USA MUTUALS AMENDMENT TO THE AMENDED AND RESTATED CUSTODY AGREEMENT

USA MUTUALS

AMENDMENT TO THE

AMENDED AND RESTATED CUSTODY AGREEMENT

THIS AMENDMENT dated as of the 10th day of June, 2015, to the Amended and Restated Custody Agreement originally made and entered into as of May 22, 2007, amended and restated as of July 24, 2012 and further amended June 11, 2013 (the "Agreement"), is entered into by and between USA MUTUALS, a Delaware business trust (the "Trust" or “Company”) and U.S. BANK, N.A., a national banking association (the "Custodian").

RECITALS

WHEREAS, the parties have entered into the Agreement; and

WHEREAS, the parties desire to amend the fees of the Agreement; and

WHEREAS, Article XV, Section 15.02 of the Agreement allows for its amendment by a written instrument executed by both parties.

NOW, THEREFORE, the parties agree as follows:

Amended Exhibit B is hereby superseded and replaced with Amended Exhibit B effective May 1, 2015 attached hereto.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 their duly authorized officers on one or more counterparts as of the date and year first written above.

USA MUTUALS	U.S. BANK, N.A
By:  /s/ Xxxxx Xxxxxxxx	By: /s/ Xxxxxxx X. XxXxx
Name: Xxxxx Xxxxxxxx	Name: Xxxxxxx X. XxXxx
Title: President	Title: Senior Vice President

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Amended Exhibit B to the Amended and Restated Custody Agreement – USA Mutuals

Fund Administration & Portfolio Compliance Services, Fund Accounting, and Fund Custody Fee Schedule at May 1, 2015

Annual Basis Point Fees

Annual Fee Based Upon Average Net Assets per Fund*

___ basis points on the first $___

___ basis points on the next $___

___ basis points on the next $___

___ basis points on the next $___

___ basis points over $___

Minimum annual fee:  $___ per fund portfolio (Pricing and portfolio transactions charged separately)

New Funds

$___ per fund – Legal Fund  Administration  - Registration

1/3 of $___ year 1

2/3 of $___ year 2

Services Included in Annual Fee per Fund

§   Advisor Information Source – On-line access to portfolio management and compliance information.

§   Daily Performance Reporting – Daily pre and post-tax fund and/or sub-advisor performance reporting.

§   Fund Administration Legal Services

§   15(c) Reporting

Chief Compliance Officer Support Fee (Fund Complex)*

§   $___ per year (Per service line – Fund Administration, Fund Accounting, Fund Custody)

Third Party Administrative Data Charges (descriptive data for each security)

§   $___ per security per month for fund administrative data

Prices above are based on using U.S. Bancorp standard data pricing services and are subject to change.

Pricing Services

§   $___ - Domestic Equities, Options, ADRs, Foreign Equities

§   $___ - Domestic Corporates, Convertibles, Gov’ts, Agencies, Futures, Forwards, Currency Rates, Mortgage Backed

§   $___ - CMOs, Municipal Bonds, Money Market Instruments, Foreign Corporates, Convertibles, Governments, Agencies, Asset Backed, High Yield

§   $___ - Interest Rate Swaps, Foreign Currency Swaps, Total Return Swaps, Total Return Bullet Swaps

§   $___ - Bank Loans

§   $___ - Swaptions

§   $___ - Credit Default Swaps

§   $___ per Month Manual Security Pricing (>25per day)

Fair Value Services (Charged at the Complex Level)

§   $___ per security on the First 100 Securities

§   $___ per security on the Balance of Securities

NOTE: Prices above are based on using U.S. Bancorp primary pricing service which may vary by security type and are subject to change.  Use of alternative and/or additional sources may result in additional fees. Pricing vendors may designate certain securities as hard to value or as a non-standard security type, such as CLOs and CDOs, which may result in additional fees.  All schedules subject to change depending upon the use of unique security type requiring special pricing or accounting arrangements.

Corporate Action Services

§   $___ per Foreign Equity Security per Month

§   $___ per Domestic Equity Security per Month

Factor Services (security paydown factor data)

§   $___ per  CMOs, Asset Backed, Mortgage Backed Security per Month

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.

2

Amended Exhibit B (continued) to the Amended and Restated Custody Agreement

USA Mutuals

Fund Administration & Portfolio Compliance Services, Fund Accounting, and Fund Custody Fee Schedule at May 1, 2015

Other Custody Fees

§   Additional fees apply for global servicing (See Attached)

§  Sub Advised Funds - $___ per custody account per year

§   $___ – 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

Out-Of-Pocket Expenses

Including but not limited to postage, stationery, programming, special reports, third-party data provider costs (including Bloomberg, S&P, Moody’s, Morningstar GICS, MSCI, Lipper, etc.), proxies, insurance, XXXXX/XBRL filing, record retention, federal and state regulatory filing fees, expenses related to and including travel to and from Board of directors meetings, third party auditing and legal expenses, wash sales reporting (GainsKeeper), tax e-filing charges, PFIC monitoring and conversion expenses (if necessary), SWIFT processing and customized reporting, expenses incurred in the safekeeping, delivery and receipt of securities, shipping, transfer fees, deposit withdrawals at custodian (DWAC) fees,  extraordinary expenses based upon complexity.

