAL SERIES
Skyline is authorized to issue separate classes of shares of
beneficial interest representing interests in separate investment portfolios.
The parties intend that each portfolio established by Skyline, now or in the
future, be covered by the terms and conditions of this Agreement. In order for
a future portfolio to be covered by this Agreement, Skyline shall give notice to
the Custodian of the designation of and the expected effective date of such
portfolio.
10
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be executed and their respective corporate seals to be affixed hereto as of the
date first above-written by their respective officers thereunto duly authorized.
Executed in several counterparts, each of which is an original.
Attest: FIRSTAR TRUST COMPANY
By: /s/ Xxxx X. Xxxx By: /s/ Xxxxx X. Xxxxx
--------------------------- ------------------------------
Title: Senior Trust President Title: Vice President
------------------------ ---------------------------
Attest: SKYLINE ASSET MANAGEMENT, L.P.
By: /s/ Xxxxx X. Xxxx By: /s/ Xxxxxxx X. Xxxxxx
--------------------------- ------------------------------
Title: Chief Financial Officer Title: Managing Partner
------------------------ ---------------------------
Attest: SKYLINE FUNDS
By: /s/ Xxxxx X. Xxxx By: /s/ Xxxxxxx X. Xxxxxx
--------------------------- ------------------------------
Title: Secretary Title: President
------------------------ ---------------------------
11
MUTUAL FUND CUSTODIAL AGENT SERVICE
SKYLINE SPECIAL EQUITIES PORTFOLIO,
SKYLINE SPECIAL EQUITIES II and
SKYLINE SMALL CAP CONTRARIAN
ANNUAL FEE SCHEDULE
- Annual fee based on market value of assets:
- $0.15 per $1,000 (1.5 basis points)
- $3,000 minimum for Skyline Small Cap Contrarian
- Investment transactions: (purchase, sale, exchange, tender, redemption,
maturity, receipt, delivery)
- $12.00 per book entry security (depository or Federal Reserve system)
for Skyline Special Equities Portfolio and Skyline Special Equities
II, but $8.00 for Skyline Small Cap Contrarian
- $25.00 per definitive security (physical)
- $75.00 per Euroclear
- $ 8.00 per principal reduction pass-through certificates
- $35.00 per option/futures contract
- $15.00 per variation margin transaction
$12.00 per commercial paper transaction
- $10.00 per Fed wire deposit or withdrawal for Skyline Special Equities
Portfolio and Skyline Special Equities II, but $15.00 for Skyline
Small Cap Contrarian
- Variable Amount Notes: Used as a short-term investment, variable amount
notes offer safety and prevailing high interest rates. Our charge, which
is 1/4 of 1%, is deducted from the variable amount note income at the time
it is credited to your account
- Extraordinary expenses: Based on time and complexity involved
- Out-of-pocket expenses: Charged to the account
- Fees are billed; monthly, based on market value at the beginning of the
month