Additional Services

Available but not included above are the following services – USBFS legal administration (e.g., annual legal administration and subsequent new fund launch), daily performance reporting, daily compliance testing, Section 18 compliance testing, Section 15(c) reporting, equity & fixed income attribution reporting, electronic Board book portal (BookMark), Master/Feeder Structures and additional services mutually agreed upon.

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Amended Exhibit B (continued) to the Amended and Restated Custody Agreement

USA Mutuals

Fund Administration & Portfolio Compliance Services, Fund Accounting, and Fund Global Sub-Custodial Fee Schedule at May 1, 2015

Country

Instrument

Safekeeping (BPS)

Transaction Fee

Country

Instrument

Safekeeping (BPS)

Transaction Fee

Country

Instrument

Safekeeping (BPS)

Transaction Fee

Argentina

All

____

$____

Greece

All

____

$____

Oman

All

____

$____

Australia

All

____

$____

Guinea Bissau

All

____

$____

Pakistan

All

____

$____

Austria

Equities/Bonds

____

$____

Hong Kong

All

____

$____

Peru

All

____

$____

Austria

Depo Receipt

____

$____

Hungary

All

____

$____

Philippines

All

____

$____

Austria

Non ATS ALL

____

$____

Iceland

All

____

$____

Poland

All

____

$____

Bahrain

All

____

$____

India

All

____

$____

Portugal

All

____

$____

Bangladesh

All

____

$____

Indonesia

All

____

$____

Qatar

All

____

$____

Belgium

All

____

$____

Ireland

All

____

$____

Romania

All

____

$____

Benin

All

____

$____

Israel

All

____

$____

Russia

Equities/Bonds

____

$____

Bermuda

All

____

$____

Italy

All

____

$____

Russia

MINFIN

____

$____

Botswana

All

____

$____

Ivory Coast

All

____

$____

Senegal

All

____

$____

Brazil

All

____

$____

Japan

All

____

$____

Singapore

All

____

$____

Bulgaria

All

____

$____

Jordan

All

____

$____

Slovak Republic

All

____

$____

Burkina Faso

All

____

$____

Kazakhstan

Equities

____

$____

Slovenia

All

____

$____

Canada

All

____

$____

Kazakhstan

Bonds

____

$____

South Africa

All

____

$____

Cayman Islands*

All

____

$____

Kenya

All

____

$____

South Korea

All

____

$____

Channel Islands*

All

____

$____

Kuwait

All

____

$____

Spain

All

____

$____

Chile

All

____

$____

Latvia

Equities/Bonds

____

$____

Sri Lanka

All

____

$____

China-Shanghai

All

____

$____

Latvia

Gov’t Bonds

____

$____

Swaziland

All

____

$____

China-Shenzhen

All

____

$____

Lebanon

All

____

$____

Sweden

All

____

$____

Columbia

All

____

$____

Lithuania

All

____

$____

Switzerland

All

____

$____

Costa Rica

All

____

$____

Luxembourg

All

____

$____

Taiwan

All

____

$____

Croatia

All

____

$____

Malaysia

All

____

$____

Thailand

All

____

$____

Cyprus

All

____

$____

Mali

All

____

$____

Togo

All

____

$____

Czech Republic

All

____

$____

Malta

All

____

$____

Tunisia

All

____

$____

Denmark

All

____

$____

Mauritius

All

____

$____

Turkey

All

____

$____

Ecuador

All

____

$____

Mexico

All

____

$____

UAE

All

____

$____

Egypt

All

____

$____

Morocco

All

____

$____

United Kingdom

All

____

$____

Estonia

All

____

$____

Namibia

All

____

$____

Ukraine

All

____

$____

Euromarkets**

All

____

$____

Netherlands

All

____

$____

Uruguay

All

____

$____

Finland

All

____

$____

New Zealand

All

____

$____

Venezuela

All

____

$____

France

All

____

$____

Niger

All

____

$____

Vietnam*

All

____

$____

Germany

All

____

$____

Nigeria

All

____

$____

Zambia

All

____

$____

Ghana

All

____

$____

Norway

All

____

$____

Zimbabwe

All

____

$____

*Additional customer documentation and indemnification will be required prior to establishing account in these markets

**Euromarkets – Non-Eurobonds:  Surcharges vary by local market

Safekeeping and transaction fees are assessed on security and currency transactions.

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 above, surcharges may apply if a security is held outside of the local market.

Tax Reclamation Services: Tax reclaims that have been outstanding for more than 6 (six) months with the client will be charged $__ per claim.

Out of Pocket Expenses For Global Services

Charges incurred by U.S. Bank, N.A. directly or through sub-custodians for 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 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 out-of-pocket 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.

*Fees are calculated pro rata and billed monthly.

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